Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Assets Measured on Recurring Basis

The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2024 (in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	19,300	$	—	$	—	$	19,300
Short-term investments
US government and agency securities	36,620		1,002				37,622
Commercial paper	—		14,092		—		14,092
Total	$	55,920	$	15,094	$	—	$	71,014

The following table summarizes the assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 (in thousands):

	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	35,375	$	—	$	—	$	35,375
Commercial paper	—		—		—		—
Short-term investments
US government and agency securities	25,083		11,526		—		36,609
Commercial paper	—		21,479		—		21,479
Total	$	60,458	$	33,005	$	—	$	93,463

Debt Securities, Available-for-Sale

The following tables summarize the Company's short-term investments on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term investments
US government and agency securities	$	37,640	$	8	$	(26)	$	37,622
Commercial paper	14,094		5		(7)		14,092
Total	$	51,734	$	13	$	(33)	$	51,714

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Short-term investments
US government and agency securities	$	36,568	$	48	$	(7)	$	36,609
Commercial paper	21,477		11		(9)		21,479
Total	$	58,045	$	59	$	(16)	$	58,088

Schedule of Cash and Cash Equivalents

The following tables summarize the Company’s cash and cash equivalents on the consolidated balance sheets as of March 31, 2024 and December 31, 2023 (in thousands):

	March 31, 2024
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash	$	11,309	$	—	$	—	$	11,309
Cash equivalents
Money market funds	19,300		—		—		19,300
Total	$	30,609	$	—	$	—	$	30,609

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Cash	$	15,381	$	—	$	—	$	15,381
Cash equivalents
Money market funds	35,375		—		—		35,375
Commercial paper	—		—		—		—
Total	$	50,756	$	—	$	—	$	50,756