XML 40 R30.htm IDEA: XBRL DOCUMENT
v3.26.1

Fair Value Measurements and Financial Instruments (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Fair Value Disclosures [Abstract] |
Summary of Fair Value Hierarchy | The following table summarizes assets and liabilities measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
| As of March 31, 2026 |  | As of December 31, 2025
| Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) | $ | 321,103 |  |  | $ | — |  |  | $ | — |  |  | $ | 321,103 |  |  | $ | 383,568 |  |  | $ | — |  |  | $ | — |  |  | $ | 383,568 |
Available for sale debt securities(2) | — |  |  | — |  |  | 21,900 |  |  | 21,900 |  |  | — |  |  | — |  |  | 18,800 |  |  | 18,800 |
Total current assets | $ | 321,103 |  |  | $ | — |  |  | $ | 21,900 |  |  | $ | 343,003 |  |  | $ | 383,568 |  |  | $ | — |  |  | $ | 18,800 |  |  | $ | 402,368 |
Equity securities | 173,270 |  |  | — |  |  | — |  |  | 173,270 |  |  | 171,312 |  |  | — |  |  | — |  |  | 171,312 |
Available for sale debt securities(2) | — |  |  | — |  |  | 406,800 |  |  | 406,800 |  |  | — |  |  | — |  |  | 419,000 |  |  | 419,000 |
Total non-current assets | $ | 173,270 |  |  | $ | — |  |  | $ | 406,800 |  |  | $ | 580,070 |  |  | $ | 171,312 |  |  | $ | — |  |  | $ | 419,000 |  |  | $ | 590,312 |
Liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cytokinetics Funding Commitments | — |  |  | — |  |  | (11,000) |  |  | (11,000) |  |  | — |  |  | — |  |  | (9,100) |  |  | (9,100) |
Total non-current liabilities | $ | — |  |  | $ | — |  |  | $ | (11,000) |  |  | $ | (11,000) |  |  | $ | — |  |  | $ | — |  |  | $ | (9,100) |  |  | $ | (9,100) |
(1)Recorded within Cash and cash equivalents on the condensed consolidated balance sheets. (2)Related to the funded Cytokinetics Funding Arrangements.
Summary of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The tables presented below summarize the change in the combined fair value (current and non-current) of Level 3 financial instruments (in thousands):
| For the Three Months Ended March 31, 2026
| Debt Securities |  | Funding Commitments
Balance at the beginning of the period | $ | 437,800 |  |  | $ | (9,100) |
Changes in fair value(1) | (4,780) |  |  | (1,900) |
Redemptions(2) | (4,320) |  |  | — |
Balance at the end of the period | $ | 428,700 |  |  | $ | (11,000) |
(1)Recorded within Losses on available for sale debt securities in the condensed consolidated statements of operations. (2)Amount relates to the quarterly repayments on the Cytokinetics Commercial Launch Funding.
| For the Three Months Ended March 31, 2025
| Equity Securities |  | Debt Securities |  | Funding Commitments |  | Royalty at Fair Value
Balance at the beginning of the period | $ | 2,241 |  |  | $ | 751,700 |  |  | $ | (12,080) |  |  | $ | 5,323 |
Changes in fair value(1) | — |  |  | 2,539 |  |  | (5,820) |  |  | — |
Sales(2) | — |  |  | (510,553) |  |  | — |  |  | — |
Redemptions(3) | — |  |  | (12,586) |  |  | — |  |  | — |
Balance at the end of the period | $ | 2,241 |  |  | $ | 231,100 |  |  | $ | (17,900) |  |  | $ | 5,323 |
(1)Recorded within Losses on available for sale debt securities in the condensed consolidated statements of operations. (2)We provided funding of $300 million to MorphoSys in 2022 (“MorphoSys Development Funding Bonds”), which we sold in January 2025. (3)Amount relates to the quarterly repayments on the MorphoSys Development Funding Bonds prior to the sale and the Cytokinetics Commercial Launch Funding.

X
- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration