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Fair Value Measurements | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 3. Fair Value Measurements 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):
|  |  |  | June 30, 2024 |
|  | Valuation |  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Hierarchy |  | Cost |  |  | Gains |  |  | Losses |  |  | Value |
Money market funds |  | Level 1 |  | $ | 35,433 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,433 |
Commercial paper |  | Level 2 |  |  | 114,406 |  |  |  | — |  |  |  | (66 | ) |  |  | 114,340 |
U.S. government bonds |  | Level 2 |  |  | 192,073 |  |  |  | 29 |  |  |  | (511 | ) |  |  | 191,591 |
Agency bonds |  | Level 2 |  |  | 47,296 |  |  |  | 2 |  |  |  | (120 | ) |  |  | 47,178 |
Corporate debt securities |  | Level 2 |  |  | 6,606 |  |  |  | — |  |  |  | (29 | ) |  |  | 6,577 |
U.S. Treasury securities |  | Level 2 |  |  | 40,165 |  |  |  | — |  |  |  | (3 | ) |  |  | 40,162 |
Agency discount securities |  | Level 2 |  |  | 4,992 |  |  |  | — |  |  |  | — |  |  |  | 4,992 |
Total cash equivalents and marketable securities |  |  |  | $ | 440,971 |  |  | $ | 31 |  |  | $ | (729 | ) |  | $ | 440,273 |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |  | $ | 121,107 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |  |  | 319,166 |
Total cash equivalents and marketable securities |  |  |  |  |  |  |  |  |  |  |  |  | $ | 440,273 |
|  |  |  | 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. The following table summarizes the estimated fair value of investments in marketable securities by effective contractual maturity dates as of June 30, 2024 (in thousands):
Within one year |  | $ | 340,064 |
After one year through two years |  |  | 100,209 |
Total cash equivalents and marketable securities |  | $ | 440,273 |
As of June 30, 2024, the Company’s marketable securities in an unrealized loss position include primarily fixed-rate debt securities of varying maturities, which are sensitive to changes in the yield curve and other market conditions. Substantially all of the fixed-rate debt securities in a loss position are investment-grade debt securities. The Company has the intent and ability to hold such securities until recovery of the unrealized losses. Based on the Company’s assessment, the unrealized losses as of June 30, 2024 were primarily due to changes in interest rates and not due to increased credit risks associated with specific securities. No allowance for credit losses was recorded as of June 30, 2024 and December 31, 2023.

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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