Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on Recurring Basis

Financial assets and liabilities measured at fair value on a recurring basis are summarized as follows (in thousands):

	September 30, 2024
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	65,006	$	—	$	—
U.S. treasury securities		—		116,104		—
Total cash equivalents		65,006		116,104		—
Marketable securities:
U.S. treasury securities		—		188,007		—
U.S. government agency securities		—		106,718		—
Total marketable securities		—		294,725		—
Total assets	$	65,006	$	410,829	$	—

	December 31, 2023
	Level 1		Level 2		Level 3
Assets
Cash equivalents:
Money market funds	$	55,001	$	—	$	—
U.S. treasury securities		—		255,419		—
Total cash equivalents		55,001		255,419		—
Total assets	$	55,001	$	255,419	$	—

Summary of Changes in Fair Value of the Level 3 Liabilities

The following table provides a summary of changes in fair value of the CVR liability for the nine months ended September 30, 2023 (in thousands):

	Level 3 Rollforward
Balance at December 31, 2022	$	—
Change in fair value of contingent value right liability		—
Balance at March 31, 2023		—
Change in fair value of contingent value right liability		1,500
Balance at June 30, 2023		1,500
Change in fair value of contingent value right liability		—
Balance at September 30, 2023	$	1,500