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Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
The Company’s short-term investments consist of U.S. Treasury securities, U.S. government agency securities and highly rated, investment-grade corporate debt securities with original maturities beyond three months at the date of purchase. The Company has classified and accounted for its short-term investments as available-for-sale securities as the Company may sell these securities at any time even prior to maturity and such investments represent cash available for current operations. As a result, short-term investments may include securities with maturities beyond twelve months that are classified within current assets in the Balance Sheets. The Company’s short-term investments classified as available-for-sale are carried at fair market value with unrealized gains or losses recognized in the statements of operations and comprehensive loss.
The Company’s cash equivalent Money Market Funds are classified as Level 1 in the fair value hierarchy because they are valued using quoted active market prices. The fair value of the Company’s U.S. Treasury securities, U.S. government agency securities and corporate debt securities are classified as Level 2 because they are valued using observable inputs to quoted market prices other than Level 1 prices, benchmark yields, reported trades, broker/dealer quotes or alternative pricing sources with reasonable levels of price transparency and include U.S. government agency securities, U.S. Treasury securities and corporate debt securities.
There were no assets or liabilities recorded at fair value to the condensed balance sheets using Level 3 inputs as of June 30, 2024 and as of December 31, 2023.
The following tables show the Company’s Money Market Funds, U.S. Treasury securities, U.S. government agency securities and corporate debt securities by significant investment category as of June 30, 2024 and December 31, 2023 (in thousands):
As of June 30, 2024As of December 31, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value		Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value
Money Market FundsLevel 1$51,207 $— $— $51,207 $57,241 $— $— $57,241 
U.S. Treasury securitiesLevel 220,687 — (25)20,662 27,250 46 (8)27,288 
U.S. Government agency securities
Level 2114,517 11 (250)114,278 133,655 563 (132)134,086 
Corporate debt securitiesLevel 2235,610 14 (367)235,257 269,761 213 (337)269,637 
Total financial assets$422,021 $25 $(642)$421,404 $487,907 $822 $(477)$488,252 

As of June 30, 2024As of December 31, 2023
Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value		Adjusted
Cost		Unrealized
Gains		Unrealized
Losses		Market
Value
Classified as:
Cash equivalents$65,183 $— $— $65,183 $57,241 $— $— $57,241 
Short-term investments356,838 25 (642)356,221 430,666 822 (477)431,011 
Total$422,021 $25 $(642)$421,404 $487,907 $822 $(477)$488,252 
The Company may sell certain of its short-term securities prior to their stated maturities for reasons including, but not limited to, managing liquidity, credit risk, duration and asset allocation.
There were no liabilities measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023. The Company evaluates transfers between levels at the end of each reporting period and there have been no transfers between fair value measurement levels during the six months ended June 30, 2024. In addition, there were no assets or liabilities measured at fair value on a non-recurring basis as of June 30, 2024 and December 31, 2023.
The Company records interest income, accretion income and amortization expense on Money Market Funds and U.S. Treasury, U.S. government agency and corporate debt securities to interest and other income (expense), net in its condensed statement of operations and comprehensive loss.