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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on Recurring Basis

The following tables present the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy for the periods indicated (in thousands):

				March 31, 2024
		Valuation		Amortized				Unrealized				Unrealized				Fair
		Hierarchy		Cost				Gains				Losses				Value
Money market funds		Level 1		$	4,073			$	—			$	—			$	4,073
Commercial paper		Level 2			124,016				—				(71	)			123,945
U.S. government bonds		Level 2			194,344				47				(377	)			194,014
Agency bonds		Level 2			53,252				10				(107	)			53,155
Corporate debt securities		Level 2			5,184				—				(22	)			5,162
U.S. Treasury securities		Level 2			49,505				—				(8	)			49,497
Total cash equivalents and marketable securities				$	430,374			$	57			$	(585	)		$	429,846
Classified as:
Cash equivalents																$	85,131
Marketable securities																	344,715
Total cash equivalents and marketable securities																$	429,846

				December 31, 2023
		Valuation		Amortized				Unrealized				Unrealized				Fair
		Hierarchy		Cost				Gains				Losses				Value
Money market funds		Level 1		$	493			$	—			$	—			$	493
Commercial paper		Level 2			94,261				—				(55	)			94,206
U.S. government bonds		Level 2			137,976				250				(142	)			138,084
Agency bonds		Level 2			45,481				152				(44	)			45,589
Corporate debt securities		Level 2			3,177				—				(12	)			3,165
U.S. Treasury securities		Level 2			71,754				36				(1	)			71,789
Agency discount securities		Level 2			7,975				1				—				7,976
Total cash equivalents and marketable securities				$	361,117			$	439			$	(254	)		$	361,302
Classified as:
Cash equivalents																$	98,593
Marketable securities																	262,709
Total cash equivalents and marketable securities																$	361,302

The valuation techniques used to measure the fair values of the Company’s Level 2 financial instruments, which generally have counterparties with high credit ratings, are based on quoted market prices when available. If quoted market prices are not available, the fair value for the security is estimated under the market or income approach using pricing models with market observable inputs.

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- References

No definition available.

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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-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

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