Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of March 31, 2024:

	Valuation	Amortized		Unrealized		Unrealized			Fair
	Hierarchy	Cost		Gains		Losses			Value
		(in thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	60,437	$	—	$	—		$	60,437
U.S Treasury securities	Level 2		17,492		—		—			17,492
U.S. government and agencies securities	Level 2		1,997		—		(1	)		1,996
Total		$	79,926	$	—	$	(1	)	$	79,925
Marketable securities:
U.S. Treasury securities	Level 2	$	112,556	$	—	$	(50	)	$	112,506
U.S. government and agencies securities	Level 2		182,109		—		(228	)		181,881
Total		$	294,665	$	—	$	(278	)	$	294,387
Total assets		$	374,591	$	—	$	(279	)	$	374,312

The following table presents the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of December 31, 2023:

	Valuation	Amortized		Unrealized		Unrealized		Fair
	Hierarchy	Cost		Gains		Losses		Value
		(in thousands)
Assets:
Cash equivalents:
Money market funds	Level 1	$	398,017	$	—	$	—	$	398,017
Total		$	398,017	$	—	$	—	$	398,017