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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Disclosures [Abstract] |
Schedule of Assets Measured at Fair Value on Recurring Basis | 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 |
Summary of Changes in the Fair Value of the Company's Level 3 Enterprise Fair Value Milestone Payment Liability | 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 Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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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- 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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