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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2023
Fair Value Disclosures [Abstract] |
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:
|  | March 31, 2023 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 52,144 |  |  | $ | 52,144 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 20,967 |  |  |  | — |  |  |  | 20,967 |  |  |  | — |
Agency discount notes |  |  | 323,086 |  |  |  | — |  |  |  | 323,086 |  |  |  | — |
Total cash equivalents |  |  | 396,197 |  |  |  | 52,144 |  |  |  | 344,053 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 34,122 |  |  |  | — |  |  |  | 34,122 |  |  |  | — |
Total marketable securities |  |  | 34,122 |  |  |  | — |  |  |  | 34,122 |  |  |  | — |
Investment in equity securities |  |  | 49,803 |  |  |  | 49,803 |  |  |  | — |  |  |  | — |
LianBio Warrant |  |  | 681 |  |  |  | 681 |  |  |  | — |  |  |  | — |
Total financial assets |  | $ | 480,803 |  |  | $ | 102,628 |  |  | $ | 378,175 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivative |  | $ | 1,231 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,231 |
Short-term liability |  |  | 5,490 |  |  |  | 5,490 |  |  |  | — |  |  |  | — |
Total financial liabilities |  | $ | 6,721 |  |  | $ | 5,490 |  |  | $ | — |  |  | $ | 1,231 |
|  | December 31, 2022 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 202,250 |  |  | $ | 202,250 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 159,758 |  |  |  | — |  |  |  | 159,758 |  |  |  | — |
Total cash equivalents |  |  | 362,008 |  |  |  | 202,250 |  |  |  | 159,758 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
Commercial Paper |  |  | 51,580 |  |  |  | — |  |  |  | 51,580 |  |  |  | — |
Total marketable securities |  |  | 51,580 |  |  |  | — |  |  |  | 51,580 |  |  |  | — |
Investment in equity securities |  |  | 43,653 |  |  |  | 43,653 |  |  |  | — |  |  |  | — |
LianBio Warrant |  |  | 570 |  |  |  | 570 |  |  |  | — |  |  |  | — |
Total financial assets |  | $ | 457,811 |  |  | $ | 246,473 |  |  | $ | 211,338 |  |  | $ | — |
Liability |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivative |  | $ | 1,201 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,201 |
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 March 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Net realized gains (losses) recognized on investment in equity securities sold |  | $ | 7,158 |  |  | $ | (1,244 | )
Net unrealized losses recognized on investment in equity securities held as of the end of the period |  |  | (6,194 | ) |  |  | (11,622 | )
Total net gains (losses) included in “Other income expense, net” |  | $ | 964 |  |  | $ | (12,866 | )

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- 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
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