Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements

The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of September 30, 2025 and December 31, 2024 (in thousands):

	September 30, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	2,552	$	—	$	—		$	2,552
Money market funds		14,118		—		—			14,118	Level 1
Commercial paper		33,308		—		(5	)		33,303	Level 2
Total cash and cash equivalents		49,978		—		(5	)		49,973
Short-term investments:
Commercial paper		15,420		1		(2	)		15,419	Level 2
U.S. agency securities		919		—		—			919	Level 2
U.S. government securities		84,136		72		(4	)		84,204	Level 2
Total short-term investments		100,475		73		(6	)		100,542
Total assets measured at fair value	$	150,453	$	73	$	(11	)	$	150,515
	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,152	$	—	$	—		$	1,152
Money market funds		44,524		—		—			44,524	Level 1
Commercial paper		39,291		—		(6	)		39,285	Level 2
U.S. agency securities		6,453		1		—			6,454	Level 2
Total cash and cash equivalents		91,420		1		(6	)		91,415
Short-term investments:
Commercial paper		8,697		1		(1	)		8,697	Level 2
Corporate debt securities		498		—		—			498	Level 2
U.S. agency securities		2,330		—		—			2,330	Level 2
U.S. government securities		82,042		33		(6	)		82,069	Level 2
Total short-term investments		93,567		34		(7	)		93,594
Total assets measured at fair value	$	184,987	$	35	$	(13	)	$	185,009

Amortized Costs and Fair Value of Marketable Debt Securities by Contractual Maturity

The amortized costs and fair value of marketable debt securities (excluding cash and money market funds) by contractual maturity, at September 30, 2025 are as follows (in thousands):

	September 30, 2025
	Amortized Cost		Fair Value
Less than 1 year	$	124,825	$	124,883
1 to 5 years		8,958		8,962
Total	$	133,783	$	133,845

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

Assumptions used are listed below, which are Level 3 fair value inputs. Expected term was equal to the then-remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected terms of the warrants. Refer to Note 8. Related Party Transactions for further information about the warrants issued to Tempus.

	August 16, 2024 Exercise Date		As of June 30, 2024		As of March 31, 2024
Expected term (in years)		—-	0.50 - 1.50		0.75 - 1.75
Volatility		—-	79.67% - 99.80%		103.9 - 106.3%
Risk-free interest rate		—-	4.90% - 5.33%		4.70 - 5.21%
Dividend yield		—-	–%		–%
Total fair value of Tempus Warrants (in thousands)	$	28,302	$	2,288	$	5,262

Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments

The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands):

Warrant Liabilities	Three months ended September 30, 2024			Nine months ended September 30, 2024
Beginning balance	$	2,288		$	10,027
Change in fair value—recognized as loss within Other income (expense), net in the consolidated statements of operations		26,014			18,275
Derecognition of warrant liabilities due to exercise in full		(28,302	)		(28,302	)
Ending balance	$	-		$	-