Fair Value Measurements

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The three-level hierarchy for the inputs to valuation techniques is briefly summarized as follows:

Level 1 –	Valuations are based on quoted prices in active markets for identical assets or liabilities and readily accessible by us at the reporting date.
Level 2 –	Valuations based on inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 –	Valuations based on unobservable inputs for which there is little or no market data, which require us to develop our own assumptions.

The following table sets forth the fair value of our financial assets and liabilities that are measured or disclosed on a recurring basis by level within the fair value hierarchy:

	December 31, 2024								December 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3		Total Fair Value		Level 1		Level 2		Level 3
Assets
Money market funds	$	48,650	$	48,650	$	—	$	—	$	18,641	$	18,641	$	—	$	—
U.S. government-sponsored agency bonds	45,962		—		45,962		—		102,093		—		102,093		—
U.S. treasury securities	79,773		—		79,773		—		2,457		—		2,457		—
Commercial paper	37,065		—		37,065		—		49,654		—		49,654		—
Corporate bonds	17,413		—		17,413		—		—		—		—		—
Asset-backed securities	2,985		—		2,985		—		8,625		—		8,625		—
Yankee bonds	1,970		—		1,970		—		—		—		—		—
Total	$	233,818	$	48,650	$	185,168	$	—	$	181,470	$	18,641	$	162,829	$	—
Liabilities
Derivative liabilities for exit fee	$	—	$	—	$	—	$	—	$	675	$	—	$	—	$	675
Total	$	—	$	—	$	—	$	—	$	675	$	—	$	—	$	675

The 2022 Exit Fee valuation as of December 31, 2023 as defined and discussed in Note 10. Derivative Liabilities, was classified as Level 3. During 2024, the conditions for payment of the 2022 Exit Fee were met and the $1.0 million contract amount was fully valued and settled accordingly.

Fair Value of Debt

The principal outstanding under our term loan is subject to a variable interest rate and therefore, we believe the carrying amount of the term loan approximates fair value. See Note 9. Borrowing for a description of the Level 2 inputs used to estimate the fair value of the liability.

The carrying value of the deferred royalty obligation related to the sale of future royalties approximates its fair value as of December 31, 2024 and is based on our current estimate of future royalties and commercialization milestones expected to be paid to us by Kyowa Kirin over the life of the agreement. See Note 8. Deferred Royalty Obligation Related To The Sale Of Future Royalties for a description of the Level 3 inputs used to estimate the fair value of the liability.