Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present the fair value hierarchy for assets and liabilities measured at fair value:

	June 30, 2024
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	479,130	$	—	$	—	$	479,130
U.S. treasury bills	198,796		—		—		198,796
Commercial paper	—		13,980		—		13,980
Corporate debt securities	—		38,621		—		38,621
Certificates of deposit	—		24,340		—		24,340
Short-term investments
U.S. treasury securities	215,431		—		—		215,431
Asset-backed securities	—		10,405		—		10,405
Corporate debt securities	—		2,997		—		2,997
Total assets measured at fair value	$	893,357	$	90,343	$	—	$	983,700

	December 31, 2023
	Level 1		Level 2		Level 3		Total Fair Value
Cash equivalents
Money market funds	$	627,983	$	—	$	—	$	627,983
U.S. treasury bills	230,602		—		—		230,602
Short-term investments
U.S. treasury securities	240,256		—		—		240,256
U.S. agency securities	—		14,993		—		14,993
Asset-backed securities	—		10,500		—		10,500
Corporate debt securities	—		2,975		—		2,975
Total assets measured at fair value	$	1,098,841	$	28,468	$	—	$	1,127,309

The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, U.S. agency securities, asset-backed securities, and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.

There were no transfers of financial instruments between the fair value hierarchy levels during the three and six months ended June 30, 2024 and the year ended December 31, 2023.