Recurring Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis

The following table sets forth the Company’s financial instruments as of June 30, 2024 and December 31, 2023, which are measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	8,658	$	—	$	—	$	8,658
U.S. treasury securities		—		181,583		—		181,583
U.S. government agency securities		—		96,037		—		96,037
Total assets measured at fair value	$	8,658	$	277,620	$	—	$	286,278

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	47,003	$	—	$	—	$	47,003
U.S. treasury securities		—		246,208		—		246,208
U.S. government agency securities		—		63,202		—		63,202
Total assets measured at fair value	$	47,003	$	309,410	$	—	$	356,413

Schedule of cash equivalents, marketable securities, and unrealized gains and losses

The following tables summarize the estimated fair value of the Company's cash equivalents, available-for-sale securities classified as short-term investments, and associated unrealized gains and losses (in thousands):

	June 30, 2024
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
Cash equivalents:
Money market funds	$	8,658	$	—	$	—		$	8,658
U.S. government agency securities		59,607		—		—			59,607
U.S. treasury securities		95,763		—		—			95,763
Total cash equivalents		164,028		—		—			164,028
Short-term investments
U.S. government agency securities		36,445		—		(15	)		36,430
U.S. treasury securities		85,827		—		(7	)		85,820
Total short-term investments	$	122,272	$	—	$	(22	)	$	122,250

	December 31, 2023
	Amortized Cost		Unrealized Gains		Unrealized Losses		Estimated Fair Value
Cash equivalents:
Money market funds	$	47,003	$	—	$	—	$	47,003
U.S. government agency securities		63,202		—		—		63,202
U.S. treasury securities		110,645		—		—		110,645
Total cash equivalents		220,850		—		—		220,850
Short-term investments
U.S. treasury securities		135,554		9		—		135,563
Total short-term investments	$	135,554	$	9	$	—	$	135,563

Schedule of maturities of available-for-sale marketable securities

The following table summarizes the maturities of our cash equivalents and available-for-sale securities (in thousands):

	June 30, 2024
	Amortized Cost		Fair Value
Mature in one year or less	$	286,300	$	286,278
Total	$	286,300	$	286,278

	December 31, 2023
	Amortized Cost		Fair Value
Mature in one year or less	$	356,404	$	356,413
Total	$	356,404	$	356,413