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Fair Value Measurement (Tables)
 3 Months Ended
Mar. 31, 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):
March 31, 2024
Level 1Level 2Level 3Total
Financial Assets:
Money market funds$225,797 $— $— $225,797 
U.S. government treasury securities85,045 — — 85,045 
U.S. government agency securities— 55,818 — 55,818 
Commercial paper— 74,792 — 74,792 
Corporate bonds— 41,434 — 41,434 
Total financial assets$310,842 $172,044 $— $482,886 
 
Liabilities:
Parapyre Option Obligation$— $5,449 $— $5,449 
CVR liability— — 41,700 41,700 
Total liabilities$— $5,449 $41,700 $47,149 
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:
 March 31, 2024
Estimated cash flow dates
02/28/25 - 06/22/26
Estimated probability of success
39% - 100%
Estimated reimbursement rate compared to reimbursement agent
81% - 100%
Risk-adjusted discount rates
6.32% - 6.65%
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 liability430 
Payments(1,430)
Ending Balance as of March 31, 2024$41,700