Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2025

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, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	46,800	$	—	$	—	$	46,800
U.S. government treasury securities	223,500		—		—		223,500
U.S. government agency securities	—		72,730		—		72,730
Commercial paper	—		147,450		—		147,450
Corporate bonds	—		72,647		—		72,647
Total financial assets	$	270,300	$	292,827	$	—	$	563,127
Liabilities:
CVR liability	$	—	$	—	$	59,300	$	59,300
Total liabilities	$	—	$	—	$	59,300	$	59,300

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	65,902	$	—	$	—	$	65,902
U.S. government treasury securities	227,244		—		—		227,244
U.S. government agency securities	—		86,681		—		86,681
Commercial paper	—		165,130		—		165,130
Corporate bonds	—		56,448		—		56,448
Total financial assets	$	293,146	$	308,259	$	—	$	601,405
Liabilities:
CVR liability	$	—	$	—	$	61,700	$	61,700
Total liabilities	$	—	$	—	$	61,700	$	61,700

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, 2025
Estimated cash flow dates	08/28/25 - 06/22/26
Estimated probability of success	72% - 100%
Estimated reimbursement rate compared to reimbursement target	49% - 100%
Risk-adjusted discount rates	7.78% - 7.90%

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, 2024	$	61,700
Changes in the fair value of the CVR liability	(2,400)
Payments	—
Ending Balance as of March 31, 2025	$	59,300