v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of September 30, 2024, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$54,226 $— $— $54,226 
Short-term investments:
U.S. Treasury bills59,180 — — 59,180 
Corporate bonds— 26,509 — 26,509 
Government and government agency— 2,864 — 2,864 
Restricted cash:
Money market funds856 — — 856 
Total assets$114,262 $29,373 $— $143,635 

The Company’s fair value hierarchy for its financial assets that are measured at fair value on a recurring basis as of December 31, 2023, is as follows (in thousands):
 
Level 1Level 2Level 3Total
Assets
Cash and cash equivalents:
Money market funds$42,492 $— $— $42,492 
Short-term investments:
U.S. Treasury bills63,833 — — 63,833 
Corporate bonds— 39,169 — 39,169 
Government and government agency— 20,610 — 20,610 
Asset-backed bonds— 706 — 706 
Restricted cash:
Money market funds856 — — 856 
Total assets$107,181 $60,485 $— $167,666 

The fair values of cash, accounts receivable, accounts payable, and accrued liabilities approximated their carrying values as of September 30, 2024 and December 31, 2023, due to their short-term nature. All other financial instruments are valued either based on recent trades of securities in active markets or based on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. During the nine months ended September 30, 2024 and 2023, the Company had no transfers between levels of the fair value hierarchy of its assets or liabilities measured at fair value.