Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Fair Value Measurements

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

The following tables set forth the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as follows (in thousands):

	Fair Value Measurements as of December 31, 2025 using:
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash equivalents:
Money market funds	$	41,810	$	—	$	—	$	41,810
U.S. treasury bills		6,330		—		—		6,330
Total cash equivalents		48,140		—		—		48,140
Exarafenib milestone asset (Note 6)		—		—		3,600		3,600
Investment in equity securities		382		—		—		382
Castle Creek PRV Interest (Note 4)		—		—		—		—
Castle Creek warrants (Note 4)		—		—		697		697
Total financial assets	$	48,522	$	—	$	4,297	$	52,819
Liabilities:
Exarafenib milestone contingent consideration (Note 6)	$	—	$	—	$	3,600	$	3,600
Share-based liability (Note 12)		—		—		3,197		3,197
Total financial liabilities	$	—	$	—	$	6,797	$	6,797

	Fair Value Measurements as of December 31, 2024 using:
	Quoted Prices in		Significant Other		Significant
	Active Markets for		Observable		Unobservable
	Identical Assets		Inputs		Inputs
	(Level 1)		(Level 2)		(Level 3)		Total
Assets:
Cash equivalents:
Money market funds	$	72,304	$	—	$	—	$	72,304
U.S. treasury bills		20,367		—		—		20,367
Total cash equivalents		92,671		—		—		92,671
Exarafenib milestone asset (Note 6)		—		—		3,214		3,214
Investment in equity securities		3,529		—		—		3,529
Total financial assets	$	96,200	$	—	$	3,214	$	99,414
Liabilities:
Exarafenib milestone contingent consideration (Note 6)	$	—	$	—	$	3,214	$	3,214
Total financial liabilities	$	—	$	—	$	3,214	$	3,214