Marketable Securities

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

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.