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Fair Value Measurements (Tables)

3 Months Ended

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.

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://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

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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

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- Definition

Tabular disclosure of unrealized gains and losses on investments.

+ References

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