Fair Value Measurements

9 Months Ended

Sep. 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 September 30, 2024 and December 31, 2023 (in thousands):

	Fair Value Measurements at September 30, 2024:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents
Money market fund	$	21,032	$	—	$	—	$	21,032
US treasuries		65,362		—		—	$	65,362
US government agencies		—		4,789		—	$	4,789
Commercial Paper		—		12,944		—	$	12,944
Marketable securities, current
US treasuries		122,404		—		—		122,404
US government agencies		—		68,369		—		68,369
Commercial Paper		—		28,603		—		28,603
Corporate bonds		—		219,876		—		219,876
Marketable securities, non-current
US treasuries		48,760		—		—		48,760
US government agencies		—		117,594		—		117,594
Corporate bonds		—		194,681		—		194,681
Restricted cash		5,783		—		—		5,783
Total	$	263,341	$	646,856	$	—	$	910,197

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