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Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended
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Mar. 31, 2025
Fair Value Disclosures [Abstract] |
Financial 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 March 31, 2025 and December 31, 2024 (in thousands):
|  | March 31, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 3,686 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,686 |
Total financial assets |  | $ | 3,686 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,686 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability, noncurrent |  |  | — |  |  |  | — |  |  |  | 3,413 |  |  |  | 3,413 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 3,413 |  |  | $ | 3,413 |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 3,300 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,300 |
Receivable from GCBP |  |  | — |  |  |  | — |  |  |  | 4,961 |  |  |  | 4,961 |
Total financial assets |  | $ | 3,300 |  |  | $ | — |  |  | $ | 4,961 |  |  | $ | 8,261 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
CVR derivative liability |  | $ | — |  |  | $ | — |  |  | $ | 4,961 |  |  | $ | 4,961 |
Warrant liability, noncurrent |  |  | — |  |  |  | — |  |  |  | 5,668 |  |  |  | 5,668 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 10,629 |  |  | $ | 10,629 |
(1) Included in cash and cash equivalents on the accompanying condensed consolidated balance sheets.
Summary of Assumptions to Fair Value of Warrant Liability Based on Black-Scholes Option Pricing Model | The fair value of the warrant liability is estimated based on the Black-Scholes option pricing model using the following weighted-average assumptions:
| March 31, 2025 |  |  | December 31, 2024 |
Share price | $ | 7.72 |  |  | $ | 12.10 |
Exercise price | $ | 4,915.00 |  |  | $ | 4,915.00 |
Dividend yield |  | — | % |  |  | — | %
Risk-free interest |  | 4.08 | % |  |  | 4.54 | %
Term (years) | 8.58 |  |  | 8.83 |
Expected volatility |  | 83.00 | % |  |  | 83.00 | %
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):
|  | Receivable |  |  | CVR derivative |  |  | Warrant |
|  | from GCBP |  |  | liability |  |  | liability |
Balance at December 31, 2024 |  | $ | 4,961 |  |  | $ | 4,961 |  |  | $ | 5,668 |
Changes in fair value |  |  | 39 |  |  |  | 39 |  |  |  | (2,255 | )
Change due to settlements |  |  | (5,000 | ) |  |  | (5,000 | ) |  |  | — |
Balance at March 31, 2025 |  | $ | — |  |  | $ | — |  |  | $ | 3,413 |
Cash Equivalents and Held-to-maturity Debt Securities | Cash equivalents and held-to-maturity debt securities consisted of the following (in thousands):
March 31, 2025 |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value |
Money market funds (cash equivalents) |  | $ | 3,686 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,686 |
Short-term bank deposits |  |  | 14,846 |  |  |  | — |  |  |  | — |  |  |  | 14,846 |
Long-term certificates of deposit |  |  | 21,367 |  |  |  | — |  |  |  | — |  |  |  | 21,367 |
Total financial assets |  | $ | 39,899 |  |  | $ | — |  |  | $ | — |  |  | $ | 39,899 |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  | $ | 3,686 |
Short-term bank deposits |  |  |  |  |  |  |  |  |  |  |  | 14,846 |
Long-term certificates of deposit |  |  |  |  |  |  |  |  |  |  |  | 21,367 |
Total financial assets |  |  |  |  |  |  |  |  |  |  | $ | 39,899 |
December 31, 2024 |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value |
Money market funds (cash equivalents) |  | $ | 3,300 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,300 |
Short-term bank deposits |  |  | 14,858 |  |  |  | — |  |  |  | — |  |  |  | 14,858 |
Long-term certificates of deposit |  |  | 24,568 |  |  |  | — |  |  |  | — |  |  |  | 24,568 |
Total financial assets |  | $ | 42,726 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,726 |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  | $ | 3,300 |
Short-term bank deposits |  |  |  |  |  |  |  |  |  |  |  | 14,858 |
Long-term certificates of deposit |  |  |  |  |  |  |  |  |  |  |  | 24,568 |
Total financial assets |  |  |  |  |  |  |  |  |  |  | $ | 42,726 |
The fair value and amortized cost of the Company's held-to-maturity debt securities and redemption date were as follows:
|  | March 31, 2025 |
|  | Amortized Cost |  |  | Fair Value |
Due in one year |  | $ | 14,846 |  |  | $ | 14,846 |
Due in one to five years |  |  | 21,367 |  |  |  | 21,367 |
Total |  | $ | 36,213 |  |  | $ | 36,213 |
Interest income from the short-term bank deposits is recognized on an accrual basis over the term of the deposits. The accrued interest income for the three months ended March 31, 2025 and 2024 was $0.1 million and $0.1 million, respectively. Interest income from the long-term certificates of deposit is recognized on an accrual basis over the term of the deposits. The accrued interest income for the three months ended March 31, 2025 and 2024 was $0.1 million and $0.1 million, respectively.
Summary of Fair Value and Amortized Cost of Held-to-maturity Debt Securities and Redemption Date | The fair value and amortized cost of the Company's held-to-maturity debt securities and redemption date were as follows:
|  | March 31, 2025 |
|  | Amortized Cost |  |  | Fair Value |
Due in one year |  | $ | 14,846 |  |  | $ | 14,846 |
Due in one to five years |  |  | 21,367 |  |  |  | 21,367 |
Total |  | $ | 36,213 |  |  | $ | 36,213 |

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