Fair Value Measurements and Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items]

Schedule of Fair Value Hierarchy for Assets and Liabilities

The following table presents the Company’s fair value hierarchy for its asset items that are measured at fair value on a recurring basis as of June 30, 2023 and December 31, 2022, by level within the fair value hierarchy (in thousands):

	Fair Value Measurement at June 30, 2023 Using:
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	50,702	$	—	$	—	$	50,702
Corporate bonds		—		2,589		—		2,589
Total cash equivalents	$	50,702	$	2,589	$	—	$	53,291
Marketable securities
U.S. government securities		—		76,584		—		76,584
Corporate bonds		—		14,839		—		14,839
Total marketable securities	$	—	$	91,423	$	—	$	91,423
Restricted cash (non-current)		927		—		—		927
Total	$	51,629	$	94,012	$	—	$	145,641

	Fair Value Measurement at December 31, 2022 Using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents (money market)	$	156,219	$	—	$	—	$	156,219
Restricted cash (non-current)		927		—		—		927
Total	$	157,146	$	—	$	—	$	157,146

Summary of marketable securities

The following table summarizes the Company’s marketable securities as of June 30, 2023 (in thousands):

	At June 30, 2023
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
U.S. government securities	$	76,634	$	2	$	(52	)	$	76,584
Corporate bonds	$	14,859	$	4	$	(24	)	$	14,839
Total	$	91,493	$	6	$	(76	)	$	91,423

Summary of marketable securities by maturity

The following table summarizes the Company’s marketable securities by maturity as of June 30, 2023 (in thousands):

	At June 30, 2023
Maturities in one year or less	$	86,107
Maturities between one and two years		5,316
Total	$	91,423