Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following tables set forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):

	June 30, 2023
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	18,861	$	—	$	—	$	18,861
Total financial assets	$	18,861	$	—	$	—	$	18,861
Liabilities:
Forward contract liability	$	—	$	164,382	$	—	$	164,382
Parapyre Option Obligation		—		279		—		279
CVR liability		—		—		29,500		29,500
Total liabilities	$	—	$	164,661	$	29,500	$	194,161

	December 31, 2022
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	15,250	$	—	$	—	$	15,250
Commercial paper		—		23,641		—		23,641
U.S. government securities		—		4,230		—		4,230
Corporate bonds		—		3,732		—		3,732
Total financial assets	$	15,250	$	31,603	$	—	$	46,853

Schedule of significant inputs used to estimate the fair value of CVR liability

The significant inputs used to estimate the fair value of the CVR liability were as follows:

	June 30, 2023
Estimated cash flow dates	11/28/23 - 06/22/26
Estimated probability of success	27% - 100%
Risk-adjusted discount rates	7.37% - 7.94%

Schedule of Changes in CVR Liability

The following table presents changes in the CVR liability for the periods presented (in thousands):

	June 30, 2023
Beginning balance as of December 31, 2022	$	—
Fair value at CVR issuance		29,500
Ending Balance as of June 30, 2023	$	29,500