Fair Value Measurements and Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands).

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	22,646	$	—	$	—	$	22,646
Corporate debt securities		—		1,550		—		1,550
U.S. Treasury securities		—		4,985		—		4,985
Total cash equivalents		22,646		6,535		—		29,181
Investments:
U.S. Treasury securities		—		225,180		—		225,180
U.S. Non-Treasury securities		—		11,901		—		11,901
Commercial paper		—		18,186		—		18,186
Corporate debt securities		—		85,316		—		85,316
Total investments		—		340,583		—		340,583
Total assets measured at fair value	$	22,646	$	347,118	$	—	$	369,764

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—	$	53,208
Total cash equivalents		53,208		—		—		53,208
Investments:
U.S. Treasury securities		—		227,692		—		227,692
U.S. Non-Treasury securities		—		10,702		—		10,702
Commercial paper		—		55,433		—		55,433
Corporate debt securities		—		79,361		—		79,361
Total investments		—		373,188		—		373,188
Total assets measured at fair value	$	53,208	$	373,188	$	—	$	426,396

Schedule of Debt Securities, Available-for-sale, Unrealized Gain

The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):

	December 31, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	22,646	$	—	$	—		$	22,646
Corporate debt securities		1,549		1		—			1,550
U.S. Treasury securities		4,984		1		—			4,985
Total cash equivalents		29,179		2		—			29,181
Investments:
U.S. Treasury securities		225,517		55		(392	)		225,180
U.S. Non-Treasury securities		11,904		2		(5	)		11,901
Commercial paper		18,166		26		(6	)		18,186
Corporate debt securities		85,190		142		(16	)		85,316
Total investments		340,777		225		(419	)		340,583
Total assets measured at fair value	$	369,956	$	227	$	(419	)	$	369,764

	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	53,208	$	—	$	—		$	53,208
Total cash equivalents		53,208		—		—			53,208
Investments:
U.S. Treasury securities		228,563		25		(896	)		227,692
U.S. Non-Treasury securities		10,699		6		(3	)		10,702
Commercial paper		55,561		3		(131	)		55,433
Corporate debt securities		79,616		6		(261	)		79,361
Total investments		374,439		40		(1,291	)		373,188
Total assets measured at fair value	$	427,647	$	40	$	(1,291	)	$	426,396