Investments

9 Months Ended

Sep. 30, 2022

Investments, Debt and Equity Securities [Abstract]

The following tables summarize the Company’s short-term investments (in thousands):


		As of September 30, 2022
	Maturity	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Corporate debt securities	2 years or less	$	132,604	$	—	$	(1,470)	$	131,134
Commercial paper	1 year or less	521,843		21		(1,472)		520,392
U.S. Agency bonds	2 years or less	40,926		—		(294)		40,632
U.S. Treasury bills	1 year or less	212,931		—		(2,940)		209,991

		$	908,304	$	21	$	(6,176)	$	902,149


		As of December 31, 2021
	Maturity	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Corporate debt securities	2 years or less	$	236,170	$	36	$	(248)	$	235,958
Commercial paper	1 year or less	621,947		127		(95)		621,979
U.S. Agency bonds	1 year or less	58,092		—		—		58,092
U.S. Treasury bills	2 years or less	162,500		—		(272)		162,228

		$	1,078,709	$	163	$	(615)	$	1,078,257

The Company has classified all of its short-term investments as available-for-sale as the sale of such securities may be required prior to maturity to implement management strategies, and accordingly, these investments are carried at fair value. As of September 30, 2022 and December 31, 2021, the unrealized losses for available-for-sale investments were non-credit related, and the Company does not intend to sell the investments before recovery of their amortized cost basis, which may be at the time of maturity. As of September 30, 2022 and December 31, 2021, no allowance for credit losses was recorded. During the three and nine months ended September 30, 2022 and 2021, the Company did not recognize any impairment losses related to investments.

The long-term investment balance of $1.9 million and $8.2 million as of September 30, 2022 and December 31, 2021, respectively, is comprised of 588,235 shares of ORIC Pharmaceuticals, Inc. (“ORIC”) common stock. As of September 30, 2022 the investment is carried at fair value which is based on the closing price of ORIC’s common stock on the last trading day of the reporting period. The Company recorded a loss of $0.8 million and $6.3 million in other income (expense) for the three and nine months ended September 30, 2022, respectively. The Company recorded a gain of $2.3 million and a loss of $4.4 million in other income (expense) for the three and nine months ended September 30, 2021, respectively. As of December 31,

2021, the fair value was based on the last trading day of the reporting period and was adjusted for a discount for lack of marketability due to an eighteen-month lock-up period which expired in February 2022. The Company currently does not intend to sell ORIC shares within 12 months from September 30, 2022. See Note 4 - Fair Value Measurements.