Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of Financial Assets Measured at Fair Value on Recurring Basis and Level of Inputs used in such Measurements

The following tables show the Company’s financial assets measured at fair value on a recurring basis and the level of inputs used in such measurements as of March 31, 2025 and December 31, 2024 (in thousands):


	March 31, 2025
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,321	$	—	$	—		$	1,321
Money market funds		16,478		—		—			16,478	Level 1
Commercial paper		53,213		—		(11	)		53,202	Level 2
Total cash and cash equivalents		71,012		—		(11	)		71,001
Short-term investments:
Commercial paper		11,872		—		(4	)		11,868	Level 2
Corporate debt securities		499		—		—			499	Level 2
U.S. agency securities		2,817		—		—			2,817	Level 2
U.S. government securities		99,493		17		(7	)		99,503	Level 2
Total short-term investments		114,681		17		(11	)		114,687
Total assets measured at fair value	$	185,693	$	17	$	(22	)	$	185,688

	December 31, 2024
	Adjusted Cost		Unrealized Gains		Unrealized Losses			Fair Value		Fair Value Level
Assets
Cash and cash equivalents:
Cash	$	1,152	$	—	$	—		$	1,152
Money market funds		44,524		—		—			44,524	Level 1
Commercial paper		39,291		—		(6	)		39,285	Level 2
U.S. agency securities		6,453		1		—			6,454	Level 2
Total cash and cash equivalents		91,420		1		(6	)		91,415
Short-term investments:
Commercial paper		8,697		1		(1	)		8,697	Level 2
Corporate debt securities		498		—		—			498	Level 2
U.S. agency securities		2,330		—		—			2,330	Level 2
U.S. government securities		82,042		33		(6	)		82,069	Level 2
Total short-term investments		93,567		34		(7	)		93,594
Total assets measured at fair value	$	184,987	$	35	$	(13	)	$	185,009

The amortized costs and fair value of marketable debt securities (excluding cash and money market funds) by contractual maturity, at March 31, 2025 are as follows (in thousands):


	March 31, 2025
	Amortized Cost		Fair Value
Less than 1 year	$	160,931	$	160,924
1 to 5 years		6,963		6,965
Total	$	167,894	$	167,889

Amortized Costs and Fair Value of Marketable Debt Securities by Contractual Maturity

The amortized costs and fair value of marketable debt securities (excluding cash and money market funds) by contractual maturity, at March 31, 2025 are as follows (in thousands):


	March 31, 2025
	Amortized Cost		Fair Value
Less than 1 year	$	160,931	$	160,924
1 to 5 years		6,963		6,965
Total	$	167,894	$	167,889

Schedule of Risk-free Interest Rate Based on U.S. Treasury Yield Curve Over Expected Term of Warrants

Assumptions used are listed below, which are Level 3 fair value inputs. Expected term was equal to the then-remaining contractual periods of each of the two warrants. Expected volatility was based on the Company's actual historical volatility over the expected terms of the warrants. The risk-free interest rate was based on the U.S. Treasury yield curve over the expected terms of the warrants. Refer to Note 8. Related Party Transactions for further information about the warrants issued to Tempus.


	As of March 31, 2024
Expected term (in years)	0.75 - 1.75
Volatility	103.91 - 106.32%
Risk-free interest rate	4.70 - 5.21%
Dividend yield	–%
Total fair value of Tempus Warrants (in thousands)	$	5,262

Schedule of the Changes in the Fair Value of the Companies Level 3 Financial Instruments

The following table sets forth a summary of the changes in fair value of the Tempus Warrants, which are classified as Level 3 financial instruments (in thousands):


	Warrant Liabilities
Beginning balance — December 31, 2023	$	10,027
Change in fair value—recognized as non-cash gain within Other income (expense), net		(4,765	)
Ending balance — March 31, 2024	$	5,262