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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of Fair Value of Financial Assets and Liabilities | The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2024 (in thousands):
|  | Carrying amount |  |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 281,786 |  |  | $ | 281,786 |  |  | $ | 281,786 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 181,296 |  |  |  | 181,296 |  |  |  | — |  |  |  | 181,296 |  |  |  | — |
Corporate notes |  |  | 100,165 |  |  |  | 100,165 |  |  |  | — |  |  |  | 100,165 |  |  |  | — |
U.S. Treasury securities |  |  | 164,770 |  |  |  | 164,770 |  |  |  | — |  |  |  | 164,770 |  |  |  | — |
U.S. Government securities |  |  | 114,761 |  |  |  | 114,761 |  |  |  | — |  |  |  | 114,761 |  |  |  | — |
Corporate equity securities |  |  | 7,781 |  |  |  | 7,781 |  |  |  | 7,781 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 850,559 |  |  | $ | 850,559 |  |  | $ | 289,567 |  |  | $ | 560,992 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Success payment liability – Harvard |  | $ | 3,900 |  |  | $ | 3,900 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,900 |
Success payment liability – Broad Institute |  |  | 4,500 |  |  |  | 4,500 |  |  |  | — |  |  |  | — |  |  |  | 4,500 |
Derivative settlement liability |  |  | 5,404 |  |  |  | 5,404 |  |  |  | — |  |  |  | — |  |  |  | 5,404 |
Contingent consideration liability – Technology |  |  | 496 |  |  |  | 496 |  |  |  | — |  |  |  | — |  |  |  | 496 |
Contingent consideration liability – Product |  |  | 635 |  |  |  | 635 |  |  |  | — |  |  |  | — |  |  |  | 635 |
Total liabilities |  | $ | 14,935 |  |  | $ | 14,935 |  |  | $ | — |  |  | $ | — |  |  | $ | 14,935 |
The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2023 (in thousands):
|  | Carrying amount |  |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 435,689 |  |  | $ | 435,689 |  |  | $ | 435,689 |  |  | $ | — |  |  | $ | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 285,289 |  |  |  | 285,289 |  |  |  | — |  |  |  | 285,289 |  |  |  | — |
Corporate notes |  |  | 23,525 |  |  |  | 23,525 |  |  |  | — |  |  |  | 23,525 |  |  |  | — |
U.S. Treasury securities |  |  | 152,147 |  |  |  | 152,147 |  |  |  | — |  |  |  | 152,147 |  |  |  | — |
U.S. Government securities |  |  | 271,145 |  |  |  | 271,145 |  |  |  | — |  |  |  | 271,145 |  |  |  | — |
Corporate equity securities |  |  | 21,875 |  |  |  | 21,875 |  |  |  | 21,875 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 1,189,670 |  |  | $ | 1,189,670 |  |  | $ | 457,564 |  |  | $ | 732,106 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Success payment liability – Harvard |  | $ | 5,200 |  |  | $ | 5,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,200 |
Success payment liability – Broad Institute |  |  | 5,600 |  |  |  | 5,600 |  |  |  | — |  |  |  | — |  |  |  | 5,600 |
Contingent consideration liability – Technology |  |  | 1,371 |  |  |  | 1,371 |  |  |  | — |  |  |  | — |  |  |  | 1,371 |
Contingent consideration liability – Product |  |  | 1,352 |  |  |  | 1,352 |  |  |  | — |  |  |  | — |  |  |  | 1,352 |
Total liabilities |  | $ | 13,523 |  |  | $ | 13,523 |  |  | $ | — |  |  | $ | — |  |  | $ | 13,523 |
Summary Of Other Income (Expense) Incurred Due To Changes In Fair Value Of Corporate Equity Securities Held | The following table summarizes other income (expense) incurred due to changes in the fair value of corporate equity securities held (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Other income (expense) |  | $ | (14,093 | ) |  | $ | (18,592 | ) |  | $ | 20,200 |
Success Payment Liabilities |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of Variables Included in Calculation of Estimated Fair Value | The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:
|  | Harvard |  |  | Broad Institute |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2024 |  |  | December 31, 2023 |
Fair value of common stock (per share) |  | $ | 24.80 |  |  | $ | 27.22 |  |  | $ | 24.80 |  |  | $ | 27.22 |
Expected volatility |  |  | 78 | % |  |  | 80 | % |  |  | 81 | % |  |  | 79 | %
Expected term (years) |  | 0.03-4.49 |  |  | 0.06-5.49 |  |  | 0.03-5.36 |  |  | 0.06-6.36 |
Schedule of change in Fair Value of Liabilities based on Level 3 inputs | The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):
|  | Year Ended December 31, 2024 |
|  | Harvard |  |  | Broad Institute |  |  | Total |
Balance at December 31, 2022 |  | $ | 9,000 |  |  | $ | 9,300 |  |  | $ | 18,300 |
Change in fair value |  |  | (3,800 | ) |  |  | (3,700 | ) |  |  | (7,500 | )
Balance at December 31, 2023 |  | $ | 5,200 |  |  | $ | 5,600 |  |  | $ | 10,800 |
Change in fair value |  |  | (1,300 | ) |  |  | (1,100 | ) |  |  | (2,400 | )
Balance at December 31, 2024 |  | $ | 3,900 |  |  | $ | 4,500 |  |  | $ | 8,400 |
Contingent Consideration Liabilities |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of Variables Included in Calculation of Estimated Fair Value | The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:
|  | Technology Milestones |  |  | Product Milestones |  |
|  | December 31, 2024 |  |  | December 31, 2023 |  |  | December 31, 2024 |  |  | December 31, 2023 |  |
Discount Rate |  |  | 10.00 | % |  |  | 10.00 | % |  |  | 10.00 | % |  |  | 10.00 | % |
Probability of Achievement |  |  | 2 | % |  | 2-5% |  |  | 1-2% |  |  | 1-2% |  |
Projected Year of Achievement |  | 2026 |  |  | 2025 |  |  | 2028-2034 |  |  | 2025-2031 |  |
Schedule of change in Fair Value of Liabilities based on Level 3 inputs | The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):
|  | Year Ended December 31, 2024 |
|  | Technology Milestones |  |  | Product Milestones |  |  | Total |
Balance at December 31, 2022 |  | $ | 6,025 |  |  | $ | 6,438 |  |  | $ | 12,463 |
Change in fair value |  |  | (4,654 | ) |  |  | (5,086 | ) |  |  | (9,740 | )
Balance at December 31, 2023 |  | $ | 1,371 |  |  | $ | 1,352 |  |  | $ | 2,723 |
Change in fair value |  |  | (875 | ) |  |  | (717 | ) |  |  | (1,592 | )
Balance at December 31, 2024 |  | $ | 496 |  |  | $ | 635 |  |  | $ | 1,131 |
Derivative Liability |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] |
Schedule of Variables Included in Calculation of Estimated Fair Value | The following assumptions were incorporated in the calculation of the fair value of the derivative settlement liability:
|  | Milestones |
|  | December 31, 2024 |
Discount rate |  |  | 10.00 | %
Probability of achievement of settlement payments |  | 3%-44% |
Projected Year of achievement of settlement payments |  | 2027-2038 |
Schedule of change in Fair Value of Liabilities based on Level 3 inputs | The following table reconciles the change in fair value of the derivative liability based on level 3 inputs (in thousands):
|  | Year Ended December 31, 2024 |
|  | Total |
Balance at December 31, 2023 |  | $ | — |
Initial recognition of derivative liability |  |  | 5,276 |
Change in fair value |  |  | 128 |
Balance at December 31, 2024 |  | $ | 5,404 |

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