Fair Value Measurement (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Components of Available-for-sale Marketable Securities |
Available-for-sale marketable debt securities consisted of the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | | | | | | | | Corporate debt securities | $ | 164,421 | | | $ | 130 | | | $ | (48) | | | $ | 164,503 | | | | | | | | | | US treasury securities | 84,561 | | | 44 | | | (67) | | | 84,538 | | | | | | | | | | | $ | 248,982 | | | $ | 174 | | | $ | (115) | | | $ | 249,041 | | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Gross Unrealized Gains | | Gross Unrealized Losses | | Estimated Fair Value | | | | | | | | | Corporate debt securities | $ | 233,291 | | | $ | 731 | | | $ | (81) | | | $ | 233,941 | | | | | | | | | | US treasury securities | 84,160 | | | 43 | | | (135) | | | 84,068 | | | $ | 317,451 | | | $ | 774 | | | $ | (216) | | | $ | 318,009 | | | | | | | | | |
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| Schedule of Contractual Maturities of Available-for-sale Debt Securities |
Contractual maturities of available-for-sale debt securities are as follows (in thousands): | | | | | | | | | | | | | | | | | June 30, 2025 | | December 31, 2024 | | Estimated Fair Value | Within one year | $ | 238,918 | | | $ | 249,308 | | | After one but within five years | 10,123 | | | 68,701 | | | $ | 249,041 | | | $ | 318,009 | |
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| Gain (Loss) on Securities |
Equity investment gains (losses) comprised the following (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2025 | | 2024 | | 2025 | | 2024 | | Change in unrealized investment gains (losses) during the year on securities held at the end of the period | $ | 4,640 | | | $ | (28,916) | | | $ | (2,383) | | | $ | 2,253 | | | Investment gains (losses) during the period on securities sold | — | | | — | | | — | | | — | | | Net gains (losses) recognized on equity securities | $ | 4,640 | | | $ | (28,916) | | | $ | (2,383) | | | $ | 2,253 | |
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| Schedule of Fair Value of Assets and Liabilities Measured on a Recurring Basis |
The following table summarizes the financial assets and liabilities that are measured at fair value on a recurring basis and are categorized using the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Level 1 | | Level 2 | | Level 3 | | Total estimated fair value | | Financial assets: | | | | | | | | | Cash equivalents: | | | | | | | | Money market funds | $ | 10,624 | | | $ | — | | | $ | — | | | $ | 10,624 | | | | | | | | | | | | | | | | | | | Total cash equivalents: | 10,624 | | | — | | | — | | | 10,624 | | | | | | | | | | | Available-for-sale marketable securities: | | | | | | | | | | | | | | | | Corporate debt securities | — | | | 164,503 | | | — | | | 164,503 | | | | | | | | | | US treasury securities | 84,538 | | | — | | | — | | | 84,538 | | | | | | | | | | | Total available-for-sale marketable securities: | 84,538 | | | 164,503 | | | — | | | 249,041 | | | | | | | | | | | Immunome marketable equity securities | $ | 16,791 | | | $ | — | | | $ | — | | | $ | 16,791 | | | | | | | | | | Total assets measured at fair value
| $ | 111,953 | | | $ | 164,503 | | | $ | — | | | $ | 276,456 | | Financial liabilities: | | | | | | | | | Contingent consideration | — | | | — | | | 500 | | | 500 | | | Total financial liabilities | $ | — | | | $ | — | | | $ | 500 | | | $ | 500 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | | Level 1 | | Level 2 | | Level 3 | | Total estimated fair value | | | | | | | | | | | Cash equivalents: | | | | | | | | | Money market funds | | $ | 13,723 | | | $ | — | | | $ | — | | | $ | 13,723 | | | | | | | | | | | | Total cash equivalents: | | 13,723 | | | — | | | — | | | 13,723 | | | | | | | | | | | | Available-for-sale marketable securities: | | | | | | | | | | | | | | | | | | Corporate debt securities | | — | | | 233,941 | | | — | | | 233,941 | | | | | | | | | | | US treasury securities | | 84,068 | | | — | | | — | | | 84,068 | | | Total available-for-sale marketable securities: | | 84,068 | | | 233,941 | | | — | | | 318,009 | | | | | | | | | | | | Immunome marketable equity securities | | 19,174 | | | — | | | — | | | 19,174 | | | | | | | | | | | Total assets measured at fair value
| | $ | 116,965 | | | $ | 233,941 | | | $ | — | | | $ | 350,906 | | Financial liabilities: | | | | | | | | | | Contingent consideration | | — | | | — | | | 500 | | | 500 | | | Total financial liabilities | | $ | — | | | $ | — | | | $ | 500 | | | $ | 500 | | | | | | | | | | |
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| Schedule of Measurement Inputs for Contingent Consideration Liability |
The following significant unobservable inputs were used in the valuation of the contingent consideration payable to Zentera pursuant to the Termination Agreement at June 30, 2025: | | | | | | | | | | | | | | | | Contingent Consideration Liability | Fair Value as of June 30, 2025 | Valuation Technique | Unobservable Input | Range | | (in thousands) | | | | | Milestone payment | $ | 500 | | Discounted cash flow | Likelihood of occurrence | 1.0% - 2.4% | | | | Discount rate | 40% | | | | Expected term | Perpetuity |
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| Schedule of Activity for Contingent Consideration |
The following table reflects the activity for the Company’s contingent consideration, measured at fair value using Level 3 inputs (in thousands): | | | | | | Contingent consideration at December 31, 2024 | $ | 500 | | | | | Changes in the fair value of contingent consideration | — | | Contingent consideration at June 30, 2025 | $ | 500 | |
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