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

9 Months Ended

Sep. 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).

	September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	33,984	$	—	$	—	$	33,984
Total cash equivalents	33,984		—		—		33,984
Investments:
U.S. Treasury securities	—		246,652		—		246,652
U.S. Non-Treasury securities	—		22,741		—		22,741
Commercial paper	—		25,505		—		25,505
Corporate debt securities	—		49,527		—		49,527
Total investments	—		344,425		—		344,425
Total assets measured at fair value	$	33,984	$	344,425	$	—	$	378,409

	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):

	September 30, 2023
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Assets:
Cash equivalents:
Money market funds	$	33,984	$	—	$	—	$	33,984
Total cash equivalents	33,984		—		—		33,984
Investments:
U.S. Treasury securities	247,784		1		(1,133)		246,652
U.S. Non-Treasury securities	22,778		—		(37)		22,741
Commercial paper	25,527		—		(22)		25,505
Corporate debt securities	49,632		9		(114)		49,527
Total investments	345,721		10		(1,306)		344,425
Total assets measured at fair value	$	379,705	$	10	$	(1,306)	$	378,409

	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