Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of September 30, 2023 were as follows (in thousands):

	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	8,947	$	—	$	—		$	8,947
Commercial paper	Level 2		104,151		—		(50	)		104,101
U.S. treasury bills	Level 2		115,237		11		(12	)		115,236
U.S. government bonds	Level 2		89,910		1		(278	)		89,633
Agency bonds	Level 2		32,660		—		(197	)		32,463
Agency discount securities	Level 2		2,479		—		(3	)		2,476
Corporate debt securities	Level 2		3,159		—		(34	)		3,125
Total cash equivalents and available-    for-sale securities		$	356,543	$	12	$	(574	)	$	355,981
Classified as:
Cash equivalents									$	159,603
Short-term available-for-sale securities										196,378
Total cash equivalents and available-    for-sale securities									$	355,981

The Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2022 were as follows (in thousands):

	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
Money market funds	Level 1	$	18,224	$	—	$	—		$	18,224
Commercial paper	Level 2		104,279		1		(84	)		104,196
U.S. government bonds	Level 2		18,225		1		(109	)		18,117
Agency bonds	Level 2		13,986		—		(78	)		13,908
Corporate debt securities	Level 2		10,488		—		(62	)		10,426
U.S. treasury bills	Level 2		7,414		1		(21	)		7,394
Agency discount securities	Level 2		5,216		9		—			5,225
Non-U.S. debt securities	Level 2		3,975		—		(20	)		3,955
Total cash equivalents and available-    for-sale securities		$	181,807	$	12	$	(374	)	$	181,445
Classified as:
Cash equivalents									$	48,540
Short-term available-for-sale securities										132,905
Total cash equivalents and available-    for-sale securities									$	181,445

Schedule of Contractual Maturities of Financial Assets Measured at Fair Value

The Company’s financial assets measured at fair value by contractual maturity as of September 30, 2023 were as follows (in thousands):

Within one year	$	316,468
After one year through two years		39,513
Total cash equivalents and available-for-sale securities	$	355,981

The Company’s financial assets measured at fair value by contractual maturity as of December 31, 2022 were as follows (in thousands):

Within one year	$	175,243
After one year through two years		6,202
Total cash equivalents and available-for-sale securities	$	181,445