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Fair Value of Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Company's Financial Instruments by Significant Investment Category Measured at Fair Value on a Recurring Basis Within the Fair Value Hierarchy | The following tables summarize the Company's assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2024 (in thousands):
|  |  |  |  | Fair Value Measurements At Reporting Date Using |
|  | Total |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  | $ | 141,942 |  |  | $ | 141,942 |  |  | $ | — |  |  | $ | — |
Cash equivalents—U.S. treasury securities |  |  | 2,990 |  |  |  | — |  |  |  | 2,990 |  |  |  | — |
Short-term investments—U.S. treasury securities |  |  | 126,146 |  |  |  | — |  |  |  | 126,146 |  |  |  | — |
Total assets measured at fair value |  | $ | 271,078 |  |  | $ | 141,942 |  |  | $ | 129,136 |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Warrant liabilities |  | $ | 274 |  |  | $ | — |  |  | $ | — |  |  | $ | 274 |
Contingent consideration |  |  | 5,600 |  |  |  | — |  |  |  | — |  |  |  | 5,600 |
Total liabilities measured at fair value |  | $ | 5,874 |  |  | $ | — |  |  | $ | — |  |  | $ | 5,874 |
The following tables summarize the Company’s assets and liabilities measured at fair value on a recurring basis within the fair value hierarchy as of December 31, 2023 (in thousands):
|  |  |  |  | Fair Value Measurements At Reporting Date Using |
|  | Total |  |  | Quoted Prices in Active Markets For Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  | $ | 35,385 |  |  | $ | 35,385 |  |  | $ | — |  |  | $ | — |
Short-term investments—U.S. treasury securities |  |  | 63,191 |  |  |  | — |  |  |  | 63,191 |  |  |  | — |
Total assets measured at fair value |  | $ | 98,576 |  |  | $ | 35,385 |  |  | $ | 63,191 |  |  | $ | — |
Schedule of Available-for-Sale Securities Reconciliation | The following table summarizes available-for-sale-securities (in thousands):
|  |  |  |  |  |  | As of December 31, 2024 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  |  |  | $ | 141,942 |  |  | $ | — |  |  | $ | — |  |  | $ | 141,942 |
Cash equivalents—U.S. treasury securities |  |  |  |  | 2,989 |  |  |  | 1 |  |  |  | — |  |  |  | 2,990 |
Short-term investments—U.S. treasury securities |  | 1 or less |  |  | 125,975 |  |  |  | 171 |  |  |  | — |  |  |  | 126,146 |
Total assets measured at fair value |  |  |  | $ | 270,906 |  |  | $ | 172 |  |  | $ | — |  |  | $ | 271,078 |
|  |  |  |  |  |  | As of December 31, 2023 |
|  | Maturity (in years) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents—money market funds |  |  |  | $ | 35,385 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,385 |
Short-term investments—U.S. treasury securities |  | 1 or less |  |  | 63,169 |  |  |  | 22 |  |  |  | — |  |  |  | 63,191 |
Total assets measured at fair value |  |  |  | $ | 98,554 |  |  | $ | 22 |  |  | $ | — |  |  | $ | 98,576 |
Schedule of Liabilities Measured at Fair Value on a Recurring Basis | The following table presents information about the Company's Level 3 liabilities that are measured at fair value on a recurring basis:
| Warrant Liabilities |  |  | Contingent Consideration |
Balance at December 31, 2023 | $ | — |  |  | $ | — |
Fair value of warrant liabilities assumed in connection with the Merger |  | 906 |  |  |  | — |
Fair value of contingent consideration recorded in connection with the acquisition of Sengenics |  | — |  |  |  | 5,600 |
Change in fair value |  | (632 | ) |  |  | — |
Balance at December 31, 2024 | $ | 274 |  |  | $ | 5,600 |
Schedule of Warrants Liabilities and Contingent Consideration | Following the Closing Date, and as of December 31, 2024, the Public Warrants were no longer publicly traded (see Note 2), so the Warrants were valued using a binomial lattice model (a special case of the income approach), using the following Level 3 inputs:
|  | December 31, 2024 |  |  | January 5, 2024 |
Volatility |  |  | 75.0 | % |  |  | 70.2 | %
Risk-free rate |  |  | 4.18 | % |  |  | 4.20 | %
Warrant term |  |  | 1.7 |  |  |  | 2.7 |
Contingent consideration The contingent consideration was valued using a Monte Carlo simulation as of November 21, 2024 and December 31, 2024, using the following Level 3 inputs:
|  | December 31, 2024 |  |  | November 21, 2024 |
Revenue volatility |  |  | 15 | % |  |  | 15 | %
Risk-free rate |  |  | 4.30 | % |  |  | 4.30 | %
Expected Term |  |  | 3.5 |  |  |  | 3.6 |
Summary of Amounts Transferred into Level 3 of the Fair Value Hierarchy | The following table summarizes amounts transferred into Level 3 of the fair value hierarchy during the year ended December 31, 2024:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Beginning balance |  | $ | — |  |  | $ | — |
Transfer in |  |  | 906 |  |  |  | — |
Unrealized gain |  |  | (632 | ) |  |  | — |
Ending balance |  | $ | 274 |  |  | $ | — |
Amount of unrealized gain for the period included in income relating to liabilities at the end of the reporting period |  | $ | (632 | ) |  | $ | — |

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of liabilities, 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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