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Marketable Securities | 9 Months Ended
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Sep. 30, 2025
Investments, Debt and Equity Securities [Abstract] |
Marketable Securities | 5. Marketable securities The following table summarizes the Company’s marketable securities held at September 30, 2025 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Commercial paper |  | $ | 329,074 |  |  | $ | 118 |  |  | $ | (11 | ) |  | $ | 329,181 |
Corporate notes |  |  | 156,651 |  |  |  | 126 |  |  |  | (13 | ) |  |  | 156,764 |
U.S. Treasury securities |  |  | 283,717 |  |  |  | 569 |  |  |  | (8 | ) |  |  | 284,278 |
U.S. Government securities |  |  | 27,868 |  |  |  | 11 |  |  |  | (2 | ) |  |  | 27,877 |
Corporate equity securities |  |  | 8,910 |  |  |  | — |  |  |  | — |  |  |  | 8,910 |
Total |  | $ | 806,220 |  |  | $ | 824 |  |  | $ | (34 | ) |  | $ | 807,010 |
The following table summarizes the Company’s marketable securities held at December 31, 2024 (in thousands):
|  | Amortized Cost |  |  | Gross Unrealized Gains |  |  | Gross Unrealized Losses |  |  | Fair Value |
Commercial paper |  | $ | 181,095 |  |  | $ | 210 |  |  | $ | (9 | ) |  | $ | 181,296 |
Corporate notes |  |  | 100,175 |  |  |  | 103 |  |  |  | (113 | ) |  |  | 100,165 |
U.S. Treasury securities |  |  | 164,491 |  |  |  | 289 |  |  |  | (10 | ) |  |  | 164,770 |
U.S. Government securities |  |  | 114,552 |  |  |  | 235 |  |  |  | (26 | ) |  |  | 114,761 |
Corporate equity securities |  |  | 7,781 |  |  |  | — |  |  |  | — |  |  |  | 7,781 |
Total |  | $ | 568,094 |  |  | $ | 837 |  |  | $ | (158 | ) |  | $ | 568,773 |
The amortized cost of marketable debt securities is adjusted for amortization of premiums and accretion of discounts to maturity. At September 30, 2025, the balance in accumulated other comprehensive (loss) income was related to marketable debt securities. During the three months ended September 30, 2025, Lilly, completed its acquisition of Verve and as a result, the Company received total proceeds of $5.7 million for its 546,970 shares of Verve. The sale resulted in a realized loss of $0.4 million, recorded in "Interest and other income (expense), net" in the Company's statements of operations and other comprehensive loss. There were no other realized gains or losses from the sale of marketable securities during the three or nine months ended September 30, 2025. The Company holds debt securities of companies with high credit quality and has determined that there were no credit losses on any of its debt securities.

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