Fair Value Measurements and Marketable Securities (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Cash Equivalents and Marketable Securities

The following tables summarize the Company’s cash equivalents and marketable securities as of June 30, 2024 and December 31, 2023:

	Total		Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	(in thousands)
June 30, 2024
Cash equivalents:
Money market funds invested in government securities	$	27,476	$	27,476	$	—	$	—
Total cash equivalents		27,476		27,476		—		—
Marketable securities:
U.S. Treasury Bills		34,584		34,584		—		—
U.S. Government securities		159,169		—		159,169		—
Total marketable securities		193,753		34,584		159,169		—
Total cash equivalents and marketable securities	$	221,229	$	62,060	$	159,169	$	—
December 31, 2023
Cash equivalents:
Money market funds invested in government securities	$	24,701	$	24,701	$	—	$	—
Total cash equivalents		24,701		24,701		—		—
Marketable securities:
U.S. Treasury Bills		17,334		17,334		—		—
U.S. Government securities		35,719		—		35,719		—
Corporate bonds		6,988		—		6,988		—
Total marketable securities		60,041		17,334		42,707		—
Total cash equivalents and marketable securities	$	84,742	$	42,035	$	42,707	$	—

Summary of Marketable Securities

The following table summarizes the Company's marketable securities as of June 30, 2024 and December 31, 2023.

	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses			Fair Value
	(in thousands)
June 30, 2024
Assets:
U.S. Treasury Bills	$	34,588	$	—	$	(4	)	$	34,584
U.S. Government securities		159,315		—		(146	)		159,169
Total marketable securities	$	193,903	$	—	$	(150	)	$	193,753
December 31, 2023
Assets:
U.S. Treasury Bills	$	17,330	$	4	$	—		$	17,334
U.S. Government securities		35,653		66		—			35,719
Corporate bonds		6,977		11		—			6,988
Total marketable securities	$	59,960	$	81	$	—		$	60,041