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

5. Fair Value Measurements

The following tables set forth the fair values of financial assets as of June 30, 2024 and December 31, 2023 that were measured at fair value on a recurring basis (in thousands):

 

 

 

June 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

32,308

 

 

$

—

 

 

$

—

 

 

$

32,308

 

Commercial paper

 

 

—

 

 

 

10,922

 

 

 

—

 

 

 

10,922

 

U.S. government treasury securities

 

 

—

 

 

 

220,947

 

 

 

—

 

 

 

220,947

 

Corporate bonds

 

 

—

 

 

 

9,141

 

 

 

—

 

 

 

9,141

 

Total financial assets

 

$

32,308

 

 

$

241,010

 

 

$

—

 

 

$

273,318

 

 

 

 

December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

45,123

 

 

$

—

 

 

$

—

 

 

$

45,123

 

Commercial paper

 

 

—

 

 

 

10,630

 

 

 

—

 

 

 

10,630

 

U.S. government treasury and agency securities

 

 

—

 

 

 

264,426

 

 

 

—

 

 

 

264,426

 

Corporate bonds

 

 

—

 

 

 

6,281

 

 

 

—

 

 

 

6,281

 

Total financial assets

 

$

45,123

 

 

$

281,337

 

 

$

—

 

 

$

326,460

 

 

Level 1 securities include highly liquid money market funds, for which we measure the fair value based on quoted prices in active markets for identical assets or liabilities. Level 2 securities consist of U.S. government treasury and agency securities, commercial paper and corporate bonds, and are valued based on recent trades of securities in inactive markets or on quoted market prices of similar instruments and other significant inputs derived from or corroborated by observable market data. Of the June 30, 2024 Level 2 U.S. government treasury securities balance, $9.0 million is recorded as cash and cash equivalents on our unaudited condensed consolidated balance sheet.