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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables summarizes the types of assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
| June 30, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 6,191 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,191 |
Total cash equivalents | $ | 6,191 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,191 |
Marketable securities: |  |  |  |  |  |  |
U.S. Government agency bonds | $ | 8,565 |  |  | $ | 19,686 |  |  | $ | — |  |  | $ | 28,251 |
Corporate debt securities | — |  |  | 2,929 |  |  | — |  |  | 2,929 |
Commercial paper | — |  |  | 19,901 |  |  | — |  |  | 19,901 |
Total marketable securities | 8,565 |  |  | 42,516 |  |  | — |  |  | 51,081 |
Total financial assets | $ | 14,756 |  |  | $ | 42,516 |  |  | $ | — |  |  | $ | 57,272 |
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 25,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,129 |
Total cash equivalents | $ | 25,129 |  |  | $ | — |  |  | $ | — |  |  | $ | 25,129 |
Marketable securities: |  |  |  |  |  |  |
U.S. Government agency bonds | $ | 5,798 |  |  | $ | 29,466 |  |  | $ | — |  |  | $ | 35,264 |
Commercial paper | — |  |  | 12,681 |  |  | — |  |  | 12,681 |
Total marketable securities | 5,798 |  |  | 42,147 |  |  | — |  |  | 47,945 |
Total financial assets | $ | 30,927 |  |  | $ | 42,147 |  |  | $ | — |  |  | $ | 73,074 |
There were no liabilities measured at fair value on a recurring and non-recurring basis as of June 30, 2024 and December 31, 2023.
Schedule of Marketable Securities | The following table summarizes the cost, unrealized gains and losses and fair value of marketable securities (in thousands):
| June 30, 2024
| Amortized Cost |  | Unrealized Losses |  | Unrealized Gains |  | Fair Value
U.S. Government agency bonds | $ | 28,304 |  |  | $ | (53) |  |  | $ | — |  |  | $ | 28,251 |
Corporate debt securities | 2,932 |  |  | (3) |  |  | — |  |  | 2,929 |
Commercial paper | 19,918 |  |  | (19) |  |  | 2 |  |  | 19,901 |
Total | $ | 51,154 |  |  | $ | (75) |  |  | $ | 2 |  |  | $ | 51,081 |
| December 31, 2023
| Amortized Cost |  | Unrealized Losses |  | Unrealized Gains |  | Fair Value
U.S. Government agency bonds | $ | 35,194 |  |  | $ | (26) |  |  | $ | 96 |  |  | $ | 35,264 |
Commercial paper | 12,667 |  |  | (1) |  |  | 15 |  |  | 12,681 |
Total | $ | 47,861 |  |  | $ | (27) |  |  | $ | 111 |  |  | $ | 47,945 |
The following table summarizes the contractual maturities of the Company’s marketable securities (in thousands):
| June 30, 2024
| Amortized Cost |  | Fair Value
Due within one year | $ | 51,154 |  |  | $ | 51,081 |
Due in one year to five years | — |  |  | — |
Total | $ | 51,154 |  |  | $ | 51,081 |
Schedule of Debt Securities, Available-for-Sale, Unrealized Loss Position, Fair Value | The following table summarizes the marketable securities with unrealized losses as of June 30, 2024 and December 31, 2023, aggregated by major security type and the length of time that individual securities have been in a continuous loss position (in thousands):
| June 30, 2024
| Less than 12 months |  | 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Government agency bonds | $ | 25,260 |  |  | $ | (42) |  |  | $ | 2,991 |  |  | $ | (11) |  |  | $ | 28,251 |  |  | $ | (53) |
Corporate debt securities | 2,929 |  |  | (3) |  |  | — |  |  | — |  |  | 2,929 |  |  | (3) |
Commercial paper | 11,219 |  |  | (19) |  |  | — |  |  | — |  |  | 11,219 |  |  | (19) |
Total | $ | 39,408 |  |  | $ | (64) |  |  | $ | 2,991 |  |  | $ | (11) |  |  | $ | 42,399 |  |  | $ | (75) |
| December 31, 2023
| Less than 12 months |  | 12 months or greater |  | Total
| Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses |  | Fair Value |  | Unrealized Losses
U.S. Government agency bonds | $ | 11,888 |  |  | $ | (23) |  |  | $ | 1,745 |  |  | $ | (3) |  |  | $ | 13,633 |  |  | $ | (26) |
Commercial paper | 996 |  |  | (1) |  |  | — |  |  | — |  |  | 996 |  |  | (1) |
Total | $ | 12,884 |  |  | $ | (24) |  |  | $ | 1,745 |  |  | $ | (3) |  |  | $ | 14,629 |  |  | $ | (27) |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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