Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

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):

	September 30, 2025
	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	82,649	$	—	$	—	$	82,649
U.S. Treasury securities	—		208,634		—		208,634
U.S. government agency securities	—		5,591		—		5,591
Corporate debt securities	—		7,780		—		7,780
SPA put/call	—		—		3,745		3,745
Marketable equity security	1		—		—		1
Total financial assets	$	82,650	$	222,005	$	3,745	$	308,400
Financial liabilities:
Success payment liabilities	—		—		632		632
Total financial liabilities	$	—	$	—	$	632	$	632

	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

Schedule of SPA Put/Call is Classified as a Level 3 Financial Instrument and the Fair Value Estimated using a Monte Carlo Simulation Valuation Method

The SPA put/call is classified as a Level 3 financial instrument and the fair value at inception on July 24, 2025 and period-end on September 30, 2025 was estimated using a Monte Carlo simulation valuation method including the following assumptions:

	July 24, 2025		September 30, 2025
Time to maturity (years)	1.11		0.92
Risk-free rate	4.08	%	3.70	%
Volatility	91	%	76	%

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		SPA Put/Call
Balance at December 31, 2024	$	7,600	$	411	$	—
Issuance	—		—		7,774
Change in fair value (1)	(1,706)		221		(4,029)
Settlement via equity issuance	(5,894)		—		—
Balance at September 30, 2025	$	—	$	632	$	3,745

(1)The change in fair value of the contingent consideration payable, success payment liabilities and SPA put/call are recorded in other (expense) income, net.

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		SPA Put/Call
Balance at December 31, 2024	$	7,600	$	411	$	—
Issuance	—		—		7,774
Change in fair value (1)	(1,706)		221		(4,029)
Settlement via equity issuance	(5,894)		—		—
Balance at September 30, 2025	$	—	$	632	$	3,745

(1)The change in fair value of the contingent consideration payable, success payment liabilities and SPA put/call are recorded in other (expense) income, net.