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Fair Value of Financial Instruments (Tables)

12 Months Ended

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	)		$	—

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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