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Fair Value Measurements | 3 Months Ended
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Mar. 31, 2024
Fair Value Measurements |
Fair Value Measurements | 5. Fair Value Measurements As of March 31, 2024 and December 31, 2023, the Company’s financial instruments consisted of cash, cash equivalents, available-for-sale marketable securities, accounts receivable, net – related party, prepaid expenses, restricted cash, accounts payable and accrued liabilities, and liability related to the sales of future royalties and milestones. The fair values of cash, cash equivalents, accounts receivable, net – related party, prepaid expenses, restricted cash, accounts payable and accrued liabilities approximate their carrying values due to the short-term nature of these financial instruments. The fair value of the liability related to the sales of future royalties and milestones also approximates the carrying value. Available-for-sale marketable securities are reported at their fair values, based upon pricing of securities with the same or similar investment characteristics as provided by third-party pricing services. The Company validates the prices provided by its third-party pricing services by reviewing their pricing methods, obtaining market values from other pricing sources, and comparing them to the share prices presented by the third-party pricing services. After completing its validation procedures, the Company did not adjust or override any fair value measurements provided by its third-party pricing services as of March 31, 2024 or December 31, 2023. The following tables summarize the Company’s financial assets measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023. Fair value measurement as of March 31, 2024:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted prices in | ​ | Significant other | ​ | Significant
Financial assets | ​ | ​ | ​ | ​ | active markets for | ​ | observable | ​ | unobservable
​ | ​ | ​ | ​ | ​ | identical assets | ​ | inputs | ​ | inputs
Type of Instrument |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash and cash equivalents: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Money market funds and checking accounts | ​ | $ | 46,996 | ​ | $ | 46,996 | ​ | $ | — | ​ | $ | —
Available-for-sale marketable securities: | ​ |  | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​
U.S. Treasury securities | ​ |  | 13,467 | ​ |  | — | ​ |  | 13,467 | ​ |  | —
U.S. government agency obligations | ​ |  | 7,310 | ​ |  | — | ​ |  | 7,310 | ​ |  | —
Corporate bonds | ​ |  | 2,000 | ​ |  | — | ​ |  | 2,000 | ​ |  | —
Restricted cash: | ​ |  | ​ | ​ |  |  | ​ |  | ​ | ​ |  | ​
Commercial money market account | ​ |  | 1,500 | ​ |  | 1,500 | ​ |  | — | ​ |  | —
Total financial assets | ​ | $ | 71,273 | ​ | $ | 48,496 | ​ | $ | 22,777 | ​ | $ | —
​ Fair value measurement as of December 31, 2023:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | ​ | Quoted prices in | ​ | Significant other | ​ | Significant
Financial assets | ​ | ​ | ​ | ​ | active markets for | ​ | observable | ​ | unobservable
​ | ​ | ​ | ​ | ​ | identical assets | ​ | inputs | ​ | inputs
Type of Instrument |  | Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Cash and cash equivalents: |  | ​ |  |  | ​ |  |  | ​ |  |  | ​ |
Money market funds and checking accounts | ​ | $ | 51,775 | ​ | $ | 51,775 | ​ | $ | — | ​ | $ | —
Available-for-sale marketable securities: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
U.S. Treasury securities | ​ |  | 37,246 | ​ |  | — | ​ |  | 37,246 | ​ |  | —
U.S. government agency obligations | ​ |  | 7,238 | ​ |  | — | ​ |  | 7,238 | ​ |  | —
Corporate bonds | ​ |  | 4,499 | ​ |  | — | ​ |  | 4,499 | ​ |  | —
Restricted cash: | ​ |  |  | ​ |  |  | ​ |  |  | ​ |  |
Commercial money market account | ​ |  | 1,908 | ​ |  | 1,908 | ​ |  | — | ​ |  | —
Total financial assets | ​ | $ | 102,666 | ​ | $ | 53,683 | ​ | $ | 48,983 | ​ | $ | —
​ There were no purchases, sales or maturities of Level 3 financial assets and no unrealized gains or losses related to Level 3 available-for-sale marketable securities during the three months ended March 31, 2024 and 2023. There were no transfers of financial assets into or out of Level 3 classification during each the three months ended March 31, 2024 and 2023.

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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 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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