Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Cash and Cash Equivalents and Marketable Securities Classified as Available-for-sale Securities

Cash equivalents and marketable securities are classified as available-for-sale securities and consisted of the following (in thousands):


	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
As of December 31, 2023
Money market funds	$	49,374	$	—	$	—	$	49,374
U.S. Treasury securities	47,901		23		(1)		47,923
Corporate and agency bonds	20,820		8		(7)		20,821
Commercial paper	19,630		1		(6)		19,625
Totals	$	137,725	$	32	$	(14)	$	137,743
Classified as:
Cash and cash equivalents							$	49,374
Short-term marketable securities (amortized cost of $88,351)							88,369
Total							$	137,743


	Amortized Cost		Unrealized Gain		Unrealized Loss		Fair Value
As of December 31, 2022
U.S. Treasury securities	$	89,039	$	7	$	(160)	$	88,886
Money market funds	62,844		—		—		62,844
Corporate and agency bonds	46,300		—		(200)		46,100
Commercial paper	42,746		—		—		42,746
U.S. government agency securities	20,253		51		—		20,304
Totals	$	261,182	$	58	$	(360)	$	260,880
Classified as:
Cash and cash equivalents							$	62,844
Short-term marketable securities (amortized cost of $198,338)							198,036
Total							$	260,880

The cash and cash equivalents amount in the table above excludes cash on deposit with banks of $6.4 million and $10.6 million as of December 31, 2023 and 2022, respectively.

Summary of Available-for-sale Securities Measured at Fair Value on Recurring Basis

The following table summarizes, by major security type, the Company's available-for-sale securities that were measured at fair value on a recurring basis and were categorized using the fair value hierarchy (in thousands):


	Fair Value Measurements
As of December 31, 2023	Level 1		Level 2		Level 3		Total
Assets:
Money market funds	$	49,374	$	—	$	—	$	49,374
U.S. Treasury securities	47,923		—		—		47,923
Corporate and agency bonds	—		20,821		—		20,821
Commercial paper	—		19,625		—		19,625
Totals	$	97,297	$	40,446	$	—	$	137,743


	Fair Value Measurements
As of December 31, 2022	Level 1		Level 2		Level 3		Total
Assets:
U.S. Treasury securities	$	88,886	$	—	$	—	$	88,886
Money market funds	62,844		—		—		62,844
Corporate and agency bonds	—		46,100		—		46,100
Commercial paper	—		42,746		—		42,746
U.S. government agency securities	—		20,304		—		20,304
Totals	$	151,730	$	109,150	$	—	$	260,880