Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):

	December 31, 2024
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	73,975	$	—	$	—	$	73,975
U.S. Treasury securities	—		226,271		—		226,271
U.S. government agency securities	—		36,815		—		36,815
Corporate debt securities	—		21,492		—		21,492
Marketable equity security	30		—		—		30
Total financial assets	$	74,005	$	284,578	$	—	$	358,583
Financial liabilities:
Contingent consideration payable	$	—	$	—	$	7,600	$	7,600
Success payment liabilities	$	—	$	—	$	411	$	411
Total financial liabilities	$	—	$	—	$	8,011	$	8,011

	December 31, 2023
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	62,075	$	—	$	—	$	62,075
U.S. Treasury securities	—		374,356		—		374,356
U.S. government agency securities	—		48,750		—		48,750
Corporate debt securities	—		59,606		—		59,606
Total financial assets	$	62,075	$	482,712	$	—	$	544,787
Financial liabilities:
Success payment liabilities	$	—	$	—	$	1,576	$	1,576
Total financial liabilities	$	—	$	—	$	1,576	$	1,576

Schedule of Estimated Fair Value of Success Payment Liability Assumptions

The following assumptions were incorporated into the calculation of the estimated fair value of the Fred Hutch and Stanford success payment liabilities as of December 31, 2023:

	Fred Hutch			Stanford
Fair value of common stock	$	1.94		$	1.94
Risk-free interest rate	3.51% - 5.19%			3.51% - 5.19%
Expected volatility	80.0		%	80.0		%
Expected term (in years)	0.46 - 3.97			0.46 - 5.75

Schedule of Changes in the Estimated Fair Value of Level 3 Financial Assets

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):

	Contingent Consideration Payable		Success Payment Liabilities
Balance at December 31, 2022	$	—	$	4,356
Change in fair value (1)	—		(2,780)
Balance at December 31, 2023	—		1,576
Issuance	11,404		—
Change in fair value (1)	(3,804)		(1,165)
Balance at December 31, 2024	$	7,600	$	411

__________

(1)The change in fair value of the contingent consideration payable subsequent to Closing Date is recorded in other income, net for the year ended December 31, 2024. Changes in the fair value of Fred Hutch and Stanford success payment liabilities are recorded as either other income, net or research and development expenses, depending on the period. (See Note 4, License, Collaboration, and Success Payment Agreements.)

Schedule of Changes in the Estimated Fair Value of Level 3 Financial Liabilities

The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 financial liabilities (in thousands):

	Contingent Consideration Payable		Success Payment Liabilities
Balance at December 31, 2022	$	—	$	4,356
Change in fair value (1)	—		(2,780)
Balance at December 31, 2023	—		1,576
Issuance	11,404		—
Change in fair value (1)	(3,804)		(1,165)
Balance at December 31, 2024	$	7,600	$	411

__________

(1)The change in fair value of the contingent consideration payable subsequent to Closing Date is recorded in other income, net for the year ended December 31, 2024. Changes in the fair value of Fred Hutch and Stanford success payment liabilities are recorded as either other income, net or research and development expenses, depending on the period. (See Note 4, License, Collaboration, and Success Payment Agreements.)