Investments

9 Months Ended

Sep. 30, 2023

Investments, Debt and Equity Securities [Abstract]

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


		As of September 30, 2023
	Maturity	Amortized cost		Gross unrealized gains		Gross unrealized losses		Estimated fair value
Corporate debt securities	2 years or less	$	131,273	$	—	$	(387)	$	130,886
Commercial paper	1 year or less	275,067		2		(328)		274,741
U.S. Agency bonds	2 years or less	244,277		52		(689)		243,640
U.S. Treasury bills	2 years or less	68,606		—		(157)		68,449

		$	719,223	$	54	$	(1,561)	$	717,716


		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 September 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 September 30, 2023 and December 31, 2022, no allowance for credit losses was recorded. During the three and nine months ended September 30, 2023 and 2022, the Company did not recognize any impairment losses related to investments.

The long-term investment balance of $3.6 million and $3.5 million as of September 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 September 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 a loss of $1.0 million and a gain of $0.1 million for the three and nine months ended September 30, 2023, respectively, and losses of $0.8 million and $6.3 million for the three and nine months ended September 30, 2022, respectively, within other income, 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 September 30, 2023. See Note 4 for additional information related to the investment in ORIC.