Fair Value Measurements

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

3.Fair Value Measurements

The following tables summarize the Company’s financial assets measured at fair value on a recurring basis and their respective input levels based on the fair value hierarchy (in thousands):

			Fair Value Measurements Using
As of June 30, 2024 (in thousands)	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	28,130	$	28,130	$	—	$	—
U.S. government obligations (2)		139,126		—		139,126		—
Corporate debt securities (2)		8,801		—		8,801		—
Total fair value of assets	$	176,057	$	28,130	$	147,927	$	—

(1)Included in cash and cash equivalents on the balance sheets.

(2)Included in short-term investments on the balance sheets.

			Fair Value Measurements Using
As of December 31, 2023 (in thousands)	Amount		Level 1		Level 2		Level 3
Assets
Money market funds (1)	$	21,737	$	21,737	$	—	$	—
U.S. government obligations (2)		92,143		—		92,143		—
Corporate debt securities (2)		4,903		—		4,903		—
Total fair value of assets	$	118,783	$	21,737	$	97,046	$	—

(1)Included in cash and cash equivalents on the balance sheets.

(2)Included in short-term investments on the balance sheets.

The Company’s money market funds are classified as Level 1 because they are valued using quoted market prices. The Company’s investments consist of available-for-sale securities and are classified as Level 2 because their value is based on valuations using significant inputs derived from or corroborated by observable market data.

There were no transfers of assets between fair value levels for all periods presented.