Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

3. Fair Value Measurements

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The Company’s financial assets measured at fair value on a recurring basis were as follows (in thousands):

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	67,070	$	—	$	—	$	67,070
Total cash equivalents		67,070		—		—		67,070
Short-term marketable securities
U.S. treasuries		96,705		—		—		96,705
U.S. government agency bonds		7,649		—		—		7,649
Total short-term marketable securities		104,354		—		—		104,354
Total cash equivalents and short-term    marketable securities	$	171,424	$	—	$	—	$	171,424

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Cash equivalents
Money market funds	$	86,270	$	—	$	—	$	86,270
Total cash equivalents		86,270		—		—		86,270
Short-term marketable securities
U.S. treasuries		192,569		—		—		192,569
Total short-term marketable securities		192,569		—		—		192,569
Total cash equivalents and short-term    marketable securities	$	278,839	$	—	$	—	$	278,839

The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of assets or liabilities between levels during the years ended December 31, 2023 and 2022.