v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The fair value of our financial assets measured on a recurring basis is as follows:
September 30, 2024
Level ILevel IITotal
Cash and cash equivalents:
Cash$65,195 $— $65,195 
Money market funds374,677 — 374,677 
Total Cash and cash equivalents$439,872 $— $439,872 
December 31, 2023
Level ILevel IITotal
Cash and cash equivalents:
Cash$54,871 $— $54,871 
Money market funds262,365 — 262,365 
Total Cash and cash equivalents$317,236 $— $317,236 
Marketable securities:
U.S. treasury securities$69,456 $— $69,456 
Commercial paper— 25,076 25,076 
Total Marketable securities$69,456 $25,076 $94,532 
The Company classifies its highly liquid money market funds and U.S. treasury securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its commercial paper investments within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded. The Company had no Level 3 financial assets as of September 30, 2024 and December 31, 2023.
Financial Instruments Not Recorded at Fair Value on a Recurring Basis
The Company reports financial instruments at fair value, with the exception of the 0% Convertible Senior Notes due December 1, 2026 (“Convertible Notes”). Financial instruments that are not recorded at fair value on a recurring basis are measured at fair value on a quarterly basis for disclosure purposes. The carrying values and estimated fair values of financial instruments not recorded at fair value are as follows:
September 30, 2024December 31, 2023
Carrying ValueFair ValueCarrying ValueFair Value
Convertible Notes$1,483,470 $1,335,000 $1,477,798 $1,235,625 
The carrying value of the Convertible Notes as of September 30, 2024 and December 31, 2023 was net of unamortized debt issuance costs of $16,530 and $22,202, respectively.
The total fair value of the Convertible Notes was determined based on the closing trading price as of the last day of trading for the period. The Company classifies the fair value to be a Level 2 valuation within the fair value measurement hierarchy due to the limited trading activity.