Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value On Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value (in thousands):

	June 30, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	128,667	$	-	$	-	$	128,667
Marketable Securities:
Corporate securities		-		174,638		-		174,638
U.S. treasury and agency securities		41,793		11,950		-		53,743
Total financial assets	$	170,460	$	186,588	$	—	$	357,048

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	36,679	$	-	$	-	$	36,679
Marketable Securities:
Corporate securities		-		182,052		-		182,052
U.S. treasury and agency securities		26,006		7,868		-		33,874
Total financial assets	$	62,685	$	189,920	$	-	$	252,605

The Company classifies its highly liquid money market funds and U.S treasury securities within Level 1 of the fair value hierarchy because they are valued based on quoted market prices in active markets. The Company classifies its corporate securities, and U.S. agency securities within Level 2 because they are valued using inputs other than quoted prices that are directly or indirectly observable in the market, including readily available pricing sources for the identical underlying security which may not be actively traded.