Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of June 30, 2024:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	114,454	$	—	$	—	$	114,454
U.S. treasury bills		—		7,995		—	$	7,995
Total cash equivalents		114,454		7,995		—		122,449
Investments:
U.S. treasury bills		—		477,868		—	$	477,868
U.S. agency securities		—		76,422		—	$	76,422
Total investments		—		554,290		—		554,290
Total assets	$	114,454	$	562,285	$	—	$	676,739
Liabilities
Contingent Milestone Payments	$	—	$	—	$	—	$	—
Total liabilities	$	—	$	—	$	—	$	—

	Fair Value Measurements as of December 31, 2023:
	Level 1		Level 2		Level 3		Total
	(in thousands)
Assets
Cash equivalents:
Money market funds	$	140,466	$	—	$	—	$	140,466
Total cash equivalents		140,466		—		—		140,466
Investments:
U.S. treasury bills		—		416,008		—		416,008
U.S. agency securities		—		190,342		—		190,342
Total investments		—		606,350		—		606,350
Total assets	$	140,466	$	606,350	$	—	$	746,816
Liabilities
Contingent Milestone Payments	$	—	$	—	$	8,206	$	8,206
Total liabilities	$	—	$	—	$	8,206	$	8,206

Schedule of Changes in Contingent Consideration Liability

The following table reconciles the change in the contingent consideration liability:

	Three Months Ended June 30,						Six Months Ended June 30,
	2024			2023			2024			2023
	(in thousands)
Balance at beginning of period	$	11,374		$	31,375		$	13,206		$	32,378
Change in fair value of Contingent Milestone Payments		(6,374	)		(2,152	)		(8,206	)		(3,155	)
Change in fair value of Contingent Earnout Payments		(5,000	)		—			(5,000	)		—
	$	—		$	29,223		$	—		$	29,223