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Fair Value (Tables) | 3 Months Ended
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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 |  |  | $ | — |  |  | $ | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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