Fair Value (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Financial Assets Measured and Recognized at Fair Value on Recurring Basis

The following table presents information about the Company’s financial assets measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of March 31, 2024. The fair value of these financial assets was determined based on three levels of input as follows:

•Level 1 - Quoted prices in active markets for identical assets;

•Level 2 - Observable inputs other than quoted prices in active markets; and

•Level 3 - Unobservable inputs.

(in thousands)	March 31, 2024		Level 1		Level 2		Level 3
Assets:
Money market mutual funds in cash equivalents	$	106,639	$	106,639	$	—	$	—
Marketable securities:
U.S. treasury securities		97,462		—		97,462		—
U.S. government agency bonds		26,949		—		26,949		—
Total	$	231,050	$	106,639	$	124,411	$	—

The following table presents information about the Company’s financial assets measured and recognized at fair value on a recurring basis classified under the appropriate level of the fair value hierarchy as of December 31, 2023.

(in thousands)	December 31, 2023		Level 1		Level 2		Level 3
Assets:
Money market mutual funds in cash equivalents	$	268,720	$	268,720	$	—	$	—
Total	$	268,720	$	268,720	$	—	$	—