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Fair Value Measurements (Tables)

9 Months Ended

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

X

- 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

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X

- References

No definition available.

+ Details

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X

- 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

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