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Fair Value Measurement (Tables)
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis The following tables sets 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):
 
    
December 31, 2023
  
    
Level 1
     
Level 2
     
Level 3
     
Total
  
Financial Assets
            
Money market funds
   
$
150,648
     
$
— 
     
$
— 
     
$
150,648
  
U.S. government treasury securities
     
32,843
       
— 
       
— 
       
32,843
  
U.S. government agency securities
     
— 
       
16,257
       
— 
       
16,257
  
Commercial paper
     
— 
       
104,141
       
— 
       
104,141
  
Corporate bonds
     
— 
       
33,064
       
— 
       
33,064
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
   
$
183,491
     
$
153,462
     
$
— 
     
$
336,953
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Liabilities:
            
CVR liability
   
$
— 
     
$
— 
     
$
42,700
     
$
42,700
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total liabilities
   
$
— 
     
$
— 
     
$
42,700
     
$
42,700
  
  
 
 
     
 
 
     
 
 
     
 
 
  
 
    
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 agency securities
     
— 
       
4,230
          
4,230
  
Corporate bonds
     
— 
       
3,732
       
— 
       
3,732
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Total financial assets
   
$
 15,250
     
$
 31,603
     
$
— 
     
$
 46,853
  
  
 
 
     
 
 
     
 
 
     
 
 
  
Changes in Derivative Liabilities
The following table presents changes in the forward contract liability for the periods presented (in millions):
 
    
Forward Contract
Liability
  
Beginning balance as of June 22, 2023
   
$
106.2
  
Change in fair value
     
83.5
  
Issuance of Series A Preferred Stock on July 7, 2023
     
(189.7
) 
  
 
 
  
Ending balance as of December 31, 2023
   
$
— 
  
  
 
 
  
The following table presents changes in the CVR liability for the periods presented (in thousands):
 
    
CVR Liability
  
Beginning balance as of December 31, 2022
   
$
— 
  
Fair value at CVR issuance
     
29,500
  
Changes in the fair value of the CVR liability since issuance
     
18,986
  
Payments
     
(5,786
) 
  
 
 
  
Ending Balance as of December 31, 2023
   
$
42,700
  
  
 
 
  
Significant Inputs used to Estimate the Fair Value of Derivative Liabilities The significant inputs used to estimate the fair value of the CVR liability were as follows:
 
    
December 31, 2023
Estimated cash flow dates
   
2/28/24 - 06/22/26
Estimated probability of success
   
39% - 100%
Estimated reimbursement rate compared to reimbursement target
   
81% - 100%
Risk-adjusted discount rates
   
5.91% - 6.32%