Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Marketable Securities Classified as Available-for-sale Securities

Marketable securities, all of which are classified as available-for-sale securities, consisted of the following at March 31, 2025 (in thousands):

	March 31, 2025
	Amortized Cost		Unrealized Gains		Unrealized Losses			Estimated Fair Value
U.S. Treasury securities	$	133,128	$	207	$	(24	)	$	133,311
Corporate debt securities and commercial paper		75,268		46		(6	)		75,308
Total	$	208,396	$	253	$	(30	)	$	208,619

Summary of Financial Instruments Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	Fair Value Measurements at March 31, 2025
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	48,298	$	48,298	$	—	$	—
Total cash equivalents	$	48,298	$	48,298	$	—	$	—
Marketable securities:
U.S. Treasury securities	$	133,311	$	—	$	133,311	$	—
Corporate debt securities and commercial paper		75,308		—		75,308		—
Total marketable securities	$	208,619	$	—	$	208,619	$	—
Total assets	$	256,917	$	48,298	$	208,619	$	—
Liabilities
Essentialis purchase price contingency liability	$	17,758	$	—	$	—	$	17,758
Total liabilities	$	17,758	$	—	$	—	$	17,758

	Fair Value Measurements at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	59,885	$	59,885	$	—	$	—
Total cash equivalents	$	59,885	$	59,885	$	—	$	—
Marketable securities:
U.S. treasury securities	$	198,065	$	—	$	198,065	$	—
Corporate debt securities and commercial paper		32,655		—		32,655		—
Total marketable securities	$	230,720	$	—	$	230,720	$	—
Total assets	$	290,605	$	59,885	$	230,720	$	—
Liabilities
Essentialis purchase price contingency liability	$	14,791	$	—	$	—	$	14,791
Total liabilities	$	14,791	$	—	$	—	$	14,791

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 liabilities for the three months ended March 31, 2025 and 2024 (dollars in thousands):

	Purchase Price
	Contingent Liability
Balance at January 1, 2025	$	14,791
Change in value of contingent liability		2,967
Balance at March 31, 2025	$	17,758
	Purchase Price
	Contingent Liability
Balance at January 1, 2024	$	11,549
Change in value of contingent liability		401
Balance at March 31, 2024	$	11,950