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Fair Value Measurements
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2025 and December 31, 2024 (in thousands):

 

 

 

 

 

 

Fair Value Measurements at
Reporting Date Using

 

 

 

Total

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

As of June 30, 2025

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

33,770

 

 

$

33,770

 

 

$

—

 

 

$

—

 

U.S. Treasury debt securities

 

 

34,736

 

 

 

34,736

 

 

 

—

 

 

 

—

 

Non-US government securities

 

 

1,716

 

 

 

—

 

 

 

1,716

 

 

 

—

 

Municipal securities

 

 

2,500

 

 

 

—

 

 

 

2,500

 

 

 

—

 

Corporate debt securities

 

 

136,695

 

 

 

—

 

 

 

136,695

 

 

 

—

 

Commercial paper

 

 

32,031

 

 

 

—

 

 

 

32,031

 

 

 

—

 

Total financial assets measured at fair value on a recurring basis

 

$

241,448

 

 

$

68,506

 

 

$

172,942

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock price appreciation milestones

 

$

320

 

 

$

—

 

 

$

—

 

 

$

320

 

Total financial liabilities measured at fair value on a recurring basis

 

$

320

 

 

$

—

 

 

$

—

 

 

$

320

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2024

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

29,491

 

 

$

29,491

 

 

$

—

 

 

$

—

 

U.S. Treasury debt securities

 

 

50,036

 

 

 

50,036

 

 

 

—

 

 

 

—

 

Non-U.S. government securities

 

 

2,995

 

 

 

—

 

 

 

2,995

 

 

 

—

 

Municipal securities

 

 

2,492

 

 

 

—

 

 

 

2,492

 

 

 

—

 

Corporate debt securities

 

 

188,239

 

 

 

—

 

 

 

188,239

 

 

 

—

 

Commercial paper

 

 

26,907

 

 

 

—

 

 

 

26,907

 

 

 

—

 

Total assets measured at fair value on a recurring basis

 

$

300,160

 

 

$

79,527

 

 

$

220,633

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock price appreciation milestones

 

$

527

 

 

$

—

 

 

$

—

 

 

$

527

 

Total financial liabilities measured at fair value on a recurring basis

 

$

527

 

 

$

—

 

 

$

—

 

 

$

527

 

 

Level 1 assets consisted of money market funds and U.S. Treasury securities measured at fair value based on quoted prices in active markets as provided by the Company’s investment managers.

 

Level 2 assets consisted of corporate debt securities, commercial paper, municipal securities, and non-U.S. government securities measured at fair value using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The Company validates the quoted market prices provided by its investment managers by comparing the investment managers’ assessment of the fair values of the Company’s investment portfolio balance against the fair values of the Company’s investment portfolio balance obtained from an independent source.

There were no Level 3 assets held by the Company as of June 30, 2025.

 

Level 3 liabilities consisted of stock price appreciation milestones associated with the Amended MSKCC License as described in detail in Note 2.

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the six months ended June 30, 2025 (in thousands):

 

Balance at December 31, 2024

 

$

527

 

Changes in fair value of stock price appreciation milestones liability

 

 

(280

)

Balance at March 31, 2025

 

$

247

 

Changes in fair value of stock price appreciation milestones liability

 

 

73

 

Balance at June 30, 2025

 

$

320

 

 

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the six months ended June 30, 2024 (in thousands):

 

Balance at December 31, 2023

 

$

1,346

 

Changes in fair value of stock price appreciation milestones liability

 

 

1,394

 

Balance at March 31, 2024

 

$

2,740

 

Changes in fair value of stock price appreciation milestones liability

 

 

(1,556

)

Balance at June 30, 2024

 

$

1,184