Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Fair Value Disclosures [Abstract]

Schedule of Fair Value of 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, 2025
	Level 1		Level 2		Level 3		Total
Financial Assets:
Money market funds	$	63,176	$	—	$	—	$	63,176
U.S. government treasury securities	231,675		—		—		231,675
U.S. government agency securities	—		64,914		—		64,914
Commercial paper	—		61,085		—		61,085
Corporate bonds	—		63,627		—		63,627
Total financial assets	$	294,851	$	189,626	$	—	$	484,477
Liabilities:
CVR liability	$	—	$	—	$	14,250	$	14,250
Total liabilities	$	—	$	—	$	14,250	$	14,250

	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

Schedule of Significant Inputs Used to Estimate the Fair Value of CVR Liability

The significant inputs used to estimate the fair value of the CVR liability were as follows:

	September 30, 2025
Estimated cash flow dates	02/15/26 - 08/15/29
Estimated probability of success	0% - 43%
Estimated reimbursement rate compared to reimbursement target	45% - 55%
Risk-adjusted discount rates	11.12% - 11.21%

Schedule of Changes in CVR Liability

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	(42,199)
Payments	(5,251)
Ending Balance as of September 30, 2025	$	14,250