Fair Value Measurements and Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets Measured at Fair Value on a Recurring Basis

The Company’s fair value hierarchy for its cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis as of March 31, 2024, was as follows (in thousands):

	Fair Value Measurements
As of March 31, 2024	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	52,548	$	52,548	$	—	$	—
U.S. Treasury bills		119,196		—		119,196		—
Corporate debt obligations		25,047		—		25,047		—
Federal agency obligations		10,001		—		10,001		—
Available-for-sale marketable securities
U.S. Treasury notes		29,748		—		29,748		—
U.S. Treasury bills		115,759		—		115,759		—
Total fair value of assets	$	352,299	$	52,548	$	299,751	$	—

The Company’s fair value hierarchy for its cash equivalents and available-for-sale marketable securities measured at fair value on a recurring basis as of December 31, 2023, was as follows (in thousands):

	Fair Value Measurements
As of December 31, 2023	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	29,050	$	29,050	$	—	$	—
Available-for-sale marketable securities
U.S. Treasury bills		22,896		—		22,896		—
Total fair value of assets	$	51,946	$	29,050	$	22,896	$	—