Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets Measured on Recurring and Nonrecurring Basis

The following tables set forth the amortized cost, gross unrealized gains, gross unrealized losses and fair values of the Company’s marketable securities accounted for as available-for-sale securities as of March 31, 2024 and December 31, 2023.

	March 31, 2024
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	7,490	$	—	$	(13)	$	7,477
Agency bonds	2,471		—		(45)		2,426
Municipal bonds	12,658		—		(518)		12,140
Asset-backed securities	3,119		—		(5)		3,114
Corporate bonds	28,322		—		(563)		27,759
Total	$	54,060	$	—	$	(1,144)	$	52,916

	December 31, 2023
(in thousands)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial Assets:
Short-term marketable securities:
U.S. Treasury securities	$	15,437	$	—	$	(64)	$	15,373
Yankee bonds	2,601		—		(13)		2,588
Agency bonds	6,056		—		(56)		6,000
Municipal bonds	12,694		—		(597)		12,097
Asset-backed securities	4,971		—		(37)		4,934
Corporate bonds	32,442		—		(719)		31,723
Total	$	74,201	$	—	$	(1,486)	$	72,715

Schedule of Investments Classified by Contractual Maturity Date

The following tables set forth the fair value of available-for-sale marketable securities by contractual maturity at March 31, 2024 and December 31, 2023.

	March 31, 2024
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities	$	7,477	$	—	$	—	$	7,477
Agency bonds	2,426		—		—		2,426
Municipal bonds	6,417		5,723		—		12,140
Asset-backed securities	3,114		—		—		3,114
Corporate bonds	22,026		5,733		—		27,759
Total	$	41,460	$	11,456	$	—	$	52,916

	December 31, 2023
(in thousands)	One Year or Less		Over One Year Through Five Years		Over Five Years		Total
Financial Assets:
Marketable Securities:
U.S. Treasury securities	$	15,373	$	—	$	—	$	15,373
Yankee bonds	2,588		—		—		2,588
Agency bonds	6,000		—		—		6,000
Municipal bonds	3,528		8,569		—		12,097
Asset-backed securities	4,934		—		—		4,934
Corporate bonds	23,062		8,661		—		31,723
Total	$	55,485	$	17,230	$	—	$	72,715

Schedule of Fair Value, Assets Measured on Recurring Basis

The following tables set forth the Company’s cash equivalents and marketable securities accounted for as available-for-sale securities that were measured at fair value on a recurring basis based on the fair value hierarchy as of March 31, 2024 and December 31, 2023.

	March 31, 2024
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	324,772	$	—	$	—	$	324,772
Marketable securities:
U.S. Treasury securities	7,477		—		—		7,477
Agency bonds	2,426		—		—		2,426
Municipal bonds	12,140		—		—		12,140
Asset-backed securities	—		3,114		—		3,114
Corporate bonds	—		27,759		—		27,759
Total	$	346,815	$	30,873	$	—	$	377,688

	December 31, 2023
(in thousands)	Level 1		Level 2		Level 3		Total
Financial Assets:
Cash equivalents:
Money market funds	$	334,762	$	—	$	—	$	334,762
Marketable securities:
U.S. Treasury securities	15,373		—		—		15,373
Yankee bonds	2,588		—		—		2,588
Agency bonds	6,000		—		—		6,000
Municipal bonds	12,097		—		—		12,097
Asset-backed securities	—		4,934		—		4,934
Corporate bonds	—		31,723		—		31,723
Total	$	370,820	$	36,657	$	—	$	407,477