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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value Measurements | 4. Fair Value Measurements The carrying amounts of the Company’s financial instruments, including prepaid expenses and other current assets, accounts payable, accrued liabilities and the current portion of operating lease liabilities approximate fair value due to the short-term nature of those instruments. The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis by level within the valuation hierarchy:
|  | March 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 142,817 |  |  | $ | — |  |  | $ | — |  |  | $ | 142,817 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | — |  |  |  | 69,577 |  |  |  | — |  |  |  | 69,577 |
Certificates of deposit |  |  | — |  |  |  | 11,671 |  |  |  | — |  |  |  | 11,671 |
U.S. government and agency debt securities |  |  | 115,062 |  |  |  | 7,490 |  |  |  | — |  |  |  | 122,552 |
Corporate debt securities |  |  | — |  |  |  | 36,290 |  |  |  | — |  |  |  | 36,290 |
Total assets measured at fair value |  | $ | 257,879 |  |  | $ | 125,028 |  |  | $ | — |  |  | $ | 382,907 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 306,801 |  |  | $ | — |  |  | $ | — |  |  | $ | 306,801 |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | — |  |  |  | 90,008 |  |  |  | — |  |  |  | 90,008 |
U.S. government and agency debt securities |  |  | 19,473 |  |  |  | 30,943 |  |  |  | — |  |  |  | 50,416 |
Corporate debt securities |  |  | — |  |  |  | 4,818 |  |  |  | — |  |  |  | 4,818 |
Total assets measured at fair value |  | $ | 326,274 |  |  | $ | 125,769 |  |  | $ | — |  |  | $ | 452,043 |
Money market funds are highly liquid and actively traded marketable securities that generally transact at a stable $1.00 net asset value representing its estimated fair value. The Company estimates the fair value of its commercial paper, certificates of deposit, U.S. government and agency debt securities, and corporate debt securities by taking into consideration valuations obtained from third-party pricing services. The pricing services utilize industry standard valuation models, including both income and market-based approaches, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities, prepayment/default projections based on historical data, and other observable inputs.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//820/tableOfContent + Details
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