v3.25.2
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2025
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value of Financial Assets and Liabilities

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at June 30, 2025 (in thousands):

 

 

Carrying
amount

 

 

Fair
value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

252,176

 

 

$

252,176

 

 

$

252,176

 

 

$

—

 

 

$

—

 

Commercial paper

 

 

29,956

 

 

 

29,956

 

 

 

—

 

 

 

29,956

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

331,877

 

 

 

331,877

 

 

 

—

 

 

 

331,877

 

 

 

—

 

Corporate notes

 

 

142,737

 

 

 

142,737

 

 

 

—

 

 

 

142,737

 

 

 

—

 

U.S. Treasury securities

 

 

314,731

 

 

 

314,731

 

 

 

—

 

 

 

314,731

 

 

 

—

 

U.S. Government securities

 

 

68,745

 

 

 

68,745

 

 

 

—

 

 

 

68,745

 

 

 

—

 

Corporate equity securities

 

 

10,115

 

 

 

10,115

 

 

 

10,115

 

 

 

—

 

 

 

—

 

Total assets

 

$

1,150,337

 

 

$

1,150,337

 

 

$

262,291

 

 

$

888,046

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Success payment liability – Harvard

 

$

1,700

 

 

$

1,700

 

 

$

—

 

 

$

—

 

 

$

1,700

 

Success payment liability – Broad Institute

 

 

2,200

 

 

 

2,200

 

 

 

—

 

 

 

—

 

 

 

2,200

 

Derivative settlement liability

 

 

6,497

 

 

 

6,497

 

 

 

—

 

 

 

—

 

 

 

6,497

 

Contingent consideration liability – Technology

 

 

520

 

 

 

520

 

 

 

—

 

 

 

—

 

 

 

520

 

Contingent consideration liability – Product

 

 

666

 

 

 

666

 

 

 

—

 

 

 

—

 

 

 

666

 

Total liabilities

 

$

11,583

 

 

$

11,583

 

 

$

—

 

 

$

—

 

 

$

11,583

 

 

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2024 (in thousands):

 

 

Carrying
amount

 

 

Fair
value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

281,786

 

 

 

281,786

 

 

$

281,786

 

 

$

—

 

 

$

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

181,296

 

 

 

181,296

 

 

 

—

 

 

 

181,296

 

 

 

—

 

Corporate notes

 

 

100,165

 

 

 

100,165

 

 

 

—

 

 

 

100,165

 

 

 

—

 

U.S. Treasury securities

 

 

164,770

 

 

 

164,770

 

 

 

—

 

 

 

164,770

 

 

 

—

 

U.S. Government securities

 

 

114,761

 

 

 

114,761

 

 

 

—

 

 

 

114,761

 

 

 

—

 

Corporate equity securities

 

 

7,781

 

 

 

7,781

 

 

 

7,781

 

 

 

—

 

 

 

—

 

Total assets

 

$

850,559

 

 

$

850,559

 

 

$

289,567

 

 

$

560,992

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Success payment liability – Harvard

 

$

3,900

 

 

$

3,900

 

 

$

—

 

 

$

—

 

 

$

3,900

 

Success payment liability – Broad Institute

 

 

4,500

 

 

 

4,500

 

 

 

—

 

 

 

—

 

 

 

4,500

 

Derivative settlement liability

 

 

5,404

 

 

 

5,404

 

 

 

—

 

 

 

—

 

 

 

5,404

 

Contingent consideration liability – Technology

 

 

496

 

 

 

496

 

 

 

—

 

 

 

—

 

 

 

496

 

Contingent consideration liability – Product

 

 

635

 

 

 

635

 

 

 

—

 

 

 

—

 

 

 

635

 

Total liabilities

 

$

14,935

 

 

$

14,935

 

 

$

—

 

 

$

—

 

 

$

14,935

 
Summary Of Other Income (Expense) Recorded Due To Changes In Fair Value Of Corporate Equity Securities Held

The following table summarizes other income (expense) recorded due to changes in the fair value of corporate equity securities held (in thousands):

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2025

 

 

2024

 

 

2025

 

 

2024

 

Other income (expense)

 

$

4,415

 

 

$

(7,586

)

 

$

2,334

 

 

$

(10,939

)
Success Payment Liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:

 

 

 

Harvard

 

 

Broad Institute

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

June 30,
2025

 

 

December 31,
2024

 

Fair value of common stock (per share)

 

$

17.01

 

 

$

24.80

 

 

$

17.01

 

 

$

24.80

 

Expected volatility

 

 

76

%

 

 

78

%

 

 

78

%

 

 

81

%

Expected term (years)

 

0.02-3.99

 

 

0.03-4.49

 

 

0.02-4.86

 

 

0.03-5.36

 
Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):

 

 

 

Six Months Ended June 30, 2025

 

 

 

Harvard

 

 

Broad Institute

 

 

Total

 

Balance at December 31, 2024

 

$

3,900

 

 

$

4,500

 

 

$

8,400

 

Change in fair value

 

 

(2,200

)

 

 

(2,300

)

 

 

(4,500

)

Balance at June 30, 2025

 

$

1,700

 

 

$

2,200

 

 

$

3,900

 
Derivative Liability  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Variables Included in Calculation of Estimated Fair Value

The following assumptions were incorporated in the calculation of the fair value of the derivative liability:

 

 

Milestones

 

 

 

June 30,
2025

 

 

December 31,
2024

 

Discount rate

 

 

10.00

%

 

 

10.00

%

Probability of achievement of settlement payments

 

3%-44%

 

 

3%-44%

 

Projected year of achievement of settlement payments

 

2026-2038

 

 

2027-2038

 
Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in fair value of the derivative liability based on level 3 inputs (in thousands):

 

 

Six Months Ended June 30, 2025

 

 

 

Total

 

Balance at December 31, 2024

 

$

5,404

 

Change in fair value

 

 

1,093

 

Balance at June 30, 2025

 

$

6,497

 

 
Contingent Consideration Liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:

 

 

Technology Milestones

 

 

Product Milestones

 

 

 

 

June 30,
2025

 

 

December 31,
2024

 

 

June 30,
2025

 

 

December 31,
2024

 

 

Discount rate

 

 

10.00

%

 

 

10.00

%

 

 

10.00

%

 

 

10.00

%

 

Probability of achievement

 

 

2

%

 

 

2

%

 

1-2%

 

 

1-2%

 

 

Projected year of achievement

 

2026

 

 

2026

 

 

2028-2034

 

 

2028-2034

 

 
Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):

 

 

Six Months Ended June 30, 2025

 

 

 

Technology Milestones

 

 

Product Milestones

 

 

Total

 

Balance at December 31, 2024

 

$

496

 

 

$

635

 

 

$

1,131

 

Change in fair value

 

 

24

 

 

 

31

 

 

 

55

 

Balance at June 30, 2025

 

$

520

 

 

$

666

 

 

$

1,186