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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2024
Accounting Policies [Abstract]  
Summary of Fair Value Measurement Financial Assets
Financial assets measured at fair value on a recurring basis were as follows (in thousands):
Fair Value Measurement at December 31, 2024
TotalLevel 1Level 2
Assets:
Money market funds$67,886 $67,886 $— 
U.S Treasury securities5,000 — 5,000 
Government-sponsored enterprises3,994 — 3,994 
Corporate debt securities25,548 — 25,548 
Total assets measured at fair value (a)
$102,428 $67,886 $34,542 
Fair Value Measurement at December 31, 2023
TotalLevel 1Level 2
Assets:
Money market funds$91,665 $91,665 $— 
U.S Treasury securities31,179 — 31,179 
Government-sponsored enterprise45,043 — 45,043 
Corporate debt securities52,627 — 52,627 
Total assets measured at fair value (b)
$220,514 $91,665 $128,849 
(a) Total assets measured at fair value at December 31, 2024 includes approximately $83.6 million reported as cash and cash equivalents and $18.8 million reported as marketable securities on the balance sheet.
(b) Total assets measured at fair value at December 31, 2023 includes approximately $91.7 million reported as cash and cash equivalents and $128.8 million reported as marketable securities on the balance sheet.
Summary of Percentage of Customer Concentration The following table includes those counterparties that represent more than 10% of total revenue earned in the periods indicated:
Year Ended December 31,
202420232022
Incyte Corporation (Incyte)76%53%26%
McKesson Plasma & Biologics and McKesson Specialty Care Distribution LLC (McKesson)*12%*
ASD Healthcare and Oncology Supply (ASD)*10%*
Provention Bio, Inc. (Provention)*10%43%
Zai Lab Limited (Zai Lab)**15%
* Amount is less than 10% for the period indicated.
The following table includes those counterparties that represent more than 10% of accounts receivable at the date indicated:
December 31,
20242023
Incyte39%25%
ASD18%15%
McKesson13%16%
Cardinal Health, Inc.12%18%
Zai Lab*12%
* Balance is less than 10% as of the date indicated.
Estimated Useful Lives Depreciation and amortization are computed using the straight-line method over the following estimated useful lives:
Computer equipment3 years
Software3 years
Furniture10 years
Laboratory and office equipment5 years
Leasehold improvementsShorter of lease term or useful life
Schedule of Stock Options and RSUs Excluded from the Calculation of Net Loss Per Share The following table presents the number of stock options and RSUs that were excluded from the calculation of net loss per share:
Year Ended December 31,
202420232022
Stock options and RSUs14,008,51113,129,25110,514,013