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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

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 March 31, 2025 (in thousands):

		Carrying amount				Fair value				Level 1				Level 2				Level 3
Assets
Cash equivalents:
Money market funds		$	383,309			$	383,309			$	383,309			$	—			$	—
Commercial paper			144,598				144,598				—				144,598				—
Marketable securities:
Commercial paper			303,312				303,312				—				303,312				—
Corporate notes			149,826				149,826				—				149,826				—
U.S. Treasury securities			170,867				170,867				—				170,867				—
U.S. Government securities			62,340				62,340				—				62,340				—
Corporate equity securities			5,700				5,700				5,700				—				—
Total assets		$	1,219,952			$	1,219,952			$	389,009			$	830,943			$	—
Liabilities
Success payment liability – Harvard		$	2,300			$	2,300			$	—			$	—			$	2,300
Success payment liability – Broad Institute			2,900				2,900				—				—				2,900
Derivative settlement liability			6,344				6,344				—				—				6,344
Contingent consideration liability – Technology			508				508				—				—				508
Contingent consideration liability – Product			650				650				—				—				650
Total liabilities		$	12,702			$	12,702			$	—			$	—			$	12,702

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			$	—			$	—
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

Summary Of Other Income (Expense) Recorded Due To Changes In Fair Value Of Corporate Equity Securities Held

The following table summarizes other income (expense) recorded due to changes in the fair value of corporate equity securities held (in thousands):

		Three Months Ended March 31,
		2025				2024
Other income (expense)		$	(2,081	)		$	(3,353	)

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
		March 31, 2025				December 31, 2024				March 31, 2025				December 31, 2024
Fair value of common stock (per share)		$	19.53			$	24.80			$	19.53			$	24.80
Expected volatility			76	%			78	%			79	%			81	%
Expected term (years)		0.03-4.24				0.03-4.49				0.03-5.11				0.03-5.36

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):

		Three Months Ended March 31, 2025
		Harvard				Broad Institute				Total
Balance at December 31, 2024		$	3,900			$	4,500			$	8,400
Change in fair value			(1,600	)			(1,600	)			(3,200	)
Balance at March 31, 2025		$	2,300			$	2,900			$	5,200

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 liability:

		Milestones
		March 31, 2025				December 31, 2024
Discount rate			10.00	%			10.00	%
Probability of achievement of settlement payments		3%-44%				3%-44%
Projected year of achievement of settlement payments		2026-2038				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):

		Three Months Ended March 31, 2025
		Total
Balance at December 31, 2024		$	5,404
Change in fair value			940
Balance at March 31, 2025		$	6,344

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
		March 31, 2025				December 31, 2024				March 31, 2025				December 31, 2024
Discount rate			10.00	%			10.00	%			10.00	%			10.00	%
Probability of achievement			2	%			2	%		1-2%				1-2%
Projected year of achievement		2026				2026				2028-2034				2028-2034

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):

		Three Months Ended March 31, 2025
		Technology Milestones				Product Milestones				Total
Balance at December 31, 2024		$	496			$	635			$	1,131
Change in fair value			12				15				27
Balance at March 31, 2025		$	508			$	650			$	1,158

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