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Fair Value Measurements (Tables)
 6 Months Ended
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 1Level 2Level 3Total
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 securities8,565 42,516 — 51,081 
Total financial assets$14,756 $42,516 $— $57,272 
December 31, 2023
Level 1Level 2Level 3Total
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 securities5,798 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 CostUnrealized LossesUnrealized GainsFair Value
U.S. Government agency bonds$28,304 $(53)$— $28,251 
Corporate debt securities2,932 (3)— 2,929 
Commercial paper19,918 (19)2 19,901 
Total$51,154 $(75)$2 $51,081 
December 31, 2023
Amortized CostUnrealized LossesUnrealized GainsFair Value
U.S. Government agency bonds$35,194 $(26)$96 $35,264 
Commercial paper12,667 (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 CostFair 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 months12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Government agency bonds$25,260 $(42)$2,991 $(11)$28,251 $(53)
Corporate debt securities2,929 (3)— — 2,929 (3)
Commercial paper11,219 (19)— — 11,219 (19)
Total$39,408 $(64)$2,991 $(11)$42,399 $(75)
December 31, 2023
Less than 12 months12 months or greaterTotal
Fair ValueUnrealized LossesFair ValueUnrealized LossesFair ValueUnrealized Losses
U.S. Government agency bonds$11,888 $(23)$1,745 $(3)$13,633 $(26)
Commercial paper996 (1)— — 996 (1)
Total$12,884 $(24)$1,745 $(3)$14,629 $(27)