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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities 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 December 31, 2024 and 2023 (in thousands):

			December 31, 2024
			Total						Level 1						Level 2						Level 3
Assets:
Money market funds (included in cash equivalents)			$	39,088					$	39,088					$	—					$	—
Total assets			$	39,088					$	39,088					$	—					$	—
Liabilities:
Warrant liabilities			$	3,836					$	—					$	—					$	3,836
Contingent value right liability			395,500						—						—						395,500
Total liabilities			$	399,336					$	—					$	—					$	399,336

			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 statement of cash flows includes the following as of December 31, 2024 and 2023 (in thousands):

						Year Ended December 31,
												2024						2023
Cash and cash equivalents												$	212,610					$	76,911
Long-term restricted cash												1,669						1,377
Total cash, cash equivalents, and restricted cash												$	214,279					$	78,288

Schedule of Restricted Cash

The Company’s consolidated statement of cash flows includes the following as of December 31, 2024 and 2023 (in thousands):

						Year Ended December 31,
												2024						2023
Cash and cash equivalents												$	212,610					$	76,911
Long-term restricted cash												1,669						1,377
Total cash, cash equivalents, and restricted cash												$	214,279					$	78,288

Schedule of Fair Value Measurement Inputs and Valuation Techniques for 2019 Warrants Liability and CVR Liability

A summary of the Black-Scholes pricing model assumptions used to record the fair value of the 2019 Warrants liability as of December 31, 2023 is as follows:

									December 31,
									2023
Risk-free interest rate									4.79		%
Dividend yield									—
Expected life (in years)									0.98
Expected volatility									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:

			December 31,
			2024						2023
Risk-free interest rate			4.25		%				4.01		%
Dividend yield			—						—
Expected life (in years)			2.28						3.28
Expected volatility			92.92		%				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:

			December 31,
			2024
Estimated cash flow dates			2025 - 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 Roll-Forward of Fair Value for the Company’s Level 3 Warrant Liabilities, CVR Liability and Forward Contract Liabilities

The following table reflects a roll-forward of fair value for the Company’s Level 3 warrant liabilities (see Note 12), for the year ended December 31, 2024 (in thousands):

			Warrant liabilities
Fair value as of December 31, 2023			$	6,394
Change in fair value			(2,558)
Fair value as of December 31, 2024			$	3,836

The following table reflects a roll-forward of fair value for the Company’s Level 3 CVR liability for the year ended December 31, 2024 (in thousands):

			CVR liability
Fair value as of December 31, 2023			$	358,600
Change in fair value			36,900
Fair value as of December 31, 2024			$	395,500

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 December 31, 2024			$	—

X

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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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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.

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