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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following tables present the fair value hierarchy for assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):
|  | September 30, 2023 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 2,228 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,228 |
Long-term receivable from GCBP |  |  | — |  |  |  | — |  |  |  | 4,664 |  |  |  | 4,664 |
Total financial assets |  | $ | 2,228 |  |  | $ | — |  |  | $ | 4,664 |  |  | $ | 6,892 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
CVR derivative liability, noncurrent |  | $ | — |  |  | $ | — |  |  | $ | 4,664 |  |  | $ | 4,664 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 4,664 |  |  | $ | 4,664 |
|  | December 31, 2022 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 21,666 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,666 |
Total financial assets |  | $ | 21,666 |  |  | $ | — |  |  | $ | — |  |  | $ | 21,666 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
CVR derivative liability |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | 5,000 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 5,000 |  |  | $ | 5,000 |
(1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Changes in Estimated Fair Value of Level 3 Financial Assets and Liabilities | The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial assets and liabilities (in thousands):
|  | Long-term receivable |  |  | CVR derivative |
|  | from GCBP |  |  | liability, noncurrent |
Balance at December 31, 2022 |  | $ | — |  |  | $ | — |
Additions in the period |  |  | 4,530 |  |  |  | 4,530 |
Changes in fair value |  |  | 134 |  |  |  | 134 |
Balance at September 30, 2023 |  | $ | 4,664 |  |  | $ | 4,664 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -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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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset. + 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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