FAIR VALUE MEASUREMENTS (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value of Assets Measured on a Recurring Basis

The following tables present information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:


(In thousands)	As of December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	166,059	$	166,059	$	—	$	—
U.S. treasury securities	30,712		—		30,712		—

Commercial paper	2,685		—		2,685		—

Corporate notes	762		—		762		—
Marketable debt securities:
U.S. treasury securities	862,022		—		862,022		—
U.S. government-sponsored enterprise securities	441,341		—		441,341		—
Corporate notes	252,350		—		252,350		—
Commercial paper	56,216		—		56,216		—
Certificates of deposit	3,587		—		3,587		—

Marketable equity securities	11,178		11,178		—		—
Restricted cash (money market funds)	1,210		1,210		—		—
Total financial assets	$	1,828,122	$	178,447	$	1,649,675	$	—
Financial liabilities
Development derivative liability	$	324,941	$	—	$	—	$	324,941


(In thousands)	As of December 31, 2022		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	270,394	$	270,394	$	—	$	—
U.S. treasury securities	44,817		—		44,817		—
U.S. government-sponsored enterprise securities	41,763		—		41,763		—
Commercial paper	22,350		—		22,350		—
Certificates of deposit	3,289		—		3,289		—
Corporate notes	1,024		—		1,024		—
Marketable debt securities:
U.S. treasury securities	820,913		—		820,913		—
U.S. government-sponsored enterprise securities	230,770		—		230,770		—
Corporate notes	208,284		—		208,284		—
Commercial paper	36,793		—		36,793		—
Certificates of deposit	1,130		—		1,130		—
Marketable equity securities	28,122		28,122		—		—
Restricted cash (money market funds)	1,197		1,197		—		—
Total financial assets	$	1,710,846	$	299,713	$	1,411,133	$	—
Financial liabilities
Development derivative liability	$	209,277	$	—	$	—	$	209,277