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Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables set forth the fair values of financial assets as of June 30, 2023 and December 31, 2022 that were measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

73,986

 

 

$

 

 

$

 

 

$

73,986

 

U.S. government treasury and agency securities

 

 

 

 

 

314,967

 

 

 

 

 

 

314,967

 

Total financial assets

 

$

73,986

 

 

$

314,967

 

 

$

 

 

$

388,953

 

 

 

 

December 31, 2022

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

38,502

 

 

$

 

 

$

 

 

$

38,502

 

Commercial paper

 

 

 

 

 

9,969

 

 

 

 

 

 

9,969

 

U.S. government treasury securities

 

 

 

 

 

385,848

 

 

 

 

 

 

385,848

 

Corporate bonds

 

 

 

 

 

12,349

 

 

 

 

 

 

12,349

 

Total financial assets

 

$

38,502

 

 

$

408,166

 

 

$

 

 

$

446,668