Fair Value Measurements

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level within the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value (in thousands):

	Fair Value Measurements at September 30, 2024
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	77,550	$	—	$	—	$	77,550
Marketable securities:
U.S. government agency securities and treasuries	—		299,365		—		299,365
Corporate bonds	—		71,930		—		71,930
Total	$	77,550	$	371,295	$	—	$	448,845

	Fair Value Measurements at December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents: (1)
Money market funds	$	67,102	$	—	$	—	$	67,102
Marketable securities:
U.S. government agency securities and treasuries	$	—	$	251,168	$	—	$	251,168
Corporate bonds	—		33,199		—		33,199
Total	$	67,102	$	284,367	$	—	$	351,469

(1)The cash equivalent amounts above do not include $0.5 million of cash related to checking accounts included in cash and cash equivalents as of September 30, 2024 and December 31, 2023. These amounts are excluded as no valuation is needed for cash in checking accounts.

Money market funds are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets. The Company measures its debt securities at fair value on a recurring basis using inputs that are observable or can be corroborated by observable market data and classifies those instruments within Level 2 of the fair value hierarchy.