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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2025
Fair Value Disclosures [Abstract] |
Summary of Financial Assets and Liabilities that are Measured at Fair Value on a Recurring Basis | The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis:
|  | June 30, 2025 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | — |  |  | $ | 130,331 |  |  | $ | — |  |  | $ | 130,331 |
Total cash equivalents |  |  | — |  |  |  | 130,331 |  |  |  | — |  |  |  | 130,331 |
Available-for-sale securities (Note 4): |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills |  |  | — |  |  |  | 42,287 |  |  |  | — |  |  |  | 42,287 |
Government bonds |  |  | — |  |  |  | 86,890 |  |  |  | — |  |  |  | 86,890 |
Total available-for-sale securities |  |  | — |  |  |  | 129,177 |  |  |  | — |  |  |  | 129,177 |
Total financial assets |  | $ | — |  |  | $ | 259,508 |  |  | $ | — |  |  | $ | 259,508 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (Note 2): |  | $ | — |  |  | $ | — |  |  | $ | 5,700 |  |  | $ | 5,700 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 5,700 |  |  | $ | 5,700 |
|  | December 31, 2024 |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | — |  |  | $ | 18,088 |  |  | $ | — |  |  | $ | 18,088 |
Treasury bills |  |  | — |  |  |  | 17,434 |  |  |  | — |  |  |  | 17,434 |
Total cash equivalents |  |  | — |  |  |  | 35,522 |  |  |  | — |  |  |  | 35,522 |
Available-for-sale securities (Note 4): |  |  |  |  |  |  |  |  |  |  |  |
Treasury bills |  |  | — |  |  |  | 27,895 |  |  |  | — |  |  |  | 27,895 |
Government bonds |  |  | — |  |  |  | 40,790 |  |  |  | — |  |  |  | 40,790 |
Total available-for-sale securities |  |  | — |  |  |  | 68,685 |  |  |  | — |  |  |  | 68,685 |
Total financial assets |  | $ | — |  |  | $ | 104,207 |  |  | $ | — |  |  | $ | 104,207 |
Financial liabilities |  |  |  |  |  |  |  |  |  |  |  |
Derivative liabilities (Note 2): |  | $ | — |  |  | $ | — |  |  | $ | 3,150 |  |  | $ | 3,150 |
Total financial liabilities |  | $ | — |  |  | $ | — |  |  | $ | 3,150 |  |  | $ | 3,150 |
Summary of Significant Unobservable Inputs Used in Valuing Developmental Milestone Derivative Liabilities | The significant unobservable inputs used in valuing the developmental milestone derivative liabilities at each measurement date are as follows:
|  | June 30, 2025 |  | December 31, 2024
Unobservable Input |  | Range |  | Average |  | Range |  | Average
Probability of achieving certain development milestones |  | 28.0% - 70.0% |  | 49.0% |  | 28.0% - 70.0% |  | 49.0%
Volatility |  | 93.0% |  | 93.0% |  | 85.0% |  | 85.0%
Discount Rate |  | 3.7% - 4.3% |  | 4.0% |  | 4.2% - 4.3% |  | 4.3%
Timing of achieving certain development milestones |  | 0.5 - 3.2 years |  | 1.8 years |  | 1.0 - 3.7 years |  | 2.3 years
Summary of Fair Value of Derivative Liabilities | The following table presents a roll forward of activity associated with the Company’s derivative liabilities measured using Level 3 inputs:
|  | Developmental Milestone Derivative Liabilities |
Fair value of derivative liabilities as of January 1, 2025 |  | $ | 3,150 |
Change in fair value of derivative liabilities |  |  | 2,550 |
Fair value of derivative liabilities as of June 30, 2025 |  | $ | 5,700 |

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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 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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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes 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 liability. + References Reference 1: 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 2: 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 3: 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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