Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:

	September 30, 2024
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	221,344	$	—	$	—	$	221,344
Commercial paper		—		45,444		—		45,444
Marketable securities:
U.S. government securities		41,968		—		—		41,968
Corporate debt securities		—		23,625		—		23,625
Total assets measured at fair value	$	263,312	$	69,069	$	—	$	332,381

	December 31, 2023
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets:
Cash equivalents:
Money market funds	$	306,801	$	—	$	—	$	306,801
Marketable securities:
Commercial paper		—		90,008		—		90,008
U.S. government and agency debt securities		19,473		30,943		—		50,416
Corporate debt securities		—		4,818		—		4,818
Total assets measured at fair value	$	326,274	$	125,769	$	—	$	452,043