XML 40 R28.htm IDEA: XBRL DOCUMENT
v3.22.2

Fair Value Measurements (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:
|  | June 30, 2022 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 99,569 |  |  | $ | 99,569 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 122,791 |  |  |  | — |  |  |  | 122,791 |  |  |  | — |
Agency discount notes |  |  | 34,933 |  |  |  | — |  |  |  | 34,933 |  |  |  | — |
Total cash equivalents |  |  | 257,293 |  |  |  | 99,569 |  |  |  | 157,724 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury notes |  |  | 75,976 |  |  |  | — |  |  |  | 75,976 |  |  |  | — |
Commercial paper |  |  | 126,503 |  |  |  | — |  |  |  | 126,503 |  |  |  | — |
Corporate debt securities |  |  | 15,987 |  |  |  | — |  |  |  | 15,987 |  |  |  | — |
Total marketable securities |  |  | 218,466 |  |  |  | — |  |  |  | 218,466 |  |  |  | — |
Investment in equity securities |  |  | 27,141 |  |  |  | 27,141 |  |  |  | — |  |  |  | — |
LianBio Warrant |  |  | 751 |  |  |  | 751 |  |  |  | — |  |  |  | — |
Total financial assets |  | $ | 503,651 |  |  | $ | 127,461 |  |  | $ | 376,190 |  |  | $ | — |
Liability |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivative |  | $ | 1,211 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,211 |
|  | December 31, 2021 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 176,115 |  |  | $ | 176,115 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 56,986 |  |  |  | — |  |  |  | 56,986 |  |  |  | — |
Total cash equivalents |  |  | 233,101 |  |  |  | 176,115 |  |  |  | 56,986 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury notes |  |  | 76,472 |  |  |  | — |  |  |  | 76,472 |  |  |  | — |
Commercial paper |  |  | 167,737 |  |  |  | — |  |  |  | 167,737 |  |  |  | — |
Corporate debt securities |  |  | 122,490 |  |  |  | — |  |  |  | 122,490 |  |  |  | — |
Supranational debt securities |  |  | 27,044 |  |  |  | — |  |  |  | 27,044 |  |  |  | — |
Total marketable securities |  |  | 393,743 |  |  |  | — |  |  |  | 393,743 |  |  |  | — |
Investment in equity securities |  |  | 49,148 |  |  |  | 49,148 |  |  |  | — |  |  |  | — |
LianBio Warrant |  |  | 2,141 |  |  |  | 2,141 |  |  |  | — |  |  |  | — |
Total financial assets |  | $ | 678,133 |  |  | $ | 227,404 |  |  | $ | 450,729 |  |  | $ | — |
Liability |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivative |  | $ | 1,171 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,171 |
Summary of Total Realized and Unrealized Gains and Losses Associated with Investment in Equity Securities | Total realized and unrealized gains and losses associated with investment in equity securities during the periods presented consisted of the following:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |
Net realized losses recognized on investment in equity securities sold |  | $ | (141 | ) |  | $ | — |  |  | $ | (1,385 | ) |  | $ | — |
Net unrealized losses recognized on investment in equity securities held as of the end of the period |  |  | (10,221 | ) |  |  | (1,117 | ) |  |  | (21,843 | ) |  |  | (1,117 | )
Total net losses included in “Other income (expense), net” |  | $ | (10,362 | ) |  | $ | (1,117 | ) |  | $ | (23,228 | ) |  | $ | (1,117 | )

X
- Definition Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table. + References No definition available. + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesLineItems
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of realized and unrealized gain (loss) on investment in security. + References No definition available. + Details
Name: | us-gaap_GainLossOnInvestmentsTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
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/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
Name: | us-gaap_ScheduleOfFairValueAssetsAndLiabilitiesMeasuredOnRecurringBasisTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration