Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2023

Summary of Fair Value of Financial Instrument

The following tables summarize the fair value of the Company’s financial instruments (in thousands):

			Fair Value Measurements Using
	September 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	17,437	$	17,437	$	—	$	—
Short-term investments:
Corporate debt securities	$	47,423	$	—	$	47,423	$	—
Commercial paper		37,546		—		37,546		—
U.S. Government securities		152,382		—		152,382		—
Total short-term investments		237,351		—		237,351		—
Total	$	254,788	$	17,437	$	237,351	$	—

			Fair Value Measurements Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets:
Cash equivalents:
Money market funds	$	36,494	$	36,494	$	—	$	—
Short-term investments:
Corporate debt securities	$	88,681	$	—	$	88,681	$	—
Commercial paper		65,409		—		65,409		—
Government securities		160,559		—		160,559		—
Total short-term investments		314,649		—		314,649		—
Total	$	351,143	$	36,494	$	314,649	$	—

Short-term investments

Schedule of Short-term Investments

The following tables summarize the Company’s investments accounted for as available-for-sale securities as of September 30, 2023 and December 31, 2022 (in thousands):

		September 30, 2023
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	47,507	$	(84	)	$	—	$	47,423
Commercial paper	1 year or less		37,663		(117	)				37,546
U.S. Government securities	1 year or less		152,590		(210	)		2		152,382
Total		$	237,760	$	(411	)	$	2	$	237,351

		December 31, 2022
	Maturity (in years)	Amortized Cost		Unrealized Losses			Unrealized Gains		Estimated Fair Value
Corporate debt securities	1 year or less	$	88,995	$	(320	)	$	6	$	88,681
Commercial paper	1 year or less		65,532		(123	)		—		65,409
Government securities	1 year or less		160,801		(319	)		77		160,559
Total		$	315,328	$	(762	)	$	83	$	314,649