Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

			Fair value measurements as of June 30, 2024 using
			Quoted prices in		Significant		Significant
			active markets		other		unobservable
	June 30,		for identical		observable		inputs
	2024		assets (level 1)		inputs (level 2)		(level 3)
Assets:
Money market funds(1)	$	169,440	$	169,440	$	—	$	—
US treasury securities(2)		54,219		54,219		—		—
US government agency securities(2)		40,633		—		40,633		—
Corporate debt securities(2)		39,597		—		39,597		—
Commercial paper(2)		101,161		—		101,161		—
US treasury securities(3)		29,619		29,619		—		—
US government agency securities(3)		22,217		—		22,217		—
Total fair value of assets	$	456,886	$	253,278	$	203,608	$	—

(1)Included as cash and cash equivalents on the condensed consolidated balance sheets.

(2)Included as short-term marketable securities on the condensed consolidated balance sheets.

(3)Included as long-term marketable securities on the condensed consolidated balance sheets.

			Fair value measurements as of December 31, 2023 using
			Quoted prices in		Significant		Significant
			active markets		other		unobservable
	December 31,		for identical		observable		inputs
	2023		assets (level 1)		inputs (level 2)		(level 3)
Assets:
Money market funds(1)	$	83,101	$	83,101	$	—	$	—
US treasury securities(2)		93,303		93,303		—		—
US government agency securities(2)		26,824		—		26,824		—
Corporate debt securities(2)		10,734		—		10,734		—
Commercial paper(2)		88,414		—		88,414		—
US treasury securities(3)		9,642		9,642		—		—
Total fair value of assets	$	312,018	$	186,046	$	125,972	$	—

(1)Included as cash and cash equivalents on the condensed consolidated balance sheets.

(2)Included as short-term marketable securities on the condensed consolidated balance sheets.

(3)Included as long-term marketable securities on the condensed consolidated balance sheets.