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Marketable Debt and Equity Securities (Tables)

9 Months Ended

Sep. 30, 2024

The Company’s marketable debt securities held as of September 30, 2024 and December 31, 2023 are summarized below:


September 30, 2024	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	21,028	$	—	$	—	$	21,028
Corporate Securities	161,118		525		—		161,643
Government Securities	562,387		1,419		(132)		563,674
	$	744,533	$	1,944	$	(132)	$	746,345

Reported as
Cash and cash equivalents							$	21,028
Marketable securities							725,317
Total investments							$	746,345


December 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	25,520	$	—	$	—	$	25,520
Corporate Securities	228,382		342		(1)		228,723
Government Securities	413,553		1,037		(76)		414,514
	$	667,455	$	1,379	$	(77)	$	668,757

Reported as
Cash and cash equivalents							$	25,520
Marketable securities							643,237
Total investments							$	668,757

Schedule of Maturities of Marketable Securities

The maturities of the Company’s marketable debt securities as of September 30, 2024 are as follows:


September 30, 2024	Amortized Cost		Estimated Fair Value
(in thousands)
Mature in one year or less	$	433,602	$	435,043
Mature within two years	289,903		290,274
	$	723,505	$	725,317

Schedule of Unrealized Losses on Available-for-Sale Investments

The unrealized losses on available-for-sale investments and their related fair values as of September 30, 2024 and December 31, 2023 are as follows:


	Less than 12 months				12 months or greater
September 30, 2024	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)

Government Securities	$	—	$	—	$	198,710	$	(132)


	Less than 12 months				12 months or greater
December 31, 2023	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	8,073	$	(1)	$	—	$	—
Government Securities	66,546		(76)		—		—
	$	74,619	$	(77)	$	—	$	—

Schedule of Equity Securities with Readily Determinable Fair Value

Equity securities with a readily determinable fair value, which are categorized as Level 1 in the fair value hierarchy under ASC 820, and their fair values (in thousands) as of September 30, 2024 and December 31, 2023 are as follows:


	Fair Value		Fair Value
	September 30, 2024		December 31, 2023
Astria Common Stock	$	—	$	5,360
INmune Common Stock	10,163		21,231
Viridian Common Stock	16,315		15,619
Zenas Common Stock	52,425		—
	$	78,903	$	42,210

Schedule of Equity Securities Without Readily Determinable Fair Value

Equity securities without a readily determinable fair value and their carrying values (in thousands) as of September 30, 2024 and December 31, 2023 are as follows:


	Carrying Value		Carrying Value
	September 30, 2024		December 31, 2023

Zenas Preferred Stock	$	—	$	64,210

Schedule of Net Gains and Losses

Below is a reconciliation of net gain (loss) recorded on equity securities during the three and nine months ended September 30, 2024 and 2023:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Net gain (loss) recorded on equity securities	$	9,254	$	(11,023)	$	(448)	$	(13,633)
Less: Net gain recorded on sale of equity securities	92		—		1,280		—
Unrealized gain (loss) recorded on equity securities held at the reporting date	$	9,162	$	(11,023)	$	(1,728)	$	(13,633)