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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
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):
| March 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Money market funds | $ | 50,808 |  |  | $ | — |  |  | $ | — |  |  | $ | 50,808 |
U.S. Treasury securities | — |  |  | 343,194 |  |  | — |  |  | 343,194 |
U.S. government agency securities | — |  |  | 38,427 |  |  | — |  |  | 38,427 |
Corporate debt securities | — |  |  | 68,682 |  |  | — |  |  | 68,682 |
Marketable equity securities | 1,535 |  |  | — |  |  | — |  |  | 1,535 |
Total financial assets | $ | 52,343 |  |  | $ | 450,303 |  |  | $ | — |  |  | $ | 502,646 |
Financial liabilities: |  |  |  |  |  |  |
Success payment liabilities | $ | — |  |  | $ | — |  |  | $ | 2,544 |  |  | $ | 2,544 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 2,544 |  |  | $ | 2,544 |
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Financial assets: |  |  |  |  |  |  |
Money market funds | $ | 62,075 |  |  | $ | — |  |  | $ | — |  |  | $ | 62,075 |
U.S. Treasury securities | — |  |  | 374,356 |  |  | — |  |  | 374,356 |
U.S. government agency securities | — |  |  | 48,750 |  |  | — |  |  | 48,750 |
Corporate debt securities | — |  |  | 59,606 |  |  | — |  |  | 59,606 |
Total financial assets | $ | 62,075 |  |  | $ | 482,712 |  |  | $ | — |  |  | $ | 544,787 |
Financial liabilities: |  |  |  |  |  |  |
Success payment liabilities | $ | — |  |  | $ | — |  |  | $ | 1,576 |  |  | $ | 1,576 |
Total financial liabilities | $ | — |  |  | $ | — |  |  | $ | 1,576 |  |  | $ | 1,576 |
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 as of December 31, 2023:
|  | December 31, 2023
Fair value of common stock |  | $ | 1.94 |
Risk-free interest rate |  | 3.51% - 5.19%
Expected volatility |  | 80.0 | %
Expected term (in years) |  | 0.46 - 3.97
The following assumptions were incorporated into the calculation of the estimated fair value of the Stanford success payment liability as of December 31, 2023:
|  | December 31, 2023
Fair value of common stock |  | $ | 1.94 |
Risk-free interest rate |  | 3.51% - 5.19%
Expected volatility |  | 80.0 | %
Expected term (in years) |  | 0.46 - 5.75
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 financial liabilities (in thousands):
| Success Payment Liabilities
Balance at December 31, 2023 | $ | 1,576 |
Change in fair value (1) | 968 |
Balance at March 31, 2024 | $ | 2,544 |
(1)The change in the fair value associated with the Fred Hutch success payment liabilities is recorded in other income, net. The change in the fair value associated with the Stanford success payment liabilities is recorded as research and development expenses. (See Note 3, License, Collaboration and Success Payment Agreements).

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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 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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