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Fair Value Measurements
 9 Months Ended
Sep. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
The following tables present information about the Company’s financial assets that have been measured at fair value as of September 30, 2024 and December 31, 2023 (in thousands):
DescriptionLevel 1Level 2Level 3September 30,
2024
Assets:
Money market funds included within Cash and cash equivalent$519,631 $—$—$519,631 
Total$519,631 $—$—$519,631 
DescriptionLevel 1Level 2Level 3December 31,
2023
Assets:
Money market funds included within Cash and cash equivalent$230,088 $—$—$230,088 
Total$230,088 $—$—$230,088 
The Company estimated the fair value of the Series B Tranche Rights at the time of issuance and subsequently remeasured them at each reporting period and prior to settlement. The fair value of the Series B Tranche Rights was determined using a contingent forward model, which considered as inputs the estimated fair value of the Series B Preferred Stock as of each valuation date, the risk-free interest rate, probability of achievement and estimated time to tranche closing. The most significant assumptions in the contingent forward model impacting the fair value of the Series B Tranche Rights are the fair value of the Company’s Series B Preferred Stock, probability of achievement of certain milestones, and time to the tranche closing as of each measurement date. The Company determined the fair value per share of the underlying Series B Preferred Stock by taking into consideration the most recent sales of its preferred units, results obtained from third-party valuations and additional factors the Company deemed relevant.
The following table sets forth a summary of the changes in fair value of the Level 3 Series B Tranche Rights for the nine months ended September 30, 2023 (in thousands):
Tranche Rights Liability
Balance as of December 31, 2022$—
Fair value recognized upon the issuance of preferred stock tranche rights642
Change in the fair value of preferred stock tranche rights13,356
Settlement of preferred stock tranche rights(8,001)
Balance as of September 30, 2023$5,997
As of September 30, 2023, the Company recorded $6.0 million tranche rights liability within accrued expenses and other current liabilities on the balance sheet. The tranche rights liability were settled in September and November 2023.
The following assumptions were used in the estimation of the fair value of the Series B Tranche Rights, on the closing dates of Series B financing tranches and as of September 30, 2023:
March 2, 2023
Initial Closing		September 8, 2023 Milestone Closing
Preferred share price$1.01$1.23
Expected term (in years)0.50
Risk-free rate5.2%—%
Probability of achievement95.0%100.0%