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Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Assets Carried at Fair Value and Measured on a Recurring Basis
The following table details the assets carried at fair value and measured on a recurring basis within the three levels of fair value as of March 31, 2024 and December 31, 2023:
(in thousands)Gross UnrealizedReported as:
March 31, 2024Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$438 $— $— $438 $438 $— $— 
U.S. treasury securities58,505 8 (172)58,341 — 41,784 16,557 
Total Level 158,943 8 (172)58,779 438 41,784 16,557 
Level 2
Commercial paper25,131 — (13)25,118 25,118 — — 
Corporate debt securities6,969 — (27)6,942 — 6,942 — 
Agency securities157,187 17 (558)156,646 — 106,911 49,735 
Total Level 2189,287 17 (598)188,706 25,118 113,853 49,735 
Total Level 1 and Level 2$248,230 $25 $(770)$247,485 $25,556 $155,637 $66,292 
(in thousands)Gross UnrealizedReported as:
December 31, 2023Amortized CostGainsLossesFair Value
Cash equivalents
Short-term investmentsLong-term investments
Level 1
Mutual funds$590 $— $— $590 $590 $— $— 
U.S. treasury securities74,115 104 (247)73,972 — 50,638 23,334 
Total Level 174,705 104 (247)74,562 590 50,638 23,334 
Level 2
Commercial paper18,653 — (9)18,644 18,644 — — 
Corporate debt securities6,950 — (37)6,913 — 6,913 — 
Agency securities163,849 358 (424)163,783 — 96,470 67,313 
Total Level 2189,452 358 (470)189,340 18,644 103,383 67,313 
Total Level 1 and Level 2$264,157 $462 $(717)$263,902 $19,234 $154,021 $90,647 
Schedule of Unrealized Losses and Fair Values of Available-for-Sale Securities in an Unrealized Loss Position
The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of March 31, 2024 and December 31, 2023 are as follows:
(in thousands)Securities in Unrealized Loss Position Less than 12 monthsSecurities in Unrealized Loss Position Greater than 12 monthsTotal
March 31, 2024Gross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market Value
U.S. treasury securities$131 $37,090 $41 $14,436 $172 $51,526 
Commercial paper13 25,118 — — 13 25,118 
Corporate debt securities27 6,942 — — 27 6,942 
Agency securities450 120,475 108 20,795 558 141,270 
Total$621 $189,625 $149 $35,231 $770 $224,856 
(in thousands)Securities in Unrealized Loss Position Less than 12 monthsSecurities in Unrealized Loss Position Greater than 12 monthsTotal
December 31, 2023Gross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market ValueGross Unrealized LossesFair Market Value
U.S. treasury securities$85 $20,408 $162 $30,230 $247 $50,638 
Commercial paper9 18,644 — — 9 18,644 
Corporate debt securities37 6,913 — — 37 6,913 
Agency securities229 85,039 195 25,704 424 110,743 
Total$360 $131,004 $357 $55,934 $717 $186,938