Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables set forth the financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023 and 2022 (in thousands):

	December 31, 2023
	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds(1)	$	184,259	$	184,259	$	—	$	—
Commercial paper(1)	—		—		—		—
Total cash equivalents	$	184,259	$	184,259	$	—	$	—

	December 31, 2022
	Total Fair Value		Level 1		Level 2		Level 3
Cash equivalents:
Money market funds(1)	$	45,739	$	45,739	$	—	$	—
Commercial paper(1)	1,991		—		1,991		—
Total cash equivalents	47,730		45,739		1,991		—
Marketable securities:
U.S. treasuries(2)	65,391		65,391		—		—
Commercial paper(2)	115,061		—		115,061		—
U.S. agency securities(2)	53,455		—		53,455		—
Asset-backed securities(2)	1,914		—		1,914		—
Total marketable securities	235,821		65,391		170,430		—
Total cash equivalents and marketable securities	$	283,551	$	111,130	$	172,421	$	—

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(1)Included within cash and cash equivalents on the balance sheet.

(2)Included within investments in marketable securities, current and investments in marketable securities, non-current on the balance sheet.

Liabilities measured at fair value on a recurring basis are as follows (in thousands):

	Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
At December 31, 2022:
Liabilities
Preferred stock warrants liability	$	994	$	—	$	—	$	994
Total liabilities measured at fair value	$	994	$	—	$	—	$	994

	Fair Value Measurements at Reporting Date
	Total		Level 1		Level 2		Level 3
At December 31, 2023:
Cash equivalents
Money market funds	$	7,962	$	7,962	$	—	$	—
Total cash equivalents measured at fair value	$	7,962	$	7,962	$	—	$	—
Marketable securities
Commercial paper	$	18,751	$	—	$	18,751	$	—
U.S. government agency securities	9,925		—		9,925		—
U.S. treasury securities	1,978		1,978		—		—
Total marketable securities measured at fair value	$	30,654	$	1,978	$	28,676	$	—
Liabilities
Preferred stock warrants liability	$	871	$	—	$	—	$	871
Total liabilities measured at fair value	$	871	$	—	$	—	$	871

Schedule of Marketable Securities

The Company did not hold any marketable securities as of December 31, 2023. The amortized cost, gross unrealized holding gains or losses, and fair value of the Company’s marketable securities by major security type as of December 31, 2022 are summarized in the table below (in thousands):

	December 31, 2022
	Amortized Cost Basis		Unrealized Gains		Unrealized Losses		Fair Value
Available-for-sale securities
U.S. treasuries	$	65,807	$	—	$	(416)	$	65,391
Commercial paper	115,381		13		(333)		115,061
U.S. agency securities	53,767		15		(327)		53,455
Asset-backed securities	1,914		—		—		1,914
Total available-for-sale securities	$	236,869	$	28	$	(1,076)	$	235,821

Marketable securities consisted of the following (in thousands):

	December 31, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Commercial paper	$	18,742	$	9	$	—	$	18,751
US government agencies	9,927		1		(3)		9,925
US treasury securities	1,977		1		—		1,978
Totals	$	30,646	$	11	$	(3)	$	30,654

Schedule of Fair Value Measurement Inputs and Valuation Techniques

The key unobservable inputs for the preferred stock warrants liability were:

	December 31
	2022	2023
Estimated time to liquidity	2.5 years	2.0 years
Volatility rate	70.0%	84.0%
Risk-free interest rate	4.3%	4.2%

Schedule of Preferred Stock Warrant Liability Activity

The following table presents activity for the preferred stock warrants liability during the years ended December 31, 2023 (in thousands):

	Preferred Stock Warrants Liability
Balance at December 31, 2022	$	994
Change in fair value	(123)
Balance at December 31, 2023	$	871