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

6 Months Ended

Jun. 30, 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).

	June 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	53,185	$	—	$	—	$	53,185
Total cash equivalents	53,185		—		—		53,185
Investments:
U.S. Treasury securities	—		228,282		—		228,282
U.S. Non-Treasury securities	—		22,592		—		22,592
Commercial paper	—		48,300		—		48,300
Corporate debt securities	—		40,437		—		40,437
Total investments	—		339,611		—		339,611
Total assets measured at fair value	$	53,185	$	339,611	$	—	$	392,796

	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):

	June 30, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	53,185	$	—	$	—	$	53,185
Total cash equivalents	53,185		—		—		53,185
Investments:
U.S. Treasury securities	229,551		6		(1,275)		228,282
U.S. Non-Treasury securities	22,654		—		(62)		22,592
Commercial paper	48,356		—		(56)		48,300
Corporate debt securities	40,582		3		(148)		40,437
Total investments	341,143		9		(1,541)		339,611
Total assets measured at fair value	$	394,328	$	9	$	(1,541)	$	392,796

	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