v3.25.0.1
Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements

5. Fair Value Measurements

The following tables presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in thousands):

 

 

 

 

 

 

Fair Value Measurements at
Reporting Date Using

 

 

 

Total

 

 

Quoted Prices
in Active
Markets for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

As of December 31, 2024:

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

29,491

 

 

$

29,491

 

 

$

—

 

 

$

—

 

U.S. Treasury debt securities

 

 

50,036

 

 

 

50,036

 

 

 

—

 

 

 

—

 

Non-US government securities

 

 

2,995

 

 

 

—

 

 

 

2,995

 

 

 

—

 

Municipal securities

 

 

2,492

 

 

 

—

 

 

 

2,492

 

 

 

—

 

Corporate debt securities

 

 

188,239

 

 

 

—

 

 

 

188,239

 

 

 

—

 

Commercial paper

 

 

26,907

 

 

 

—

 

 

 

26,907

 

 

 

—

 

Total assets measured at fair value on a recurring basis

 

$

300,160

 

 

$

79,527

 

 

$

220,633

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock price appreciation milestones

 

$

527

 

 

$

—

 

 

$

—

 

 

$

527

 

Total financial liabilities measured at fair value on a recurring basis

 

$

527

 

 

$

—

 

 

$

—

 

 

$

527

 

 

 

 

 

 

 

 

 

 

 

 

 

 

As of December 31, 2023:

 

 

 

 

 

 

 

 

 

 

 

 

Financial assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market fund

 

$

35,273

 

 

$

35,273

 

 

$

—

 

 

$

—

 

U.S. Treasury debt securities

 

 

82,804

 

 

 

82,804

 

 

 

—

 

 

 

—

 

Non-US government securities

 

 

999

 

 

 

—

 

 

 

999

 

 

 

—

 

Municipal securities

 

 

4,997

 

 

 

—

 

 

 

4,997

 

 

 

—

 

Corporate debt securities

 

 

48,087

 

 

 

—

 

 

 

48,087

 

 

 

—

 

Commercial paper

 

 

137,398

 

 

 

—

 

 

 

137,398

 

 

 

—

 

Total assets measured at fair value on a recurring basis

 

$

309,558

 

 

$

118,077

 

 

$

191,481

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Stock price appreciation milestones

 

$

1,346

 

 

$

—

 

 

$

—

 

 

$

1,346

 

Total financial liabilities measured at fair value on a recurring basis

 

$

1,346

 

 

$

—

 

 

$

—

 

 

$

1,346

 

 

Level 1 assets consisted of money market funds and U.S. Treasury securities measured at fair value based on quoted prices in active markets as provided by the Company’s investment managers.

Level 2 assets consisted of corporate debt securities, commercial paper, municipal securities, and non-U.S. government securities measured at fair value using standard observable inputs, including reported trades, broker/dealer quotes, and bids and/or offers. The Company validates the quoted market prices provided by its investment managers by comparing the investment managers’ assessment of the fair values of the Company’s investment portfolio balance against the fair values of the Company’s investment portfolio balance obtained from an independent source.

There were no Level 3 assets held by the Company as of December 31, 2024.

Level 3 liabilities consisted of stock price appreciation milestones associated with the Amended MSKCC License as described in detail in Note 2.

The following table presents the changes in fair value of the Company’s Level 3 stock price appreciation milestones liability (in thousands):

 

Balance at December 31, 2022

 

$

3,861

 

Changes in fair value of stock price appreciation milestones liability

 

 

(2,515

)

Balance at December 31, 2023

 

$

1,346

 

Changes in fair value of stock price appreciation milestones liability

 

 

(819

)

Balance at December 31, 2024

 

$

527

 

None of the Company’s non-financial assets or liabilities are recorded at fair value on a non-recurring basis. No transfers between levels have occurred during the periods presented.