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Fair Value of Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025 (in thousands):
|  | Carrying amount |  |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 258,003 |  |  | $ | 258,003 |  |  | $ | 258,003 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 9,957 |  |  |  | 9,957 |  |  |  | — |  |  |  | 9,957 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 329,181 |  |  |  | 329,181 |  |  |  | — |  |  |  | 329,181 |  |  |  | — |
Corporate notes |  |  | 156,764 |  |  |  | 156,764 |  |  |  | — |  |  |  | 156,764 |  |  |  | — |
U.S. Treasury securities |  |  | 284,278 |  |  |  | 284,278 |  |  |  | — |  |  |  | 284,278 |  |  |  | — |
U.S. Government securities |  |  | 27,877 |  |  |  | 27,877 |  |  |  | — |  |  |  | 27,877 |  |  |  | — |
Corporate equity securities |  |  | 8,910 |  |  |  | 8,910 |  |  |  | 8,910 |  |  |  | — |  |  |  | — |
Total assets |  | $ | 1,074,970 |  |  | $ | 1,074,970 |  |  | $ | 266,913 |  |  | $ | 808,057 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Success payment liability – Harvard |  | $ | 2,900 |  |  | $ | 2,900 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,900 |
Success payment liability – Broad Institute |  |  | 3,600 |  |  |  | 3,600 |  |  |  | — |  |  |  | — |  |  |  | 3,600 |
Derivative settlement liability |  |  | 6,654 |  |  |  | 6,654 |  |  |  | — |  |  |  | — |  |  |  | 6,654 |
Contingent consideration liability milestones |  |  | 7,900 |  |  |  | 7,900 |  |  |  | — |  |  |  | — |  |  |  | 7,900 |
Total liabilities |  | $ | 21,054 |  |  | $ | 21,054 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,054 |
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 September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Other income (expense) |  | $ | 4,937 |  |  | $ | (2,064 | ) |  | $ | 7,271 |  |  | $ | (13,003 | )
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 |
|  | September 30, 2025 |  |  | December 31, 2024 |  |  | September 30, 2025 |  |  | December 31, 2024 |
Fair value of common stock (per share) |  | $ | 24.27 |  |  | $ | 24.80 |  |  | $ | 24.27 |  |  | $ | 24.80 |
Expected volatility |  |  | 74 | % |  |  | 78 | % |  |  | 75 | % |  |  | 81 | %
Expected term (years) |  | 0.02-3.74 |  |  | 0.03-4.49 |  |  | 0.02-4.61 |  |  | 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):
|  | Nine Months Ended September 30, 2025 |
|  | Harvard |  |  | Broad Institute |  |  | Total |
Balance at December 31, 2024 |  | $ | 3,900 |  |  | $ | 4,500 |  |  | $ | 8,400 |
Change in fair value |  |  | (1,000 | ) |  |  | (900 | ) |  |  | (1,900 | )
Balance at September 30, 2025 |  | $ | 2,900 |  |  | $ | 3,600 |  |  | $ | 6,500 |
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 |
|  | September 30, 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):
|  | Nine Months Ended September 30, 2025 |
|  | Total |
Balance at December 31, 2024 |  | $ | 5,404 |
Change in fair value |  |  | 1,250 |
Balance at September 30, 2025 |  | $ | 6,654 |
Summarizes the expense (income) change in the fair value of the derivative settlement liability | The following table summarizes the expense (income) resulting from the change in the fair value of th e derivative settlement liability (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Change in fair value of derivative settlement liability |  | $ | 157 |  |  | $ | — |  |  | $ | 1,250 |  |  | $ | — |
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:
|  | Contingent consideration liability milestones
|  | September 30, 2025
Discount rate |  |  | 10.00 | % |
Probability of achievement |  | 2-32% |  |
Projected year of achievement |  | 2026-2037 |  |
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):
|  | Nine Months Ended September 30, 2025 |
|  | Contingent consideration liability milestones |
Balance at July 1, 2025 (inception) |  | $ | 7,715 |
Change in fair value |  |  | 185 |
Balance at September 30, 2025 |  | $ | 7,900 |

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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