Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2024

The following table summarizes, for financial assets measured at fair value, the respective fair value and classification by level of input within the fair value hierarchy (in thousands):


		As of March 31, 2024
		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$		232,812	$		—	$		—		$		232,812
Level 2:
Cash equivalents(1)
U.S. governmental securities			6,228			—			—				6,228
Available-for-sale securities
U.S. governmental securities			50,555			—			(113	)			50,442
Total	$		289,595	$		—	$		(113	)	$		289,482


		As of December 31, 2023

		Amortized Cost			Gross Unrealized Gains			Gross Unrealized Losses				Estimated Fair Value
Level 1:
Cash equivalents(1)
Money market funds	$		211,741	$		—	$		—		$		211,741
Level 2:
Available-for-sale securities
U.S. governmental securities			74,090			—			(181	)			73,909
Total	$		285,831	$		—	$		(181	)	$		285,650

(1)

Included in “Cash and cash equivalents” in the Company’s condensed consolidated balance sheets as of March 31, 2024 and December 31, 2023, in addition to cash of $26.7 million and $36.8 million, respectively.

Contractual maturities of available-for-sale securities

The fair value of the Company's available-for-sale securities as of March 31, 2024, by remaining contractual maturities, was as follows (in thousands):


	As of March 31, 2024
Due in one year or less	$	50,442
Due in greater than one year		—
Total	$	50,442