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Fair Value of Financial Instruments
 12 Months Ended
Dec. 31, 2023
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
Fair value of financial instruments Fair value of financial instruments
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value measurement. The following
table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):

Description:December 31,
2023		Quoted prices
in active
markets for
identical
assets
(level 1)		Significant
other
observable
inputs
(level 2)		Significant
unobservable
inputs
(level 3)
Cash equivalents:   
Money market funds$144,892 $144,892 $— $— 
Short-term investments:  
U.S. Treasury47,366 47,366 — — 
Federal agency securities35,818 — 35,818 — 
Commercial paper11,927 — 11,927 — 
Total$240,003 $192,258 $47,745 $— 
December 31,
2022		Quoted prices
in active
markets for
identical
assets
(level 1)		Significant
other
observable
inputs
(level 2)		Significant
unobservable
inputs
(level 3)
Cash equivalents:    
U.S. Treasury$29,930 $29,930 $— $— 
Federal agency securities19,908 — 19,908 — 
Commercial paper5,955 — 5,955 
Money market funds117,437 117,437 — — 
Short-term investments:
U.S. Treasury9,786 9,786 — — 
Federal agency securities11,626 — 11,626 — 
Commercial paper23,136 — 23,136 — 
Total$217,778 $157,153 $60,625 $— 
The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented.
The table above does not include the Company's investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the consolidated balance sheet as of December 31, 2023.