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Fair Value Measurements and Financial Instruments (Tables)

9 Months Ended

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 in prepaid assets and other current assets 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:

	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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- Definition

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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