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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis The following tables summarize the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

 

 

 

 

 

December 31, 2023

 

 

 

Valuation
Hierarchy

 

Amortized
Cost

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

143,933

 

 

$

 

 

$

 

 

$

143,933

 

Government bonds

 

Level 2

 

 

72,689

 

 

 

 

 

 

 

 

 

72,689

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Government bonds

 

Level 2

 

 

34,596

 

 

 

10

 

 

 

 

 

 

34,606

 

Total assets

 

 

 

$

251,218

 

 

$

10

 

 

$

 

 

$

251,228

 

 

 

 

 

 

December 31, 2022

 

 

 

Valuation
Hierarchy

 

Amortized
Cost

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

Level 1

 

$

139,450

 

 

$

 

 

$

 

 

$

139,450

 

Short-term investments:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

Level 2

 

 

42,467

 

 

 

 

 

 

(82

)

 

 

42,385

 

Corporate bonds

 

Level 2

 

 

35,638

 

 

 

14

 

 

 

 

 

 

35,652

 

Government bonds

 

Level 2

 

 

24,804

 

 

 

 

 

 

(204

)

 

 

24,600

 

Total assets

 

 

 

$

242,359

 

 

$

14

 

 

$

(286

)

 

$

242,087