Investments

12 Months Ended

Dec. 31, 2022

Investments, Debt and Equity Securities [Abstract]

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


		As of December 31, 2022
	Maturity	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Corporate debt securities	2 years or less	$	95,195	$	—	$	(662)	$	94,533
Commercial paper	1 year or less	443,489		65		(811)		442,743
U.S. Agency bonds	2 years or less	90,351		22		(434)		89,939
U.S. Treasury bills	2 years or less	223,216		8		(1,862)		221,362

		$	852,251	$	95	$	(3,769)	$	848,577


		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, carries these investments at fair value. As of December 31, 2022 and 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 December 31, 2022 and 2021, no allowance for credit losses was recorded. During the years ended December 31, 2022, 2021 and 2020, the Company did not recognize any impairment losses related to investments.

The long-term investment balance of $3.5 million and $8.2 million as of December 31, 2022 and 2021, respectively, is comprised of 588,235 shares of ORIC Pharmaceuticals, Inc. (“ORIC”) common stock which were acquired in 2020. The investment is carried at fair value which, as of December 31, 2022, is based on the closing price of ORIC’s common stock on the last trading day of the reporting period. As of December 31, 2021, the fair value was based on the closing price of ORIC’s common stock 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 the first quarter of 2022. The Company records any change in fair value within other income (expense), net in the consolidated statements of operations and comprehensive loss, and recorded a loss of $4.8

million, a loss of $7.4 million and a gain of $4.2 million for the years ended December 31, 2022, 2021 and 2020, respectively. The Company currently does not intend to sell ORIC shares within 12 months from December 31, 2022. See Note 4 for further details.