Fair Value Measurement

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurement

Fair Value Measurement

The following table sets forth the recurring fair value of the Company’s financial assets and liabilities, allocated into the Level 1, Level 2 and Level 3 hierarchy that were measured at fair value on a recurring basis (in thousands):

	Fair Value Measurements as of June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	36,820	$	—	$	—	$	36,820
U.S. government treasury bills (2)	28,942		—		—		28,942
Commercial paper	—		3,536		—		3,536
Corporate bonds	—		7,947		—		7,947
Total financial assets	$	65,762	$	11,483	$	—	$	77,245

	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market funds (1)	$	61,034	$	—	$	—	$	61,034
U.S. government treasury bills	19,458		—		—		19,458
Commercial paper	—		8,717		—		8,717
Corporate bonds (2)	—		13,447		—		13,447
Government agency	—		5,482		—		5,482
Total financial assets	$	80,492	$	27,646	$	—	$	108,138

(1)Included in cash and cash equivalents in the accompanying condensed consolidated balance sheets.

(2)Includes investments classified as cash and cash equivalents in the accompanying consolidated balance sheets.

All marketable securities had a contractual maturity of less than one year as of June 30, 2024.