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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 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):
|  | September 30, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 24,276 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,276 |
Total cash equivalents |  |  | 24,276 |  |  |  | — |  |  |  | — |  |  |  | 24,276 |
Marketable securities |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  |  | 20,762 |  |  |  | — |  |  |  | — |  |  |  | 20,762 |
U.S. government agency securities |  |  | — |  |  |  | 34,674 |  |  |  | — |  |  |  | 34,674 |
Corporate debt securities |  |  | — |  |  |  | 18,820 |  |  |  | — |  |  |  | 18,820 |
Commercial paper |  |  | — |  |  |  | 132,436 |  |  |  | — |  |  |  | 132,436 |
Asset backed securities |  |  | — |  |  |  | 6,368 |  |  |  | — |  |  |  | 6,368 |
Total marketable securities |  |  | 20,762 |  |  |  | 192,298 |  |  |  | — |  |  |  | 213,060 |
Total assets |  | $ | 45,038 |  |  | $ | 192,298 |  |  | $ | — |  |  | $ | 237,336 |
|  | 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 September 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):
|  | September 30, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Fair |
|  | Cost |  |  | Gain |  |  | Loss |  |  | Value |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. Treasury securities |  | $ | 20,570 |  |  | $ | 192 |  |  | $ | — |  |  | $ | 20,762 |
U.S. government agency securities |  |  | 34,446 |  |  |  | 228 |  |  |  | — |  |  |  | 34,674 |
Corporate debt securities |  |  | 18,750 |  |  |  | 73 |  |  |  | (3 | ) |  |  | 18,820 |
Commercial paper |  |  | 132,169 |  |  |  | 270 |  |  |  | (3 | ) |  |  | 132,436 |
Asset backed securities |  |  | 6,354 |  |  |  | 14 |  |  |  | — |  |  |  | 6,368 |
Total marketable securities |  | $ | 212,289 |  |  | $ | 777 |  |  | $ | (6 | ) |  | $ | 213,060 |
|  | 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 September 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 |
Corporate debt securities |  | $ | 3,908 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,908 |  |  | $ | (3 | )
Commercial paper |  | $ | 3,873 |  |  | $ | (3 | ) |  | $ | — |  |  | $ | — |  |  | $ | 3,873 |  |  | $ | (3 | )
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 | )
The Company reviews its marketable securities at each reporting date to determine if any security is impaired, which would require the Company to record an allowance for credit losses in that respective period.

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