Fair Value Measurement (Tables)

6 Months Ended

Jun. 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):

	June 30, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	43,377	$	—	$	—	$	43,377
U.S. government treasury securities	136,857		—		—		136,857
U.S. government agency securities	—		92,566		—		92,566
Commercial paper	—		119,716		—		119,716
Corporate bonds	—		31,712		—		31,712
Total financial assets	$	180,234	$	243,994	$	—	$	424,228
Liabilities:
Parapyre Option Obligation	$	—	$	6,889	$	—	$	6,889
CVR liability	—		—		42,200		42,200
Total liabilities	$	—	$	6,889	$	42,200	$	49,089

	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

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:

	June 30, 2024
Estimated cash flow dates	02/15/25 - 06/22/26
Estimated probability of success	39% - 100%
Estimated reimbursement rate compared to reimbursement target	81% - 100%
Risk-adjusted discount rates	6.47% - 6.71%

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 liability	930
Payments	(1,430)
Ending Balance as of June 30, 2024	$	42,200