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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Summary of Financial Assets Recognized at Fair Value on Recurring Basis he Company’s financial assets recognized at fair value on a recurring basis consisted of the following:

 

 

March 31, 2024

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and restricted cash equivalents

 

$

143,500

 

 

$

143,500

 

 

$

-

 

 

$

-

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government-backed securities

 

 

401,111

 

 

 

179,434

 

 

 

221,677

 

 

 

-

 

Financial institution debt securities

 

 

213,765

 

 

 

-

 

 

 

213,765

 

 

 

-

 

Corporate debt securities

 

 

112,077

 

 

 

-

 

 

 

112,077

 

 

 

-

 

Other asset-backed securities

 

 

54,452

 

 

 

-

 

 

 

54,452

 

 

 

-

 

Total marketable securities

 

 

781,405

 

 

 

179,434

 

 

 

601,971

 

 

 

-

 

Investment in Kyverna Therapeutics, Inc.

 

 

29,158

 

 

 

29,158

 

 

 

-

 

 

 

-

 

Total assets

 

$

954,063

 

 

$

352,092

 

 

$

601,971

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2023

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and restricted cash equivalents

 

$

136,254

 

 

$

136,254

 

 

$

-

 

 

$

-

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government-backed securities

 

 

382,308

 

 

 

120,556

 

 

 

261,752

 

 

 

-

 

Financial institution debt securities

 

 

246,119

 

 

 

-

 

 

 

246,119

 

 

 

-

 

Corporate debt securities

 

 

97,408

 

 

 

-

 

 

 

97,408

 

 

 

-

 

Other asset-backed securities

 

 

59,504

 

 

 

-

 

 

 

59,504

 

 

 

-

 

Total marketable securities

 

 

785,339

 

 

 

120,556

 

 

 

664,783

 

 

 

-

 

Total assets

 

$

921,593

 

 

$

256,810

 

 

$

664,783

 

 

$

-