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Financial Instruments
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
The Company’s short-term investments consist of U.S. Treasury securities, U.S. government agency securities and highly rated, investment-grade corporate debt securities with original maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the condensed balance sheets. The Company’s short-term investments classified as available-for-sale are carried at fair market value with unrealized gains or losses recognized in the statements of operations and comprehensive loss.
The Company’s cash equivalent Money Market Funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted active market prices. The fair value of the Company’s U.S. Treasury securities, U.S. government agency securities and corporate debt securities are classified as Level 2 because they are valued using observable inputs to quoted market prices other than Level 1 prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency and include U.S. government agency securities, U.S. Treasury securities and corporate debt securities.
There were no assets or liabilities recorded at fair value to the condensed balance sheets using Level 3 inputs as of September 30, 2024 and as of December 31, 2023.
The following tables show the Company’s short-term investments and cash equivalents by significant investment category as of September 30, 2024 and December 31, 2023 (in thousands):
As of September 30, 2024As of December 31, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value		Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value
Money Market FundsLevel 1$52,660 $— $— $52,660 $57,241 $— $— $57,241 
U.S. Treasury securitiesLevel 216,868 20 — 16,888 27,250 46 (8)27,288 
U.S. Government agency securities
Level 288,460 479 (2)88,937 133,655 563 (132)134,086 
Corporate debt securitiesLevel 2224,698 389 (38)225,049 269,761 213 (337)269,637 
Total financial assets$382,686 $888 $(40)$383,534 $487,907 $822 $(477)$488,252 

As of September 30, 2024As of December 31, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value		Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value
Classified as:
Cash equivalents$58,637 $— $— $58,637 $57,241 $— $— $57,241 
Short-term investments324,049 888 (40)324,897 430,666 822 (477)431,011 
Total$382,686 $888 $(40)$383,534 $487,907 $822 $(477)$488,252 
There were no liabilities measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023. The Company evaluates transfers between levels at the end of each reporting period and there have been no transfers between fair value measurement levels during the nine months ended September 30, 2024. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of September 30, 2024 and December 31, 2023.
The Company records interest income, accretion income and amortization expense on short-term investments to interest and other income (expense), net in its condensed statement of operations and comprehensive loss.