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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured at Fair Value on a Recurring Basis | The following tables present the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2024 and December 31, 2023 (in thousands):
| September 30, 2024
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Money market funds (included in cash equivalents) | $ | 38,622 |  |  | $ | 38,622 |  |  | $ | — |  |  | $ | — |
Total assets | $ | 38,622 |  |  | $ | 38,622 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrant liabilities | $ | 3,591 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,591 |
Contingent value right liability | $ | 410,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 410,500 |
Total liabilities | $ | 414,091 |  |  | $ | — |  |  | $ | — |  |  | $ | 414,091 |
| December 31, 2023
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Money market funds (included in cash equivalents) | $ | 41,161 |  |  | $ | 41,161 |  |  | $ | — |  |  | $ | — |
Total assets | $ | 41,161 |  |  | $ | 41,161 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrant liabilities | $ | 6,394 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,394 |
Contingent value right liability | $ | 358,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 358,600 |
Forward contract liabilities | $ | 28,307 |  |  | $ | — |  |  | $ | 28,307 |  |  | $ | — |
Total liabilities | $ | 393,301 |  |  | $ | — |  |  | $ | 28,307 |  |  | $ | 364,994 |
Schedule of Cash and Cash Equivalents | The Company’s consolidated statements of cash flows include the following as of September 30, 2024 and 2023 (in thousands):
| September 30, |
| 2024 |  | 2023 |  |  |  |  |
Cash and cash equivalents | $ | 219,198 |  |  | $ | 79,603 |  |  |  |  |  |
Long-term restricted cash | 1,669 |  |  | 1,377 |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 220,867 |  |  | $ | 80,980 |  |  |  |  |  |
Schedule of Restricted Cash and Cash Equivalents | The Company’s consolidated statements of cash flows include the following as of September 30, 2024 and 2023 (in thousands):
| September 30, |
| 2024 |  | 2023 |  |  |  |  |
Cash and cash equivalents | $ | 219,198 |  |  | $ | 79,603 |  |  |  |  |  |
Long-term restricted cash | 1,669 |  |  | 1,377 |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 220,867 |  |  | $ | 80,980 |  |  |  |  |  |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | A summary of the Black-Scholes pricing model assumptions used to record the fair value of the 2019 Warrants liability is as follows:
| September 30, |  | December 31,
| 2024 |  | 2023
Risk-free interest rate | 4.73 | % |  | 4.79 | %
Dividend yield | — |  |  | — |
Expected life (in years) | 0.23 |  | 0.98
Expected volatility | 81.13 | % |  | 83.67 | %
A summary of the Black-Scholes pricing model assumptions used to record the fair value of the 2022 Warrants liability is as follows:
| September 30, |  | December 31,
| 2024 |  | 2023
Risk-free interest rate | 3.58 | % |  | 4.01 | %
Dividend yield | — |  |  | — |
Expected life (in years) | 2.53 |  | 3.28
Expected volatility | 93.95 | % |  | 84.09 | %
The significant inputs used to estimate the fair value of the CVR liability, which represented a financial instrument being accounted for under the fair value option, were as follows:
| September 30, |  |
| 2024 |  |
Estimated cash flow dates | 2024-2038 |  |
Estimated probability of success | 95.0% - 100.0% |  |
Expected volatility of future revenues | 22.0 | % |  |
|  |  | December 31,
|  |  | 2023
Estimated cash flow dates |  |  | 2024 - 2038
Estimated probability of success |  |  | 95.0 | %
Risk-adjusted discount rate |  |  | 13.7 | %
Schedule of Changes in the Warrant Liabilities | The following table reflects a roll-forward of fair value for the Company’s Level 3 warrant liabilities (see Note 11 to these unaudited consolidated financial statements) for the nine months ended September 30, 2024 (in thousands):
| Warrant liabilities
Fair value as of December 31, 2023 | $ | 6,394 |
Change in fair value | (2,803) |
Fair value as of September 30, 2024 | $ | 3,591 |
The following table reflects a roll-forward of fair value for the Company's Level 3 CVR liability for the nine months ended September 30, 2024 (in thousands):
| CVR liability
Fair value as of December 31, 2023 | $ | 358,600 |
Change in fair value | 51,900 |
Fair value as of September 30, 2024 | $ | 410,500 |
The following table presents changes in the forward contract liabilities for the periods presented (in thousands):
| Forward contract liabilities
Fair value as of December 31, 2023 | $ | 28,307 |
Settlements | (35,197) |
Change in fair value | 6,890 |
Fair value as of September 30, 2024 | $ | — |

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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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