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%