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

9 Months Ended

Sep. 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).

	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	36,871	$	—	$	—	$	36,871
Total cash equivalents		36,871		—		—		36,871
Investments:
U.S. Treasury securities		—		128,836		—		128,836
Commercial paper		—		24,122		—		24,122
Corporate debt securities		—		121,914		—		121,914
Total investments		—		274,872		—		274,872
Total assets measured at fair value	$	36,871	$	274,872	$	—	$	311,743

	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):

	September 30, 2024
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses			Fair Value
Assets:
Cash equivalents:
Money market funds	$	36,871	$	—	$	—		$	36,871
Total cash equivalents		36,871		—		—			36,871
Investments:
U.S. Treasury securities		128,514		364		(42	)		128,836
Commercial paper		24,090		32		—			24,122
Corporate debt securities		121,479		443		(8	)		121,914
Total investments		274,083		839		(50	)		274,872
Total assets measured at fair value	$	310,954	$	839	$	(50	)	$	311,743

	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