Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

		June 30, 2024
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	18,556	$	—	$	—		$	18,556
Short-term investments:
U.S. Treasury securities	Level 1		90,329		2		(253	)		90,078
U.S. government-sponsored enterprises    debt securities	Level 2		13,377		4		(19	)		13,362
Corporate debt	Level 2		48,089		5		(37	)		48,057
Commercial paper	Level 2		5,495		—		(3	)		5,492
Total cash equivalents and    short-term investments		$	175,846	$	11	$	(312	)	$	175,545

		December 31, 2023
	Valuation Hierarchy	Amortized Costs		Gross Unrealized Holding Gains		Gross Unrealized Holding Losses			Aggregate Fair Value
Assets:
Cash equivalents:
Money market funds	Level 1	$	44,883	$	—	$	—		$	44,883
Short-term investments:
U.S. Treasury securities	Level 1		53,790		58		(32	)		53,816
U.S. government-sponsored enterprises    debt securities	Level 2		29,645		24		(38	)		29,631
Corporate debt	Level 2		33,214		56		—			33,270
Commercial paper	Level 2		18,097		5		(4	)		18,098
Total cash equivalents and    short-term investments		$	179,629	$	143	$	(74	)	$	179,698

As of June 30, 2024, the remaining contractual maturities for available-for-sale securities were one month to sixteen months.

The following tables present the breakdown of the available-for-sale debt securities with unrealized losses as of June 30, 2024, and December 31, 2023 (in thousands):

	June 30, 2024
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities	$	78,734	$	(253	)	$	—	$	—		$	78,734	$	(253	)
U.S. government-sponsored enterprises    debt securities		7,017		(12	)		3,971		(7	)		10,988		(19	)
Corporate debt		34,919		(37	)		—		—			34,919		(37	)
Commercial paper		5,493		(3	)		—		—			5,493		(3	)
Total	$	126,163	$	(305	)	$	3,971	$	(7	)	$	130,134	$	(312	)

	December 31, 2023
	Unrealized losses less than 12 months					Unrealized losses 12 months or greater					Total
	Fair Value		Unrealized Losses			Fair Value		Unrealized Losses			Fair Value		Unrealized Losses
U.S. Treasury securities	$	8,416	$	(16	)	$	17,925	$	(16	)	$	26,341	$	(32	)
U.S. government-sponsored enterprises    debt securities		18,757		(22	)		8,488		(16	)		27,245		(38	)
Corporate debt		11,291		(4	)		—		—			11,291		(4	)
Total	$	38,464	$	(42	)	$	26,413	$	(32	)	$	64,877	$	(74	)

The unrealized losses on the Company’s available-for-sale debt securities were caused by interest rate increases. The contractual terms of those investments do not permit the issuer to settle the securities at a price less than the amortized cost basis of the investments. As of June 30, 2024, the Company does not intend to sell the investments, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost basis, which may be at maturity. Additional factors considered in determining the treatment of unrealized losses include the financial condition and near-term prospects of the investee, the extent of the loss related to the credit of the issuer, and the expected cash flows from the security. For the three and six months ended June 30, 2024 and 2023, the Company did not recognize credit loss related to available-for-sales debt securities.