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Fair Value Measurements and Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present the fair value hierarchy for financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in thousands):


		December 31, 2024
		Level 1				Level 2				Level 3				Total
Financial assets
Money market funds(1)		$	3,300			$	—			$	—			$	3,300
Receivable from GCBP			—				—				4,961				4,961
Total financial assets		$	3,300			$	—			$	4,961			$	8,261

Financial liabilities
CVR derivative liability		$	—			$	—			$	4,961			$	4,961
Warrant liability, noncurrent			—				—				5,668				5,668
Total financial liabilities		$	—			$	—			$	10,629			$	10,629


		December 31, 2023
		Level 1				Level 2				Level 3				Total
Financial assets
Money market funds(1)		$	5,860			$	—			$	—			$	5,860
Long-term receivable from GCBP			—				—				4,722				4,722
Total financial assets		$	5,860			$	—			$	4,722			$	10,582

Financial liabilities
CVR derivative liability		$	—			$	—			$	4,722			$	4,722
Warrant liability, noncurrent			—				—				12,835				12,835
Total financial liabilities		$	—			$	—			$	17,557			$	17,557

(1) Included in cash and cash equivalents on accompanying consolidated balance sheet.

Summary of Assumptions to Fair Value of Warrant Liability Based on Black-Scholes Option Pricing Model

The fair value of the warrant liability is estimated based on the Black-Scholes option pricing model using the following weighted-average assumptions:


Share price		$	12.1
Exercise price		$	4,915.00
Dividend yield		—
Risk-free interest			4.54	%
Term (years)			8.83
Expected volatility			83.00	%

Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities

The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial assets and liabilities (in thousands):


		Long-term receivable from GCBP				CVR derivative liability				Warrant liability
Balance at December 31, 2022		$	—			$	—			$	—
Additions in the period			4,683				4,683				3,574
Changes in fair value			39				39				9,261
Balance at December 31, 2023			4,722				4,722				12,835
Changes in fair value			239				239				(7,167	)
Balance at December 31, 2024		$	4,961			$	4,961			$	5,668

Cash Equivalents and Held-to-maturity Debt Securities

Cash equivalents and held-to-maturity debt securities consisted of the following (in thousands):


December 31, 2024		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Money market funds (cash equivalents)		$	3,300			$	—			$	—			$	3,300
Short-term bank deposits			14,858			—				—					14,858
Long-term certificates of deposit			24,568			—				—					24,568
Total financial assets		$	42,726			$	—			$	—			$	42,726
Classified as:
Cash and cash equivalents														$	3,300
Short-term bank deposits															14,858
Long-term certificates of deposit															24,568
Total financial assets														$	42,726


December 31, 2023		Amortized Cost				Gross Unrealized Gains				Gross Unrealized Losses				Estimated Fair Value
Money market funds (cash equivalents)		$	5,860			$	—			$	—			$	5,860
Long-term certificates of deposit			23,431			—				—					23,431
Total financial assets		$	29,291			$	—			$	—			$	29,291
Classified as:
Cash and cash equivalents														$	5,860
Long-term certificates of deposit															23,431
Total financial assets														$	29,291

Summary of Fair Value and Amortized Cost of Held-to-maturity Debt Securities and Redemption Date

The fair value and amortized cost of the Company's held-to-maturity debt securities and redemption date were as follows:


		December 31, 2024
		Amortized Cost				Fair Value
Due in one year		$	14,858			$	14,858
Due in one to five years			24,568				24,568
Total		$	39,426			$	39,426

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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