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Fair Value Measurement (Tables)
 9 Months Ended
Sep. 30, 2024
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):
September 30, 2024
Level 1Level 2Level 3Total
Financial Assets:
Money market funds$69,900 $— $— $69,900 
U.S. government treasury securities140,072 — — 140,072 
U.S. government agency securities— 100,328 — 100,328 
Commercial paper— 75,717 — 75,717 
Corporate bonds— 26,530 — 26,530 
Total financial assets$209,972 $202,575 $— $412,547 
 
Liabilities:
Parapyre Option Obligation$— $13,035 $— $13,035 
CVR liability— — 60,900 60,900 
Total liabilities$— $13,035 $60,900 $73,935 
December 31, 2023
Level 1Level 2Level 3Total
Financial Assets:
Money market funds$150,648 $— $— $150,648 
U.S. government treasury securities32,843 — — 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 
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:
 September 30, 2024
Estimated cash flow dates
05/28/25 - 06/22/26
Estimated probability of success
72% - 100%
Estimated reimbursement rate compared to reimbursement target
81% - 100%
Risk-adjusted discount rates
7.76% - 7.82%
Changes in Derivative Liabilities
The following table presents changes in the CVR liability for the periods presented (in thousands):
 
CVR Liability
Beginning balance as of December 31, 2023$42,700 
Changes in the fair value of the CVR liability19,630 
Payments(1,430)
Ending Balance as of September 30, 2024$60,900