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Fair Value Measurements (Tables)

3 Months Ended

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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- References

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- Definition

Tabular disclosure of realized and unrealized gain (loss) on investment in security.

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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

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