Fair Value Measurements

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicates the level of the fair value hierarchy utilized to determine such fair values as of June 30, 2023 and December 31, 2022 (in thousands):

	Fair Value Measurements at June 30, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	50,450	$	—	$	—	$	50,450
Marketable securities, current
US treasuries		42,810		—		—		42,810
US government agencies		—		131,410		—		131,410
Corporate bonds		—		140,968		—		140,968
Marketable securities, non-current
US treasuries		—		—		—		—
US government agencies		—		72,801		—		72,801
Corporate bonds		—		31,958		—		31,958
Restricted cash		5,801		—		—		5,801
Total	$	99,061	$	377,137	$	—	$	476,198

	Fair Value Measurements at December 31, 2022:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	50,551	$	—	$	—	$	50,551
Marketable securities, current
US treasuries		74,045		—		—		74,045
US government agencies		—		120,467		—		120,467
Corporate bonds		—		144,259		—		144,259
Marketable securities, non-current
US treasuries		19,804		—		—		19,804
US government agencies		—		58,653		—		58,653
Corporate bonds		—		73,871		—		73,871
Restricted cash		6,130						6,130
Total	$	150,530	$	397,250	$	—	$	547,780

During the six months ended June 30, 2023 and the year ended December 31, 2022, there were no transfers in or out of Level 3.