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Fair Value Measurements and Financial Instruments (Tables) | 9 Months Ended
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Sep. 30, 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 September 30, 2025 and December 31, 2024 (in thousands):
|  | September 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | $ | 26,654 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,654 |
Short-term investments(2) |  |  | 566 |  |  |  | — |  |  |  | — |  |  |  | 566 |
Total financial assets |  | $ | 27,220 |  |  | $ | — |  |  | $ | — |  |  | $ | 27,220 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liability, noncurrent |  |  | — |  |  |  | — |  |  |  | 3,224 |  |  |  | 3,224 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 3,224 |  |  | $ | 3,224 |
|  | 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. (2) Included i n prepaid assets and other current assets on the accompanying condensed consolidat ed 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:
| September 30, 2025 |  |  | December 31, 2024 |
Share price | $ | 7.46 |  |  | $ | 12.10 |
Exercise price | $ | 4,915.00 |  |  | $ | 4,915.00 |
Dividend yield |  | — | % |  |  | — | %
Risk-free interest |  | 3.93 | % |  |  | 4.54 | %
Term (years) | 8.08 |  |  | 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 |  |  |  | (2,444 | )
Change due to settlements |  |  | (5,000 | ) |  |  | (5,000 | ) |  |  | — |
Balance at September 30, 2025 |  | $ | — |  |  | $ | — |  |  | $ | 3,224 |
Cash Equivalents, Short-term Investments and Held-to-maturity Debt Securities | Cash equivalents, short-term investments and held-to-maturity debt securities consisted of the following (in thousands):
September 30, 2025 |  | Amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Estimated fair value |
Money market funds (cash equivalents) |  | $ | 26,654 |  |  | $ | — |  |  | $ | — |  |  | $ | 26,654 |
Short-term investments |  |  | 566 |  |  |  | — |  |  |  | — |  |  |  | 566 |
Short-term bank deposits |  |  | 19,647 |  |  |  | — |  |  |  | — |  |  |  | 19,647 |
Long-term certificates of deposit |  |  | 20,317 |  |  |  | — |  |  |  | — |  |  |  | 20,317 |
Total financial assets |  | $ | 67,184 |  |  | $ | — |  |  | $ | — |  |  | $ | 67,184 |
Classified as: |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents |  |  |  |  |  |  |  |  |  |  | $ | 26,654 |
Short-term bank deposits |  |  |  |  |  |  |  |  |  |  |  | 19,647 |
Short-term investments |  |  |  |  |  |  |  |  |  |  |  | 566 |
Long-term certificates of deposit |  |  |  |  |  |  |  |  |  |  |  | 20,317 |
Total financial assets |  |  |  |  |  |  |  |  |  |  | $ | 67,184 |
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 |
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:
|  | September 30, 2025 |
|  | Amortized Cost |  |  | Fair Value |
Due in one year |  | $ | 19,647 |  |  | $ | 19,647 |
Due in one to five years |  |  | 20,317 |  |  |  | 20,317 |
Total |  | $ | 39,964 |  |  | $ | 39,964 |

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