The Company’s cash equivalents are classified within Level 1 and Level 2 of the fair value hierarchy. The Company’s investments in marketable securities are classified within Level 2 of the fair value hierarchy.

The fair values of the Company’s marketable securities are based on prices obtained from independent pricing sources. Consistent with the fair value hierarchy described in Note 2, Summary of Significant Accounting Policies, marketable securities with validated quotes from pricing services are reflected within Level 2, as they are primarily based on observable pricing for similar assets or other market observable inputs. Typical inputs used by these pricing services include, but are not limited to, reported trades, benchmark yields, issuer spreads, bids, offers or estimates of cash flow, prepayment spreads and default rates. The Company performs validation procedures to ensure the reasonableness of this data. The Company performs its own review of prices received from the independent pricing services by comparing these prices to other sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by the pricing services as of June 30, 2024 and December 31, 2023.

The following tables summarize the Company’s cash equivalents and marketable securities as of June 30, 2024 and December 31, 2023:


	June 30, 2024
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents:
Money market funds	$	93,902	$	93,902	$	—	$	—
U.S. commercial paper		4,972		—		4,972		—
Total cash equivalents		98,874		93,902		4,972		—
Marketable securities:
U.S. government securities		84,508		—		84,508		—
U.S. corporate bonds		205,394		—		205,394		—
International corporate bonds		109,490		—		109,490		—
U.S. commercial paper		67,154		—		67,154		—
International commercial paper		45,109		—		45,109		—
U.S. certificates of deposit		2,203		—		2,203		—
U.S. municipal securities		33,034		—		33,034		—
Total marketable securities		546,892		—		546,892		—
	$	645,766	$	93,902	$	551,864	$	—


	December 31, 2023
	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
Cash equivalents:
Money market funds	$	59,852	$	59,852	$	—	$	—
U.S. government securities		8,695		—		8,695		—
Total cash equivalents		68,547		59,852		8,695		—
Marketable securities:
U.S. government securities		166,925		—		166,925		—
U.S. corporate bonds		210,198		—		210,198		—
International corporate bonds		97,675		—		97,675		—
U.S. commercial paper		23,370		—		23,370		—
International commercial paper		46,900		—		46,900		—
U.S. certificates of deposit		8,830		—		8,830		—
U.S. municipal securities		128,294		—		128,294		—
Total marketable securities		682,192		—		682,192		—
	$	750,739	$	59,852	$	690,887	$	—

During the six months ended June 30, 2024 and 2023, there were no transfers among the Level 1, Level 2 and Level 3 categories.