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Fair Value Measurements | 9 Months Ended
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Sep. 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 September 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 September 30, 2025 |  |  |  |  |  |  |  |  |  |  |  |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 23,316 |  |  | $ | 23,316 |  |  | $ | — |  |  | $ | — |
U.S. Treasury debt securities |  |  | 41,705 |  |  |  | 41,705 |  |  |  | — |  |  |  | — |
Non-US government securities |  |  | 3,230 |  |  |  | — |  |  |  | 3,230 |  |  |  | — |
Corporate debt securities |  |  | 111,717 |  |  |  | — |  |  |  | 111,717 |  |  |  | — |
Commercial paper |  |  | 34,426 |  |  |  | — |  |  |  | 34,426 |  |  |  | — |
Total financial assets measured at fair value on a recurring basis |  | $ | 214,394 |  |  | $ | 65,021 |  |  | $ | 149,373 |  |  | $ | — |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Stock price appreciation milestones |  | $ | 410 |  |  | $ | — |  |  | $ | — |  |  | $ | 410 |
Total financial liabilities measured at fair value on a recurring basis |  | $ | 410 |  |  | $ | — |  |  | $ | — |  |  | $ | 410 |
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 September 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 nine months ended September 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 |
Changes in fair value of stock price appreciation milestones liability |  |  | 90 |
Balance at September 30, 2025 |  | $ | 410 |
The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability for the nine months ended September 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 |
Changes in fair value of stock price appreciation milestones liability |  |  | 13 |
Balance at September 30, 2024 |  | $ | 1,197 |

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: 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 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 107 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-107 Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 100 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-100 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2E Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-6A Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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