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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Summary of Financial Instruments Carried at Fair Value on Recurring Basis

The following tables present the financial instruments carried at fair value on a recurring basis as of September 30, 2024 and December 31, 2023, respectively, in accordance with the ASC 820, Fair Value Measurement (ASC 820) hierarchy (in thousands):

 

 

 

Fair Value Measurements at September 30, 2024

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

17,861

 

 

$

—

 

 

$

—

 

 

$

17,861

 

Marketable securities

 

$

—

 

 

$

497,299

 

 

$

—

 

 

$

497,299

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value Measurements at December 31, 2023

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents

 

$

8,240

 

 

$

—

 

 

$

—

 

 

$

8,240

 

Marketable securities

 

$

—

 

 

$

179,408

 

 

$

—

 

 

$

179,408

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Success fee liability

 

$

—

 

 

$

—

 

 

$

365

 

 

$

365