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Fair Value Measurements (Tables)

6 Months Ended

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

X

- 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

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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

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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

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