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

6 Months Ended

Jun. 30, 2024

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).

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	31,064	$	—	$	—	$	31,064
Total cash equivalents		31,064		—		—		31,064
Investments:
U.S. Treasury securities		—		155,073		—		155,073
U.S. Non-Treasury securities		—		7,096		—		7,096
Commercial paper		—		29,547		—		29,547
Corporate debt securities		—		120,978		—		120,978
Total investments		—		312,694		—		312,694
Total assets measured at fair value	$	31,064	$	312,694	$	—	$	343,758

	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

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):

	June 30, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	31,064	$	—	$	—		$	31,064
Total cash equivalents		31,064		—		—			31,064
Investments:
U.S. Treasury securities		155,544		—		(471	)		155,073
U.S. Non-Treasury securities		7,102		—		(6	)		7,096
Commercial paper		29,563		2		(18	)		29,547
Corporate debt securities		121,111		25		(158	)		120,978
Total investments		313,320		27		(653	)		312,694
Total assets measured at fair value	$	344,384	$	27	$	(653	)	$	343,758

	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