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Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2024
Fair Value Disclosures [Abstract] |
Financial instruments measured at fair value | Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:
| March 31, 2024
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market funds(1) | $ | 186,744 |  |  | $ | — |  |  | $ | — |  |  | $ | 186,744 |
U.S. Treasury securities | 31,812 |  |  | — |  |  | — |  |  | 31,812 |
Commercial paper | — |  |  | 30,828 |  |  | — |  |  | 30,828 |
Corporate debt securities | — |  |  | 25,490 |  |  | — |  |  | 25,490 |
Government-related debt securities | — |  |  | 23,604 |  |  | — |  |  | 23,604 |
Common stock in LianBio | 46 |  |  | — |  |  | — |  |  | 46 |
Total assets measured at fair value | $ | 218,602 |  |  | $ | 79,922 |  |  | $ | — |  |  | $ | 298,524 |
(1) This balance includes cash requirements settled on a nightly basis.
| December 31, 2023
| Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |
Money market funds(1) | $ | 224,947 |  |  | $ | — |  |  | $ | — |  |  | $ | 224,947 |
Government-related debt securities | — |  |  | 2,495 |  |  | — |  |  | 2,495 |
Common stock in LianBio | 631 |  |  | — |  |  | — |  |  | 631 |
Equity warrants (for LianBio shares) | — |  |  | — |  |  | 225 |  |  | 225 |
Total assets measured at fair value | $ | 225,578 |  |  | $ | 2,495 |  |  | $ | 225 |  |  | $ | 228,298 |
(1) This balance includes cash requirements settled on a nightly basis.
Changes in fair value of equity warrants | The estimated fair value of the equity warrants were remeasured each reporting period with adjustments reported within other income (expense) on the accompanying Condensed Statements of Operations and Comprehensive Loss, until exercised, expired or terminated. These equity warrants are valued in the accompanying Condensed Financial Statements as follows:
|  | Value of equity warrants
Fair value as of December 31, 2023 |  | $ | 225 |
Remeasurement of equity warrants prior to termination |  | (201) |
Termination of equity warrants |  | (24) |
Fair value as of March 31, 2024 |  | $ | — |
|  | Value of equity warrants
Fair value as of December 31, 2022 |  | $ | 108 |
Remeasurement of equity warrants |  | (17) |
Fair value as of March 31, 2023 |  | $ | 91 |
Summary of estimated value of cash, cash equivalents, marketable securities, and equity securities | The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table:
| March 31, 2024
| Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Estimated fair value
Cash equivalents: |  |  |  |  |  |  |
Money market funds(1) | $ | 186,744 |  |  | $ | — |  |  | $ | — |  |  | $ | 186,744 |
U.S. Treasury securities | 3,484 |  |  | — |  |  | — |  |  | 3,484 |
Commercial paper | 3,478 |  |  | — |  |  | (1) |  |  | 3,477 |
Total cash equivalents | $ | 193,706 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 193,705 |
Marketable securities: |  |  |  |  |  |  |
U.S. Treasury securities | $ | 28,341 |  |  | $ | — |  |  | $ | (13) |  |  | $ | 28,328 |
Commercial paper | 27,374 |  |  | — |  |  | (23) |  |  | 27,351 |
Corporate debt securities | 25,509 |  |  | — |  |  | (19) |  |  | 25,490 |
Government-related debt securities | 23,613 |  |  | 4 |  |  | (13) |  |  | 23,604 |
Common stock in LianBio | 1,108 |  |  | — |  |  | (1,062) |  |  | 46 |
Total marketable securities | $ | 105,945 |  |  | $ | 4 |  |  | $ | (1,130) |  |  | $ | 104,819 |
(1) This balance includes cash requirements settled on a nightly basis.
| December 31, 2023
| Amortized cost |  | Unrealized gains |  | Unrealized losses |  | Estimated fair value
Cash equivalents: |  |  |  |  |  |  |
Money market funds(1) | $ | 224,947 |  |  | $ | — |  |  | $ | — |  |  | $ | 224,947 |
Total cash equivalents | $ | 224,947 |  |  | $ | — |  |  | $ | — |  |  | $ | 224,947 |
Marketable securities: |  |  |  |  |  |  |
Government-related debt securities | $ | 2,496 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 2,495 |
Total marketable securities | $ | 2,496 |  |  | $ | — |  |  | $ | (1) |  |  | $ | 2,495 |
Long-term investments: |  |  |  |  |  |  |
Common stock in LianBio | $ | 1,108 |  |  | $ | — |  |  | $ | (477) |  |  | $ | 631 |
Total long-term investments | $ | 1,108 |  |  | $ | — |  |  | $ | (477) |  |  | $ | 631 |
(1 ) This balance includes cash requirements settled on a nightly basis.

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- 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://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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- Definition Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 825 -SubTopic 10 -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-11 + Details
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