Fair Value of Financial Assets and Liabilities (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value of Financial Assets and Liabilities

Schedule of financial assets and liabilities measured at fair value on a recurring basis

	Fair Value Measurements as of
	September 30, 2023 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	52,666	$	—	$	—	$	52,666
Marketable securities:
Corporate debt securities and commercial paper		—		234,667		—		234,667
Total	$	52,666	$	234,667	$	—	$	287,333
Liabilities:
Derivative liability	$	—	$	—	$	1,190	$	1,190
Total	$	—	$	—	$	1,190	$	1,190

	Fair Value Measurements as of
	December 31, 2022 using:
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Commercial paper	$	—	$	8,484	$	—	$	8,484
Money market funds		99,962		—		—		99,962
Marketable securities:
Corporate debt securities and commercial paper		—		205,611		—		205,611
Total	$	99,962	$	214,095	$	—	$	314,057
Liabilities:
Derivative liability	$	—	$	—	$	1,340	$	1,340
Total	$	—	$	—	$	1,340	$	1,340

Schedule of fair value net derivative asset liability measured on recurring Basis

	Nine months ended
	September 30,
	2023		2022
Beginning aggregate estimated fair value of Level 3 RareStone equity	$	—	$	—
Initial recording of RareStone equity		—		1,040
Change in fair value of embedded derivative		—		(1,040)
Ending aggregate estimated fair value of Level 3 RareStone equity	$	—	$	—
	Nine months ended
	September 30,
	2023		2022
Beginning aggregate estimated fair value of Level 3 liabilities	$	1,340	$	—
Initial recording of embedded derivative		—		1,590
Change in fair value of embedded derivative		(150)		(670)
Ending aggregate estimated fair value of Level 3 liabilities	$	1,190	$	920

Schedule of marketable securities

	September 30, 2023
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Assets
Corporate debt securities and commercial paper (due within 1 year)	$	234,842	$	11	$	(185)	$	234,668
	$	234,842	$	11	$	(185)	$	234,668

	December 31, 2022
			Gross		Gross
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
Assets
Corporate debt securities and commercial paper (due within 1 year)	$	205,702	$	—	$	(91)	$	205,611
	$	205,702	$	—	$	(91)	$	205,611