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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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 March 31, 2025 and December 31, 2024 (in thousands):
| March 31, 2025
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Money market funds (included in cash equivalents) | $ | 39,509 |  |  | $ | 39,509 |  |  | $ | — |  |  | $ | — |
Total assets | $ | 39,509 |  |  | $ | 39,509 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Warrant liabilities | $ | 2,018 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,018 |
Contingent value right liability | $ | 387,400 |  |  | $ | — |  |  | $ | — |  |  | $ | 387,400 |
Total liabilities | $ | 389,418 |  |  | $ | — |  |  | $ | — |  |  | $ | 389,418 |
| 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 |
Schedule of Cash and Cash Equivalents | The Company’s consolidated statements of cash flows include the following as of March 31, 2025 and 2024 (in thousands):
| March 31, |
| 2025 |  | 2024 |  |  |  |  |
Cash and cash equivalents | $ | 180,434 |  |  | $ | 103,418 |  |  |  |  |  |
Long-term restricted cash | 1,669 |  |  | 1,377 |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 182,103 |  |  | $ | 104,795 |  |  |  |  |  |
Schedule of Restricted Cash | The Company’s consolidated statements of cash flows include the following as of March 31, 2025 and 2024 (in thousands):
| March 31, |
| 2025 |  | 2024 |  |  |  |  |
Cash and cash equivalents | $ | 180,434 |  |  | $ | 103,418 |  |  |  |  |  |
Long-term restricted cash | 1,669 |  |  | 1,377 |  |  |  |  |  |
Total cash, cash equivalents, and restricted cash | $ | 182,103 |  |  | $ | 104,795 |  |  |  |  |  |
Schedule of Fair Value Measurement Inputs and Valuation Techniques for 2022 Warrants Liability and CVR Liability | A summary of the Black-Scholes pricing model assumptions used to record the fair value of the 2022 Warrants liability is as follows:
| March 31, |  | December 31,
| 2025 |  | 2024
Risk-free interest rate | 3.89 | % |  | 4.25 | %
Dividend yield | — |  |  | — |
Expected life (in years) | 2.03 |  | 2.28
Expected volatility | 94.79 | % |  | 92.92 | %
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:
| March 31, |  | December 31,
| 2025 |  | 2024
Estimated cash flow dates | 2025 - 2038 |  | 2025-2038
Estimated probability of success | 95.0% - 100.0% |  | 95.0% - 100.0%
Expected volatility of future revenues | 22.5 | % |  | 22.0 | %
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 11 to these unaudited consolidated financial statements) for the three months ended March 31, 2025 (in thousands):
| Warrant liabilities
Fair value as of December 31, 2024 | $ | 3,836 |
Change in fair value | (1,818) |
Fair value as of March 31, 2025 | $ | 2,018 |
The following table reflects a roll-forward of fair value for the Company’s Level 3 CVR liability for the three months ended March 31, 2025 (in thousands):
| CVR liability
Fair value as of December 31, 2024 | $ | 395,500 |
Distributions | (7,754) |
Change in fair value | (346) |
Fair value as of March 31, 2025 | $ | 387,400 |

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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://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -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 (bbb)(1) -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://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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- 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/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -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 + Details
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