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Fair Value Measurements and Financial Instruments (Tables)

3 Months Ended

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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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.

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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).

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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.

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