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Fair Value Measurements
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Fair Value Measurements Fair Value Measurements
Various inputs are used in determining the fair value of the Company’s financial assets and liabilities. These inputs are summarized into the following three broad categories:
Level 1 – quoted prices in active markets for identical securities
Level 2 – other significant observable inputs, including quoted prices for similar securities, interest rates, credit risk, etc.
Level 3 – significant unobservable inputs, including the Company’s own assumptions in determining fair value
The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. Marketable securities, which consist primarily of corporate and U.S. government agency bonds, are classified as available for sale and fair value did not differ significantly from carrying value as of December 31, 2024 and 2023. The following table presents information about the Company’s assets measured at fair value as of December 31, 2024:
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents and restricted cash$162,657 $— $— $162,657 
Marketable securities— 204,798 — 204,798 
Equity investments36,202 — — 36,202 
Total$198,859 $204,798 $— $403,657 
The following table presents information about the Company’s assets measured at fair value as of December 31, 2023:
Level 1Level 2Level 3Total
Assets:
Cash and cash equivalents and restricted cash$161,066 $— $— $161,066 
Marketable securities— 307,688 — 307,688 
Equity investments79,623 — 1,928 81,551 
Total$240,689 $307,688 $1,928 $550,305 
The fair value of the Company’s investment in Nimbus Therapeutics, LLC (“Nimbus”), classified as Level 3 in the fair value hierarchy, was recorded as an equity method investment under Topic 323 using the hypothetical liquidated book value method (“HLBV method”) through June 30, 2023, as further described in Note 11, Equity Investments. Significant unobservable inputs used to determine Nimbus’ fair value under the HLBV method were the entity's annual financial statements and the Company’s liquidation preference. Following the dilution of the Company's investment in Nimbus during the year ended December 31, 2023, the fair value of the Company's investment was recorded under Topic 321 as a non-marketable equity security as the Company no longer exercises significant influence over Nimbus. This change in accounting method resulted in an unrealized gain of $1,928 and subsequent removal from the Level 3 fair value hierarchy table during the year ended December 31, 2024.
Unrealized gains and losses arising from changes in fair value of the Company’s equity investments are classified within change in fair value in the consolidated statements of operations. Realized gains arising from distributions receivable from the Company's equity investments are classified within gain on equity investments in the consolidated statements of operations.
For further information regarding the Company’s equity investments, see Note 11, Equity Investments.