Investments

6 Months Ended

Jun. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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


		As of June 30, 2023
	Maturity	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Corporate debt securities	2 years or less	$	12,866	$	—	$	(47)	$	12,819
Commercial paper	1 year or less	400,771		13		(631)		400,153
U.S. Agency bonds	2 years or less	176,624		63		(787)		175,900
U.S. Treasury bills	2 years or less	60,914		—		(218)		60,696

		$	651,175	$	76	$	(1,683)	$	649,568


		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

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 therefore, they are carried at fair value. As of June 30, 2023 and December 31, 2022, 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 June 30, 2023 and December 31, 2022, no allowance for credit losses was recorded. During the three and six months ended June 30, 2023 and 2022, the Company did not recognize any impairment losses related to investments.

The long-term investment balance of $4.6 million and $3.5 million as of June 30, 2023 and December 31, 2022, respectively, is comprised of 588,235 shares of ORIC Pharmaceuticals, Inc. (“ORIC”) common stock which were acquired in 2020. As of June 30, 2023 and December 31, 2022, the investment is carried at fair value based on the closing price of ORIC’s common stock on the last trading day of the reporting period. The Company recorded gains of $1.2 million and $1.1 million for the three and six months ended June 30, 2023, respectively, and losses of $0.5 million and $5.6 million for the three and six months ended June 30, 2022, respectively, within other income (expense), net in the condensed consolidated statements of operations and comprehensive loss. The Company currently does not intend to sell ORIC shares within 12 months from June 30, 2023. See Note 4 for additional information related to the investment in ORIC.