v3.24.3
Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present the fair value hierarchy for assets and liabilities measured at fair value:
September 30, 2024
Level 1Level 2Level 3Total Fair Value
Cash equivalents
Money market funds$483,640 $— $— $483,640 
U.S. treasury bills199,150 — — 199,150 
Commercial paper— 16,603 — 16,603 
Corporate debt securities— 49,311 — 49,311 
Certificates of deposit
— 22,003 — 22,003 
Short-term investments
U.S. treasury securities207,023 — — 207,023 
Asset-backed securities— 10,546 — 10,546 
Total assets measured at fair value
$889,813 $98,463 $— $988,276 
December 31, 2023
Level 1Level 2Level 3Total Fair Value
Cash equivalents
Money market funds$627,983 $— $— $627,983 
U.S. treasury bills230,602 — — 230,602 
Short-term investments
U.S. treasury securities240,256 — — 240,256 
U.S. agency securities— 14,993 — 14,993 
Asset-backed securities— 10,500 — 10,500 
Corporate debt securities— 2,975 — 2,975 
Total assets measured at fair value
$1,098,841 $28,468 $— $1,127,309 
The Company classifies money market funds, U.S. treasury bills, commercial paper, certificates of deposit, U.S. treasury securities, U.S. agency securities, asset-backed securities, and corporate debt securities within Level 1 or Level 2 of the fair value hierarchy because the Company values these investments using quoted market prices or alternative pricing sources and models utilizing market observable inputs.
There were no transfers of financial instruments between the fair value hierarchy levels during the three and nine months ended September 30, 2024 and the year ended December 31, 2023.