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Fair Value of Financial Instruments (Tables)
9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
Schedule of Fair Value of Financial Instruments, Assets and Liabilities

The following tables set forth the fair value of the Company’s financial instruments by level within the fair value hierarchy:

 

 

 

As of September 30, 2023

 

(in thousands)

 

Fair
value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

57,567

 

 

$

57,567

 

 

$

 

 

$

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills and notes

 

 

112,653

 

 

 

 

 

 

112,653

 

 

 

 

U.S. agency securities

 

 

294,203

 

 

 

 

 

 

294,203

 

 

 

 

Total assets

 

$

464,423

 

 

$

57,567

 

 

$

406,856

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Success payment liability

 

$

2,007

 

 

$

 

 

$

 

 

$

2,007

 

Total liabilities

 

$

2,007

 

 

$

 

 

$

 

 

$

2,007

 

 

 

 

 

As of December 31, 2022

 

(in thousands)

 

Fair
value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

105,303

 

 

$

105,303

 

 

$

 

 

$

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. treasury bills and notes

 

 

228,144

 

 

 

 

 

 

228,144

 

 

 

 

U.S. agency securities

 

 

211,252

 

 

 

 

 

 

211,252

 

 

 

 

Total assets

 

$

544,699

 

 

$

105,303

 

 

$

439,396

 

 

$

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Success payment liability

 

$

2,885

 

 

$

 

 

$

 

 

$

2,885

 

Total liabilities

 

$

2,885

 

 

$

 

 

$

 

 

$

2,885

 

Schedule of Fair Value Liabilities Measured on Recurring Basis

The primary inputs used in valuing the success payment liability at September 30, 2023 and December 31, 2022, were as follows:

 

 

 

At
September 30,
2023

 

 

At
December 31,
2022

 

Fair value of common stock (per share)

 

$

13.26

 

 

$

19.35

 

Equity volatility

 

 

84

%

 

 

84

%

Schedule of Reconciliation of Changes in Fair Value of Financial Instruments

The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the nine months ended September 30, 2023 is as follows:

 

(in thousands)

 

Success
payment
liability

 

Balance at December 31, 2022

 

$

2,885

 

Changes in fair value

 

 

(878

)

Balance at September 30, 2023

 

$

2,007

 

 

The reconciliation of change in the fair value of financial instruments based on Level 3 inputs for the nine months ended September 30, 2022 is as follows:

 

(in thousands)

 

Success
payment
liability

 

Balance at December 31, 2021

 

$

4,371

 

Changes in fair value

 

 

691

 

Balance at September 30, 2022

 

$

5,062