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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 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):
|  |  |  | 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.

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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 + Details
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