Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Recognized at Fair Value on Recurring Basis

The Company’s financial assets recognized at fair value on a recurring basis consisted of the following:

	December 31, 2024
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	66,898	$	66,898	$	-	$	-
Marketable securities:
U.S. Treasury and other government-backed securities		352,616		169,735		182,881		-
Financial institution debt securities		217,827		-		217,827		-
Corporate debt securities		94,927		-		94,927		-
Other asset-backed securities		7,178		-		7,178		-
Total marketable securities		672,548		169,735		502,813		-
Investment in Kyverna Therapeutics, Inc.		4,390		4,390		-		-
Total assets	$	743,836	$	241,023	$	502,813	$	-
	December 31, 2023
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	136,254	$	136,254	$	-	$	-
Marketable securities:
U.S. Treasury and other government-backed securities		382,308		120,556		261,752		-
Financial institution debt securities		246,119		-		246,119		-
Corporate debt securities		97,408		-		97,408		-
Other asset-backed securities		59,504		-		59,504		-
Total marketable securities		785,339		120,556		664,783		-
Total assets	$	921,593	$	256,810	$	664,783	$	-

Schedule of Change in Fair Value of the Contingent Consideration Liabilities

The following table reconciles the change in fair value of the contingent consideration liability (in thousands):

Balance at December 31, 2022	$	24,026
Change in fair value		100
Payment of contingent consideration		(24,126	)
Balance at December 31, 2023	$	-