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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Financial Assets & Liabilities Measured At Fair Value On Recurring Basis | The following tables present information about the fair value measurements of the Company’s financial assets and liabilities which are measured at fair value on a recurring basis, and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):
|  | June 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 29,100 |  |  | $ | — |  |  | $ | — |  |  | $ | 29,100 |
Total cash equivalents |  |  | 29,100 |  |  |  | — |  |  |  | — |  |  |  | 29,100 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 20,456 |  |  |  | — |  |  |  | — |  |  |  | 20,456 |
U.S. government agency securities |  |  | — |  |  |  | 34,085 |  |  |  | — |  |  |  | 34,085 |
Corporate debt securities |  |  | — |  |  |  | 9,840 |  |  |  | — |  |  |  | 9,840 |
Commercial paper |  |  | — |  |  |  | 162,858 |  |  |  | — |  |  |  | 162,858 |
Asset backed securities |  |  | — |  |  |  | 11,535 |  |  |  | — |  |  |  | 11,535 |
Total marketable securities |  |  | 20,456 |  |  |  | 218,318 |  |  |  | — |  |  |  | 238,774 |
Total assets |  | $ | 49,556 |  |  | $ | 218,318 |  |  | $ | — |  |  | $ | 267,874 |
|  | December 31, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 40,241 |  |  | $ | — |  |  | $ | — |  |  | $ | 40,241 |
Commercial paper |  |  | — |  |  |  | 7,468 |  |  |  | — |  |  |  | 7,468 |
Total cash equivalents |  |  | 40,241 |  |  |  | 7,468 |  |  |  | — |  |  |  | 47,709 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  |  | — |  |  |  | 67,208 |  |  |  | — |  |  |  | 67,208 |
Commercial paper |  |  | — |  |  |  | 118,465 |  |  |  | — |  |  |  | 118,465 |
Asset backed securities |  |  | — |  |  |  | 14,968 |  |  |  | — |  |  |  | 14,968 |
Total marketable securities |  |  | — |  |  |  | 200,641 |  |  |  | — |  |  |  | 200,641 |
Total assets |  | $ | 40,241 |  |  | $ | 208,109 |  |  | $ | — |  |  | $ | 248,350 |
Summary of Available For Sale Marketable Securities By Type Of Security | As of June 30, 2024 and December 31, 2023, the fair value of the Company’s available-for-sale marketable securities by type of security was as follows (in thousands):
|  | June 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,449 |  |  | $ | 7 |  |  | $ | — |  |  | $ | 20,456 |
U.S. government agency securities |  |  | 34,118 |  |  |  | 2 |  |  |  | (35 | ) |  |  | 34,085 |
Corporate debt securities |  |  | 9,847 |  |  |  | — |  |  |  | (7 | ) |  |  | 9,840 |
Commercial paper |  |  | 162,967 |  |  |  | 13 |  |  |  | (122 | ) |  |  | 162,858 |
Asset backed securities |  |  | 11,543 |  |  |  | — |  |  |  | (8 | ) |  |  | 11,535 |
Total marketable securities |  | $ | 238,924 |  |  | $ | 22 |  |  | $ | (172 | ) |  | $ | 238,774 |
|  | December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 67,310 |  |  | $ | — |  |  | $ | (102 | ) |  | $ | 67,208 |
Commercial paper |  |  | 118,323 |  |  |  | 143 |  |  |  | (1 | ) |  |  | 118,465 |
Asset backed securities |  |  | 14,979 |  |  |  | 2 |  |  |  | (13 | ) |  |  | 14,968 |
Total marketable securities |  | $ | 200,612 |  |  | $ | 145 |  |  | $ | (116 | ) |  | $ | 200,641 |
Summary of Available For Sale Unrealized Loss Position | The following table presents available-for-sale marketable securities that were in an unrealized loss position as of June 30, 2024, aggregated by major security type and length of time in a continuous loss position (in thousands):
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. government agency securities |  | $ | 29,359 |  |  | $ | (35 | ) |  | $ | — |  |  | $ | — |  |  | $ | 29,359 |  |  | $ | (35 | )
Corporate debt securities |  | $ | 9,840 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,840 |  |  | $ | (7 | )
Commercial paper |  | $ | 102,087 |  |  | $ | (122 | ) |  | $ | — |  |  | $ | — |  |  | $ | 102,087 |  |  | $ | (122 | )
Asset backed securities |  | $ | 11,535 |  |  | $ | (8 | ) |  | $ | — |  |  | $ | — |  |  | $ | 11,535 |  |  | $ | (8 | )
The following table presents available-for-sale marketable securities that were in an unrealized loss position as of December 31, 2023, aggregated by major security type and length of time in a continuous loss position (in thousands):
|  | Less than 12 Months |  |  | 12 Months or Longer |  |  | Total |
|  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |  |  | Fair Value |  |  | Unrealized Loss |
U.S. government agency securities |  | $ | 47,242 |  |  | $ | (79 | ) |  | $ | 19,966 |  |  | $ | (23 | ) |  | $ | 67,208 |  |  | $ | (102 | )
Commercial paper |  | $ | 9,965 |  |  | $ | (1 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,965 |  |  | $ | (1 | )
Asset backed securities |  | $ | 9,854 |  |  | $ | (13 | ) |  | $ | — |  |  | $ | — |  |  | $ | 9,854 |  |  | $ | (13 | )

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