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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2025 and December 31, 2024 (in thousands):

			June 30, 2025
			Total						Level 1						Level 2						Level 3
Assets:
Money market funds (included in cash equivalents)			$	39,933					$	39,933					$	—					$	—
Total assets			$	39,933					$	39,933					$	—					$	—
Liabilities:
Warrant liabilities			$	1,364					$	—					$	—					$	1,364
Contingent value right liability			$	352,100					$	—					$	—					$	352,100
Total liabilities			$	353,464					$	—					$	—					$	353,464

			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 June 30, 2025 and 2024 (in thousands):

			June 30,
			2025						2024
Cash and cash equivalents			$	160,324					$	87,227
Long-term restricted cash			1,735						1,669
Total cash, cash equivalents, and restricted cash			$	162,059					$	88,896

Schedule of Restricted Cash

The Company’s consolidated statements of cash flows include the following as of June 30, 2025 and 2024 (in thousands):

			June 30,
			2025						2024
Cash and cash equivalents			$	160,324					$	87,227
Long-term restricted cash			1,735						1,669
Total cash, cash equivalents, and restricted cash			$	162,059					$	88,896

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:

			June 30,						December 31,
			2025						2024
Risk-free interest rate			3.72		%				4.25		%
Dividend yield			—						—
Expected life (in years)			1.78						2.28
Expected volatility			104.15		%				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:

			June 30,						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 six months ended June 30, 2025 (in thousands):

			Warrant liabilities
Fair value as of December 31, 2024			$	3,836
Change in fair value			(2,472)
Fair value as of June 30, 2025			$	1,364

The following table reflects a roll-forward of fair value for the Company’s Level 3 CVR liability for the six months ended June 30, 2025 (in thousands):

			CVR liability
Fair value as of December 31, 2024			$	395,500
Distributions			(7,754)
Change in fair value			(35,646)
Fair value as of June 30, 2025			$	352,100

X

- 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.

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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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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).

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