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FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
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 that are measured or disclosed on a recurring basis by level within the fair value hierarchy:
June 30, 2025December 31, 2024
(in thousands)
Total
Fair Value
Level 1Level 2Level 3
Total
Fair Value
Level 1Level 2Level 3
Assets
Money market funds$72,376 $72,376 $— $— $48,650 $48,650 $— $— 
U.S. treasury securities57,716 — 57,716 — 79,773 — 79,773 — 
U.S. government-sponsored agency bonds37,381 — 37,381 — 45,962 — 45,962 — 
Commercial paper26,673 — 26,673 — 37,065 — 37,065 — 
Corporate bonds20,882 — 20,882 — 17,413 — 17,413 — 
Asset-backed securities5,755 — 5,755 — 2,985 — 2,985 — 
Yankee bonds— — — — 1,970 — 1,970 — 
Total$220,783 $72,376 $148,407 $— $233,818 $48,650 $185,168 $— 
Fair Value of Debt
The principal outstanding under our term loans is subject to a variable interest rate and therefore, we believe the carrying amount of the term loan approximates fair value as of June 30, 2025 and December 31, 2024. See Note 8. 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 June 30, 2025 and December 31, 2024 and is based on our current estimates of future royalties and commercialization milestones expected to be paid to us by Kyowa Kirin over the life of the agreement. See Note 7. 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.