
March 31, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	56,705	$	—	$	—	$	56,705
Corporate Securities	189,658		—		(632)		189,026
Government Securities	289,878		55		(3,037)		286,896
	$	536,241	$	55	$	(3,669)	$	532,627

Reported as
Cash and cash equivalents							$	56,705
Marketable securities							475,922
Total investments							$	532,627


December 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	40,967	$	—	$	—	$	40,967
Corporate Securities	201,752		—		(1,126)		200,626
Government Securities	335,705		3		(5,819)		329,889
	$	578,424	$	3	$	(6,945)	$	571,482

Reported as
Cash and cash equivalents							$	40,967
Marketable securities							530,515
Total investments							$	571,482


March 31, 2023	Amortized Cost		Estimated Cost Fair Value
(in thousands)
Mature in one year or less	$	479,536	$	475,922
Mature within two years	—		—
	$	479,536	$	475,922

The unrealized losses on available-for-sale investments and their related fair values as of March 31, 2023 and December 31, 2022 are as follows:


	Less than 12 months				12 months or greater
March 31, 2023	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	119,220	$	(632)	$	—	$	—
Government Securities	232,044		(3,037)		—		—
	$	351,264	$	(3,669)	$	—	$	—


	Less than 12 months				12 months or greater
December 31, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	132,658	$	(1,121)	$	3,826	$	(5)
Government Securities	324,933		(5,819)		—		—
	$	457,591	$	(6,940)	$	3,826	$	(5)

The unrealized losses from the available-for-sale securities are primarily due to changes in the interest rate environment and not changes in the credit quality of the underlying securities in the portfolio.

The Company’s equity securities include securities with a readily determinable fair value. These investments are carried at fair value with changes in fair value recognized each period and reported within other income (expense). For the three months ended March 31, 2023 and March 31, 2022, a loss of $2.9 million and a loss of $3.4 million, respectively, were recorded under other income (expense) related to these securities. 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 March 31, 2023 and December 31, 2022 are as follows:


	Fair Value		Fair Value
	March 31, 2023		December 31, 2022
Astria Common Stock	$	9,282	$	9,529
INmune Common Stock	12,180		11,954
Viridian Common Stock	18,244		20,948
	$	39,706	$	42,431

The Company also has investments in equity securities without a readily determinable fair value. The Company elects the measurement alternative to record these investments at their initial cost and evaluate such investments at each reporting period for evidence of impairment, or observable price changes in orderly transactions for the identical or a similar investment of the same issuer. Equity securities without a readily determinable fair value and their carrying values (in thousands) as of March 31, 2023 and December 31, 2022 are as follows:


	Carrying Value		Carrying Value
	March 31, 2023		December 31, 2022
Astria Preferred Stock	$	—	$	174
Zenas Preferred Stock	54,209		54,209
	$	54,209	$	54,383

The Company received common and preferred stock in Astria in connection with a licensing transaction. The shares of Astria common stock have a readily determinable fair value and the adjustment in the fair value of the Astria common stock from the period ended December 31, 2022 has been recorded as an unrealized loss on equity securities for the three months ended March 31, 2023.

The Company originally recorded its investment in the shares of Astria preferred stock as an equity interest without a readily determinable fair value. In January 2023, the Company exchanged its preferred shares for common stock in Astria. The common stock has a readily determinable fair value and difference in the fair value of the common stock and the carrying value of the preferred stock has been recorded as a gain in equity securities for the three months ended March 31, 2023. The Company recorded a loss in equity securities related to the Astria common stock for the three months ended March 31, 2023.

The Company currently holds 1,885,533 shares of common stock of INmune Bio, Inc. (INmune). The 1,885,533 shares of INmune common stock are classified as equity securities with a readily determinable fair value, and the adjustment in the fair value of the shares of INmune common stock has been recorded as a gain in equity securities for the three months ended March 31, 2023.

The Company currently holds 717,144 shares of common stock of Viridian Therapeutics, Inc. (Viridian). The shares of Viridian common stock are classified as equity securities with a readily determinable fair value, and the adjustment in the fair value of the shares of Viridian common stock was recorded as a loss in equity securities for the three months ended March 31, 2023.

The Company currently holds an equity interest in Zenas BioPharma Limited (Zenas), a private biotechnology company. The Company’s equity interests include preferred stock in Zenas. The Company elected the measurement alternative to carry the Zenas equity at cost minus impairment, plus or minus changes resulting from observable price changes in orderly transactions for the identical or a similar investment of the same issuer. During the three months ended March 31, 2023, there has not been any impairment or observable price changes related to this investment.

Unrealized loss recognized on equity securities during each of the three-month periods ended March 31, 2023 and 2022, consist of the following:


	Three Months Ended March 31,
	2023		2022
Net loss recognized on equity securities	$	(2,898)	$	(3,429)
Less: net gain recognized on sale of equity securities	—		—
Unrealized loss recognized on equity securities	$	(2,898)	$	(3,429)