Fair Value Measurements

6 Months Ended

Jun. 30, 2024

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, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurements at June 30, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	36,428	$	—	$	—	$	36,428
US treasuries		13,450		—		—		13,450
US government agencies		—		2,995		—		2,995
Commercial Paper		—		10,960		—		10,960
Marketable securities, current
US treasuries		164,958		—		—		164,958
US government agencies		—		90,727		—		90,727
Commercial Paper		—		23,588		—		23,588
Corporate bonds		—		163,068		—		163,068
Marketable securities, non-current
US treasuries		28,600		—		—		28,600
US government agencies		—		30,470		—		30,470
Corporate bonds		—		133,375		—		133,375
Restricted cash		5,841		—		—		5,841
Total	$	249,277	$	455,183	$	—	$	704,460

	Fair Value Measurements at December 31, 2023:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	78,010	$	—	$	—	$	78,010
US treasuries		27,985		—		—		27,985
Commercial Paper		997		—		—		997
Marketable securities, current
US treasuries		23,253		—		—		23,253
US government agencies		—		114,384		—		114,384
Corporate bonds		—		127,278		—		127,278
Marketable securities, non-current
US treasuries		—		—		—		-
US government agencies		—		28,307		—		28,307
Corporate bonds		—		33,127		—		33,127
Restricted cash		5,811						5,811
Total	$	136,056	$	303,096	$	—	$	439,152

During the six months ended June 30, 2024 and the year ended December 31, 2023, there were no transfers in or out of Level 3.