Fair Value of Financial Assets and Liabilities (Tables)

3 Months Ended

Mar. 31, 2023

Fair Value of Financial Assets and Liabilities

Schedule of financial assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements as of
	March 31, 2023 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	83,773	$	—	$	—	$	83,773
Marketable securities:
Corporate debt securities and commercial paper		—		184,921		—		184,921
Total	$	83,773	$	184,921	$	—	$	268,694
Liabilities:
Derivative liability	$	—	$	—	$	1,290	$	1,290
Total	$	—	$	—	$	1,290	$	1,290

	Fair Value Measurements as of
	December 31, 2022 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Commercial paper	$	—	$	8,484	$	—	$	8,484
Money market funds		99,962		—		—		99,962
Marketable securities:
Corporate debt securities and commercial paper		—		205,611		—		205,611
Total	$	99,962	$	214,095	$	—	$	314,057
Liabilities:
Derivative liability	$	—	$	—	$	1,340	$	1,340
Total		—		—		1,340		1,340

Schedule of fair value net derivative asset liability measured on recurring Basis

	Three months ended
	March 31,
	2023		2022
Beginning aggregate estimated fair value of Level 3 RareStone equity	$	—	$	—
Initial recording of RareStone equity		—		2,440
Change in fair value of embedded derivative		—		—
Ending aggregate estimated fair value of Level 3 RareStone equity	$	—	$	2,440
	Three months ended
	March 31,
	2023		2022
Beginning aggregate estimated fair value of Level 3 liabilities	$	1,340	$	—
Change in fair value of embedded derivative		(50)		—
Ending aggregate estimated fair value of Level 3 liabilities	$	1,290	$	—

Schedule of marketable securities

	March 31, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Assets
Corporate debt securities and commercial paper (due within 1 year)	$	184,948	$	—	$	(27)	$	184,921
	$	184,948	$	—	$	(27)	$	184,921

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Assets
Corporate debt securities and commercial paper (due within 1 year)	$	205,702	$	—	$	(91)	$	205,611
	$	205,702	$	—	$	(91)	$	205,611