Fair Value Measurements and Investments (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

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

The following tables present the Company’s fair value hierarchy for its assets that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair value:

	As of June 30, 2023:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	—	$	18,776	$	—	$	18,776
U.S. Treasury bills and government securities	—		100,886		—		100,886
Short-term investments:
U.S. Treasury bills and government securities	—		80,645		—		80,645
Related party short-term investment:
Beam equity securities	6,396		—		—		6,396
Total cash equivalents and investments	$	6,396	$	200,307	$	—	$	206,703

	As of December 31, 2022:
(in thousands)	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	—	$	120,511	$	—	$	120,511
Short-term investment:
U.S. Treasury securities	—		$	98,467	—		98,467
Related party short-term investment:
Beam equity securities	7,834		—		—		7,834
Total cash equivalents and short-term investments	$	7,834	$	218,978	$	—	$	226,812

Debt Securities, Available-for-Sale

Unrealized gains and losses of investments in debt securities consisted of the following:

	As of June 30, 2023:
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments in debt securities:
U.S. Treasury bills and government securities	$	80,920	$	—	$	(275)	$	80,645
Total short-term investments in debt securities	$	80,920	$	—	$	(275)	$	80,645

	As of December 31, 2022:
(in thousands)	Amortized Cost		Unrealized Gains		Unrealized Losses		Fair Value
Short-term investments:
U.S. Treasury bills and government securities	$	98,851	$	—	$	(384)	$	98,467
Total short-term investments in debt securities	$	98,851	$	—	$	(384)	$	98,467

Marketable securities in unrealized loss positions consisted of the following:

	As of June 30, 2023:
(in thousands, except number of securities)	Number of Securities	Fair Value		Gross Unrealized Losses
Investments in continuous loss position for less than 12 months:
U.S. Treasury bills and government securities	26	$	80,645	$	(275)

Investments Classified by Contractual Maturity Date

The contractual maturities of the Company’s investments in debt securities held were as follows:

(in thousands)	June 30, 2023		December 31, 2022
Due within one year	$	80,645	$	98,467