Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of recurring fair value measurement of the Company's assets and liabilities

The recurring fair value measurement of the Company’s assets and liabilities measured at fair value at September 30, 2024 consisted of the following (in thousands):

	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	57,629	$	—	$	—	$	57,629
Short-term investments:
U.S. treasury securities		—		15,979		—		15,979
Total	$	57,629	$	15,979	$	—	$	73,608

The recurring fair value measurement of Reneo’s assets and liabilities measured at fair value at December 31, 2023 consisted of the following (in thousands):

	Quoted Prices in Active Markets For Identical Items (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets
Cash and cash equivalents:
Money market investments	$	10,983	$	—	$	—	$	10,983
U.S. treasury securities		—		9,928		—		9,928
Short-term investments:
U.S. treasury securities		—		75,331		—		75,331
Total	$	10,983	$	85,259	$	—	$	96,242
Liabilities
Performance award	$	—	$	—	$	7	$	7
Total	$	—	$	—	$	7	$	7

Schedule Changes in fair value measurements of the Performance Award

The following table sets forth a summary of changes in the fair value measurements of the Performance Award liability (in thousands):

	Performance Award
Balance as of January 1, 2024	$	7
Change in fair value		(7	)
Balance as of September 30, 2024	$	0