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Fair Value of Financial Instruments (Tables)

12 Months Ended

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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