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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables present information about the Company’s financial assets measured at fair value on a recurring basis:

		Fair Market Value Measurements as of September 30, 2023
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents:
Money market funds		$	15,807			$	—			$	—			$	15,807
U.S. Treasury bills			—				9,292				—				9,292
Marketable debt securities:
U.S. Treasury bills			—				195,000				—				195,000
U.S. government agency bonds			—				106,347				—				106,347
Total assets		$	15,807			$	310,639			$	—			$	326,446

		Fair Market Value Measurements as of December 31, 2022
		Level 1				Level 2				Level 3				Total
		(in thousands)
Cash equivalents
Money market funds		$	7,577			$	—			$	—			$	7,577
U.S. Treasury bills			—				16,030				—				16,030
Marketable debt securities
U.S. Treasury bills			—				199,245				—				199,245
U.S. government agency bonds			—				106,920				—				106,920
Total assets		$	7,577			$	322,195			$	—			$	329,772

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2C
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-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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- References

No definition available.

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