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Fair Value Measurements
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

4. Fair Value Measurements

The following tables present the Company’s fair value hierarchy for its assets, which are measured at fair value on a recurring basis (in thousands):

 

 

Fair Value Measurements at June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

57,001

 

 

$

—

 

 

$

—

 

 

$

57,001

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

105,445

 

 

 

—

 

 

 

105,445

 

Corporate bonds

 

 

—

 

 

 

320,383

 

 

 

—

 

 

 

320,383

 

Government and agency securities

 

 

—

 

 

 

124,763

 

 

 

—

 

 

 

124,763

 

U.S. treasury bills

 

 

—

 

 

 

29,703

 

 

 

—

 

 

 

29,703

 

 

$

57,001

 

 

$

580,294

 

 

$

—

 

 

$

637,295

 

 

 

 

Fair Value Measurements at December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

327,055

 

 

$

—

 

 

$

—

 

 

$

327,055

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

—

 

 

 

67,080

 

 

 

—

 

 

 

67,080

 

Corporate bonds

 

 

—

 

 

 

193,949

 

 

 

—

 

 

 

193,949

 

Government and agency securities

 

 

—

 

 

 

89,027

 

 

 

—

 

 

 

89,027

 

U.S. treasury bills

 

 

—

 

 

 

34,462

 

 

 

—

 

 

 

34,462

 

 

$

327,055

 

 

$

384,518

 

 

$

—

 

 

$

711,573

 

Money market funds were valued by the Company based on quoted market prices for identical securities, which represent a Level 1 measurement within the fair value hierarchy. Commercial paper, corporate bonds, government and agency securities and U.S. treasury bills were valued by the Company using quoted prices in active markets for similar securities, which represent a Level 2 measurement within the fair value hierarchy. During the three and six months ended June 30, 2024 and 2023, there were no transfers in or out of Level 3. The carrying values of the Company’s accounts payable and accrued expenses approximate their fair values due to the short-term nature of these liabilities.