Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value of Financial Instruments, Assets and Liabilities

The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy:

	As of December 31, 2022
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	105,303	$	105,303	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		228,144		—		228,144		—
U.S. agency securities		211,252		—		211,252		—
Total assets	$	544,699	$	105,303	$	439,396	$	—
Liabilities
Success payment liability		2,885		—		—		2,885
Total liabilities	$	2,885	$	—	$	—	$	2,885

	As of December 31, 2021
(in thousands)	Fair value		Level 1		Level 2		Level 3
Assets
Money market funds	$	58,127	$	58,127	$	—	$	—
Marketable securities:
U.S. treasury bills and notes		277,341		—		277,341		—
U.S. agency securities		18,771		—		18,771		—
Total assets	$	354,239	$	58,127	$	296,112	$	—
Liabilities
Success payment liability	$	4,371	$	—	$	—	$	4,371
Total liabilities	$	4,371	$	—	$	—	$	4,371

Schedule of Fair Value Liabilities Measured on Recurring Basis

The primary inputs used in valuing the success payments liability associated with the Company’s realization of a certain valuation threshold through either a sale of the Company’s preferred stock, an initial public offering, or a company sale at December 31, 2022, 2021 and 2020, were as follows:

	At December 31, 2022			At December 31, 2021			At December 31, 2020
Fair value of common stock (per share)	$	19.35		$	36.87		$	8.24
Equity volatility		84	%		77	%		105	%
Cumulative probability of triggering event	n/a			n/a				70	%
Expected term (in years)	n/a			n/a				0.50

Schedule of Reconciliation of Changes in Fair Value of Financial Instruments

The reconciliation of changes in the fair value of financial instruments based on Level 3 inputs were as follows:

(in thousands)	Antidilution rights liability			Success payment liability			Total
Balance at December 31, 2020	$	6,916		$	2,806		$	9,722
Issuance of Series A Preferred		(32,490	)		—			(32,490	)
Issuance of common stock		—			(6,250	)		(6,250	)
Change in fair value		25,574			7,815			33,389
Balance at December 31, 2021	$	—		$	4,371		$	4,371
Change in fair value		—			(1,486	)		(1,486	)
Balance at December 31, 2022	$	—		$	2,885		$	2,885