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Fair Value Measurements (Tables)
 6 Months Ended
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

)