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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table sets forth the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis based on the three-tier fair value hierarchy (in thousands):
| June 30, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Money market funds | $ | 116,970 |  |  | $ | — |  |  | $ | — |  |  | $ | 116,970 |
U.S. Treasury securities | — |  |  | 291,289 |  |  | — |  |  | 291,289 |
U.S. government agency securities | — |  |  | 94,511 |  |  | — |  |  | 94,511 |
Corporate debt securities | — |  |  | 106,468 |  |  | — |  |  | 106,468 |
Total financial assets | $ | 116,970 |  |  | $ | 492,268 |  |  | $ | — |  |  | $ | 609,238 |
Financial liabilities: |  |  |  |  |  |  |
Success payment liabilities | $ | — |  |  | $ | — |  |  | $ | 3,753 |  |  | $ | 3,753 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 3,753 |  |  | $ | 3,753 |
| December 31, 2022
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Money market funds | $ | 67,970 |  |  | $ | — |  |  | $ | — |  |  | $ | 67,970 |
U.S. Treasury securities | — |  |  | 271,799 |  |  | — |  |  | 271,799 |
U.S. government agency securities | — |  |  | 134,045 |  |  | — |  |  | 134,045 |
Corporate debt securities | — |  |  | 220,681 |  |  | — |  |  | 220,681 |
Total financial assets | $ | 67,970 |  |  | $ | 626,525 |  |  | $ | — |  |  | $ | 694,495 |
Financial liabilities: |  |  |  |  |  |  |
Success payment liabilities | $ | — |  |  | $ | — |  |  | $ | 4,356 |  |  | $ | 4,356 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 4,356 |  |  | $ | 4,356 |
Schedule of Estimated Fair Value of Success Payment Liability Assumptions | The following assumptions were incorporated into the calculation of the estimated fair value of the Fred Hutch success payment liability:
| June 30, 2023 |  | December 31, 2022
Fair value of common stock | $ | 3.18 |  |  | $ | 3.47 |
Risk-free interest rate | 3.36% - 5.26% |  | 3.58% - 4.65%
Expected volatility | 80.0 | % |  | 80.0 | %
Expected term (in years) | 0.96 - 4.47 |  | 0.46 - 4.97
The following assumptions were incorporated into the calculation of the estimated fair value of the Stanford success payment liability:
| June 30, 2023 |  | December 31, 2022
Fair value of common stock | $ | 3.18 |  |  | $ | 3.47 |
Risk-free interest rate | 3.36% - 5.26% |  | 3.58% - 4.65%
Expected volatility | 80.0 | % |  | 80.0 | %
Expected term (in years) | 0.96 - 6.25 |  | 0.46 - 6.75
Schedule of Changes in the Estimated Fair Value of Level 3 Financial Assets | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 liabilities (in thousands):
| Success Payment Liabilities
Balance at December 31, 2022 | $ | 4,356 |
Change in fair value (1) | (603) |
Balance at June 30, 2023 | $ | 3,753 |
(1)The changes in the fair value associated with the Fred Hutch success payment liabilities of approximately $(0.6) million are recorded in other (expense) income, net (See Note 3, License, Collaboration and Success Payment Agreements). The changes in the fair value of approximately zero associated with the Stanford success payment liabilities are recorded as research and development expenses.
Schedule of Changes in the Estimated Fair Value of Level 3 Financial Liabilities | The following table sets forth a summary of the changes in the fair value of the Company’s Level 3 liabilities (in thousands):
| Success Payment Liabilities
Balance at December 31, 2022 | $ | 4,356 |
Change in fair value (1) | (603) |
Balance at June 30, 2023 | $ | 3,753 |
(1)The changes in the fair value associated with the Fred Hutch success payment liabilities of approximately $(0.6) million are recorded in other (expense) income, net (See Note 3, License, Collaboration and Success Payment Agreements). The changes in the fair value of approximately zero associated with the Stanford success payment liabilities are recorded as research and development expenses.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb) -SubTopic 10 -Topic 820 -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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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