Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis (in thousands):

			December 31, 2023
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Observable Inputs (Level 3)
Money market funds	$	140,093	$	140,093	$	—	$	—
U.S. treasury securities		125,841		125,841		—		—
Total financial assets	$	265,934	$	265,934	$	—	$	—

			June 30, 2024
Description	Total		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Other Observable Inputs (Level 3)
Money market funds	$	122,000	$	122,000	$	—	$	—
U.S. treasury securities		127,932		127,932		—		—
Total financial assets	$	249,932	$	249,932	$	—	$	—

As of December 31, 2023 and June 30, 2024, the Company had no financial liabilities that required fair value measurement. As of December 31, 2023 and June 30, 2024, the Company’s cash equivalents consisted of money market funds classified as Level 1 financial assets, as these assets are valued using quoted market prices in active markets for identical assets without any valuation adjustment. As of December 31, 2023 and June 30, 2024, the Company held U.S. treasury bills, which are included in cash, cash equivalents and restricted cash as their maturity is 90 days or less at acquisition and are considered Level 1 category assets as there are quoted prices in active markets.

During the year ended December 31, 2023 and the six months ended June 30, 2024, there were no transfers or reclassifications between fair value measurement levels of assets or liabilities. The carrying values of prepaid expenses and other current assets, accounts payable and accrued expenses and other current liabilities approximate their fair values due to the short-term nature of these assets and liabilities.