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Marketable Debt and Equity Securities (Tables)

6 Months Ended

Jun. 30, 2024

Marketable Securities [Abstract]

Schedule of Marketable Securities

The Company’s marketable debt securities held as of June 30, 2024 and December 31, 2023 are summarized below:

June 30, 2024						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
(in thousands)
Money Market Funds						$	11,624					$	—					$	—					$	11,624
Corporate Securities						211,930						6						(279)						211,657
Government Securities						342,945						6						(374)						342,577
						$	566,499					$	12					$	(653)					$	565,858
Reported as
Cash and cash equivalents																								$	11,624
Marketable securities																								554,234
Total investments																								$	565,858

December 31, 2023						Amortized Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Value
(in thousands)
Money Market Funds						$	25,520					$	—					$	—					$	25,520
Corporate Securities						228,382						342						(1)						228,723
Government Securities						413,553						1,037						(76)						414,514
						$	667,455					$	1,379					$	(77)					$	668,757
Reported as
Cash and cash equivalents																								$	25,520
Marketable securities																								643,237
Total investments																								$	668,757

Schedule of Maturities of Marketable Securities

The maturities of the Company’s marketable debt securities as of June 30, 2024 are as follows:

June 30, 2024						Amortized Cost						Estimated Fair Value
(in thousands)
Mature in one year or less						$	449,715					$	449,372
Mature within two years						105,160						104,862
						$	554,875					$	554,234

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, 2024 and December 31, 2023 are as follows:

						Less than 12 months												12 months or greater
June 30, 2024						Fair value						Unrealized losses						Fair value						Unrealized losses
(in thousands)
Corporate Securities						$	119,044					$	(217)					$	11,895					$	(62)
Government Securities						246,154						(132)						79,478						(242)
						$	365,198					$	(349)					$	91,373					$	(304)

						Less than 12 months												12 months or greater
December 31, 2023						Fair value						Unrealized losses						Fair value						Unrealized losses
(in thousands)
Corporate Securities						$	8,073					$	(1)					$	—					$	—
Government Securities						66,546						(76)						—						—
						$	74,619					$	(77)					$	—					$	—

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, 2024 and December 31, 2023 are as follows:

			Fair Value						Fair Value
			June 30, 2024						December 31, 2023
Astria Common Stock			$	2,311					$	5,360
INmune Common Stock			16,630						21,231
Viridian Common Stock			9,330						15,619
			$	28,271					$	42,210

Schedule of Net Gains and Losses

Below is a reconciliation of net gain (loss) recorded on equity securities during the three and six months ended June 30, 2024 and 2023:

			Three Months Ended June 30,												Six Months Ended June 30,
			2024						2023						2024						2023
Net gain (loss) recorded on equity securities			$	(12,027)					$	288					$	(9,702)					$	(2,610)
Less: Net gain (loss) recorded on sale of equity securities			(2,012)						—						827						—
Unrealized gain (loss) recorded on equity securities held at the reporting date			$	(10,015)					$	288					$	(10,529)					$	(2,610)

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, 2024 and December 31, 2023 are as follows:

			Carrying Value						Carrying Value
			June 30, 2024						December 31, 2023
Zenas Preferred Stock			$	43,780					$	64,210

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 321
-SubTopic 10
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-Section 50
-Paragraph 3
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Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
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-Section 50
-Paragraph 3
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-Publisher FASB
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Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
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