Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Hierarchy for Financial Assets and Financial Liabilities Measured at Fair Value on Recurring Basis

The following tables represent the Company’s fair value hierarchy for financial assets and financial liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):

	Basis for Fair Value Measurements						Fair Value as of
	Level 1		Level 2		Level 3		June 30, 2024
Assets
Money market funds	$	146,308	$	—	$	—	$	146,308
Certificates of deposit		—		69,677		—		69,677
Commercial paper		—		96,220		—		96,220
Corporate bonds		—		203,733		—		203,733
U.S. Treasuries		—		18,970		—		18,970
Total	$	146,308	$	388,600	$	—	$	534,908
Liabilities
Derivative liability	$	—	$	—	$	382	$	382
Total	$	—	$	—	$	382	$	382

	Basis for Fair Value Measurements						Fair Value as of
	Level 1		Level 2		Level 3		December 31, 2023
Assets
Money market funds	$	217,644	$	—	$	—	$	217,644
Commercial paper		—		18,243		—		18,243
Corporate bonds		—		28,939		—		28,939
U.S. government sponsored agencies		—		2,896		—		2,896
Total	$	217,644	$	50,078	$	—	$	267,722
Liabilities
Derivative liability	$	—	$	—	$	369	$	369
Total	$	—	$	—	$	369	$	369

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following tables set forth a summary of the changes in the fair value of the Company’s Level 3 financial instrument during the six months ended June 30, 2024 and 2023 (in thousands):

	Derivative Liability
Balance as of December 31, 2023	$	369
Change in fair value included in other income (expense), net		13
Balance as of June 30, 2024	$	382

	Derivative Liability
Balance as of December 31, 2022	$	212
Change in fair value included in other income (expense), net		—
Balance as of June 30, 2023	$	212