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Fair Value Measurement (Tables) | 9 Months Ended | 12 Months Ended
--- | --- | ---
Sep. 30, 2023 | Dec. 31, 2022
Fair Value Disclosures [Abstract] |  |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables set forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):
|  | September 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 55,451 |  |  | $ | — |  |  | $ | — |  |  | $ | 55,451 |
Commercial paper |  |  | — |  |  |  | 107,093 |  |  |  | — |  |  |  | 107,093 |
Corporate bonds |  |  | — |  |  |  | 22,828 |  |  |  | — |  |  |  | 22,828 |
Total financial assets |  | $ | 55,451 |  |  | $ | 129,921 |  |  | $ | — |  |  | $ | 185,372 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Parapyre Option Obligation |  | $ | — |  |  | $ | 2,952 |  |  | $ | — |  |  | $ | 2,952 |
CVR liability |  |  | — |  |  |  | — |  |  |  | 28,200 |  |  |  | 28,200 |
Total liabilities |  | $ | — |  |  | $ | 2,952 |  |  | $ | 28,200 |  |  | $ | 31,152 |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 15,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,250 |
Commercial paper |  |  | — |  |  |  | 23,641 |  |  |  | — |  |  |  | 23,641 |
U.S. government securities |  |  | — |  |  |  | 4,230 |  |  |  | — |  |  |  | 4,230 |
Corporate bonds |  |  | — |  |  |  | 3,732 |  |  |  | — |  |  |  | 3,732 |
Total financial assets |  | $ | 15,250 |  |  | $ | 31,603 |  |  | $ | — |  |  | $ | 46,853 |
| The following tables sets forth the fair value of the Company’s financial assets and liabilities at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 15,250 |  |  | $ | — |  |  | $ | — |  |  | $ | 15,250 |
Commercial paper |  |  | — |  |  |  | 23,641 |  |  |  | — |  |  |  | 23,641 |
U.S. government securities |  |  | — |  |  |  | 4,230 |  |  |  | — |  |  |  | 4,230 |
Corporate bonds |  |  | — |  |  |  | 3,732 |  |  |  | — |  |  |  | 3,732 |
Total financial assets |  | $ | 15,250 |  |  | $ | 31,603 |  |  | $ | — |  |  | $ | 46,853 |
|  | December 31, 2021 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 8,888 |  |  | $ | — |  |  | $ | — |  |  | $ | 8,888 |
Commercial paper |  |  | — |  |  |  | 65,412 |  |  |  | — |  |  |  | 65,412 |
Corporate bonds |  |  | — |  |  |  | 12,574 |  |  |  | — |  |  |  | 12,574 |
Total financial assets |  | $ | 8,888 |  |  | $ | 77,986 |  |  | $ | — |  |  | $ | 86,874 |
Significant Inputs used to Estimate the Fair Value of Derivative Liabilities | The significant inputs used to estimate the fair value of the CVR liability were as follows:
|  | September 30, 2023
Estimated cash flow dates |  | 11/28/23 - 06/22/26
Estimated probability of success |  | 27% - 100%
Risk-adjusted discount rates |  | 7.14% - 7.57%
Changes in Derivative Liabilities | The following table presents changes in the forward contract liability for the periods presented (in millions):
|  | Forward Contract Liability |
Beginning balance as of June 22, 2023 |  | $ | 106.2 |
Change in fair value |  |  | 58.1 |
Ending balance as of June 30, 2023 |  |  | 164.3 |
Change in fair value |  |  | 25.4 |
Issuance of Series A Preferred Stock on July 7, 2023 |  |  | (189.7 | )
Ending balance as of September 30, 2023 |  | $ | — |
The following table presents changes in the CVR liability for the periods presented (in thousands):
|  | CVR Liability |
Beginning balance as of December 31, 2022 |  | $ | — |
Fair value at CVR issuance |  |  | 29,500 |
Changes in the fair value of the CVR liability since issuance |  | $ | (1,300 | )
Ending Balance as of September 30, 2023 |  | $ | 28,200 |

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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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -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 (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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