Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

5. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of June 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	235,894	$	—	$	—	$	235,894
Marketable Securities
US Treasury obligations		—		147,941		—		147,941
US Government agency securities		—		18,120		—		18,120
Commercial paper		—		13,822		—		13,822
Corporate bonds		—		78,937		—		78,937
Total	$	235,894	$	258,820	$	—	$	494,714

	Fair Value Measurements as of December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	143,740	$	—	$	—	$	143,740
Marketable Securities
US Treasury obligations		—		155,938		—		155,938
US Government agency securities		—		178,160		—		178,160
Commercial paper		—		39,448		—		39,448
Corporate bonds		—		60,737		—		60,737
Total	$	143,740	$	434,283	$	—	$	578,023

The Company’s assets with fair value categorized as Level 1 within the fair value hierarchy include money market funds. Money market funds are publicly traded mutual funds and are presented as cash equivalents on the unaudited condensed consolidated balance sheets as of June 30, 2024 and December 31, 2023.

The Company’s assets with fair value categorized as Level 2 within the fair value hierarchy include treasury obligations, government agency securities, commercial paper and corporate bonds with fair values determined by utilizing information from third party pricing sources for identical or similar assets and liabilities in active market.

There were no transfers between Level 1, Level 2 or Level 3 categories during the six months ended June 30, 2024.