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Fair Value Measurements (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Assets and liabilities measured at fair value on a recurring basis as of June 30, 2024 were as follows (in thousands):

 

 

Total

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

   Money market funds

 

$

77,683

 

 

$

77,683

 

 

$

—

 

 

$

—

 

   U.S. treasury bills (due within 90 days)

 

 

12,517

 

 

 

—

 

 

 

12,517

 

 

 

—

 

Marketable securities

 

 

 

 

 

 

 

 

 

 

 

 

   U.S. treasury bills

 

 

57,987

 

 

 

—

 

 

 

57,987

 

 

 

—

 

   U.S. government agency securities

 

 

38,637

 

 

 

—

 

 

 

38,637

 

 

 

—

 

MS APA asset

 

 

1,684

 

 

 

—

 

 

 

—

 

 

$

1,684

 

Total financial assets

 

$

188,508

 

 

$

77,683

 

 

$

109,141

 

 

$

1,684

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

CVR liability

 

$

1,684

 

 

 

—

 

 

 

—

 

 

$

1,684

 

Total financial liabilities

 

$

1,684

 

 

$

—

 

 

$

—

 

 

$

1,684

 

 

Assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 were as follows (in thousands):

 

 

Total

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds, included in cash and cash equivalents

 

$

158,706

 

 

$

158,706

 

 

$

—

 

 

$

—

 

MS APA asset

 

 

1,448

 

 

 

—

 

 

 

—

 

 

 

1,448

 

Total financial assets

 

$

160,154

 

 

$

158,706

 

 

$

—

 

 

$

1,448

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

CVR liability

 

$

1,448

 

 

$

—

 

 

$

—

 

 

$

1,448

 

Total financial liabilities

 

$

1,448

 

 

$

—

 

 

$

—

 

 

$

1,448