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Marketable Debt and Equity Securities (Tables) | 6 Months Ended
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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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