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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

10. Fair Value Measurements

 

The following table presents the fair value of the Company’s financial instruments that are measured at fair value measurement on a recurring basis as of December 31, 2024 and 2023 (in thousands):

 

 

 

December 31, 2024

 

Balance Sheet Classification:

Type of Instrument

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

Money market funds

$

276,868

 

 

$

—

 

 

$

—

 

 

$

276,868

 

Total Financial Assets

 

$

276,868

 

 

$

—

 

 

$

—

 

 

$

276,868

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

Balance Sheet Classification:

Type of Instrument

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Financial Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

Money market funds

$

276,391

 

 

$

—

 

 

$

—

 

 

$

276,391

 

Total Financial Assets

 

$

276,391

 

 

$

—

 

 

$

—

 

 

$

276,391

 

The Company's Convertible Notes and development liability are financial instruments that are reported in the consolidated financial statements at historical cost. The Convertible Notes are Level 1 within the fair value level hierarchy as of December 31, 2024 and 2023. The fair value of the Convertible Notes was $102.3 million as of December 31, 2024 and $140.8 million as of December 31, 2023. The Convertible Notes accrue a semi-annual coupon at an annual rate of 3.5%, which was included in accrued expenses in the consolidated balance sheets as of December 31, 2024 and 2023.

 

The fair value of the development liability was $306.9 million as of December 31, 2023. The development liability is Level 2 within the fair value hierarchy based on the discounting of fixed cash flows using an observed bond yield for borrowers with similar credit rating.