Fair Value of Financial Instruments

6 Months Ended

Jun. 30, 2024

Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]

Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants at the reporting date. The categorization of a financial instrument within the valuation hierarchy is based on the lowest level of input that is significant to the fair value

measurement. The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy (in thousands):


Description:	June 30, 2024		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	144,091	$	144,091	$	—	$	—
Short-term investments:
U.S. Treasury	85,439		85,439		—		—
Commercial paper	13,884		—		13,884		—
Total	$	243,414	$	229,530	$	13,884	$	—


Description:	December 31, 2023		Quoted prices in active markets for identical assets (level 1)		Significant other observable inputs (level 2)		Significant unobservable inputs (level 3)
Cash equivalents:
Money market funds	$	144,892	$	144,892	$	—	$	—
Short-term investments:
U.S. Treasury	47,366		47,366		—		—
Federal agency securities	35,818		—		35,818		—
Commercial paper	11,927		—		11,927		—
Total	$	240,003	$	192,258	$	47,745	$	—

The Company did not have any transfers of financial assets measured at fair value on a recurring basis to or from Level 1, Level 2 or Level 3 for any of the periods presented.

The table above does not include the Company's investments in privately held equity securities. Non-marketable equity investments of $1.6 million are included within Other noncurrent assets on the consolidated balance sheet as of June 30, 2024.