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Marketable Debt and Equity Securities (Tables)

6 Months Ended

Jun. 30, 2023

The Company’s marketable debt securities held as of June 30, 2023 and December 31, 2022 are summarized below:


June 30, 2023	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	21,422	$	—	$	—	$	21,422
Corporate Securities	139,812		3		(204)		139,611
Government Securities	338,704		19		(1,667)		337,056
	$	499,938	$	22	$	(1,871)	$	498,089

Reported as
Cash and cash equivalents							$	21,422
Marketable securities							476,667
Total investments							$	498,089


December 31, 2022	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
(in thousands)
Money Market Funds	$	40,967	$	—	$	—	$	40,967
Corporate Securities	201,752		—		(1,126)		200,626
Government Securities	335,705		3		(5,819)		329,889
	$	578,424	$	3	$	(6,945)	$	571,482

Reported as
Cash and cash equivalents							$	40,967
Marketable securities							530,515
Total investments							$	571,482

Schedule of Maturities of Marketable Securities

The maturities of the Company’s marketable debt securities as of June 30, 2023 are as follows:


June 30, 2023	Amortized Cost		Estimated Cost Fair Value
(in thousands)
Mature in one year or less	$	478,516	$	476,667

Schedule of Unrealized Losses on Available-for-Sale Investments

The unrealized losses on available-for-sale investments and their related fair values as of June 30, 2023 and December 31, 2022 are as follows:


	Less than 12 months				12 months or greater
June 30, 2023	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	67,843	$	(204)	$	—	$	—
Government Securities	275,316		(1,667)		—		—
	$	343,159	$	(1,871)	$	—	$	—


	Less than 12 months				12 months or greater
December 31, 2022	Fair value		Unrealized losses		Fair value		Unrealized losses
(in thousands)
Corporate Securities	$	132,658	$	(1,121)	$	3,826	$	(5)
Government Securities	324,933		(5,819)		—		—
	$	457,591	$	(6,940)	$	3,826	$	(5)

Schedule of Equity Securities with Readily Determinable Fair Value

Equity securities with a readily determinable fair value, which are categorized as Level 1 in the fair value hierarchy under ASC 820, and their fair values (in thousands) as of June 30, 2023 and December 31, 2022 are as follows:


	Fair Value		Fair Value
	June 30, 2023		December 31, 2022
Astria Common Stock	$	5,813	$	9,529
INmune Common Stock	17,121		11,954
Viridian Common Stock	17,061		20,948
	$	39,995	$	42,431

Schedule of Equity Securities Without Readily Determinable Fair Value

Equity securities without a readily determinable fair value and their carrying values (in thousands) as of June 30, 2023 and December 31, 2022 are as follows:


	Carrying Value		Carrying Value
	June 30, 2023		December 31, 2022
Astria Preferred Stock	$	—	$	174
Zenas Preferred Stock	64,209		54,209
	$	64,209	$	54,383

Schedule of Net Gains and Losses

Unrealized gain (loss) recognized on equity securities during each of the three- and six-month periods ended June 30, 2023 and 2022, consist of the following:


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022


Net and unrealized gain (loss) recognized on equity securities	$	288	$	(6,545)	$	(2,610)	$	(9,974)