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

9 Months Ended

Sep. 30, 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 September 30, 2024, was as follows (in thousands):

	Fair Value Measurements
As of September 30, 2024	Total		Level 1		Level 2		Level 3
Cash equivalents
Money market funds	$	60,794	$	60,794	$	—	$	—
Corporate debt obligations		38,927		—		38,927		—
U.S. Treasury bills		2,391		—		2,391		—
Available-for-sale marketable securities
U.S. Treasury notes		30,196		—		30,196		—
U.S. Treasury bills		186,728		—		186,728		—
Total fair value of assets	$	319,036	$	60,794	$	258,242	$	—

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	$	—