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Fair Value Measurements (Tables)

9 Months Ended

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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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.

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