Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Schedule of Fair Value of Financial Assets and Liabilities Measured on a Recurring Basis

The following table sets forth the fair value of our financial assets and liabilities that are measured or disclosed on a recurring basis by level within the fair value hierarchy (in thousands):


	March 31, 2024
	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	32,303	$	32,303	$	—	$	—
U.S. government-sponsored agency bonds	101,717		—		101,717		—
Commercial paper	53,521		—		53,521		—

Asset-backed securities	8,704		—		8,704		—
U.S. treasury securities	2,489		—		2,489		—
Total	$	198,734	$	32,303	$	166,431	$	—

Liabilities:
Derivative liabilities for exit fee	$	834	$	—	$	—	$	834
Total	$	834	$	—	$	—	$	834


	December 31, 2023
	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	18,641	$	18,641	$	—	$	—
U.S. government-sponsored agency bonds	102,093		—		102,093		—
Commercial paper	49,654		—		49,654		—

Asset-backed securities	8,625		—		8,625		—
U.S. treasury securities	2,457		—		2,457		—
Total	$	181,470	$	18,641	$	162,829	$	—

Liabilities:
Derivative liability for exit fees	$	675	$	—	$	—	$	675
Total	$	675	$	—	$	—	$	675