Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Summary of Financial Assets Recognized at Fair Value on Recurring Basis

The Company’s financial assets recognized at fair value on a recurring basis consisted of the following:

	June 30, 2024
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	103,947	$	103,947	$	-	$	-
Marketable securities:
U.S. Treasury and other government-backed securities		439,073		203,649		235,424		-
Financial institution debt securities		227,712		-		227,712		-
Corporate debt securities		105,477		-		105,477		-
Other asset-backed securities		36,762		-		36,762		-
Total marketable securities		809,024		203,649		605,375		-
Investment in Kyverna Therapeutics, Inc.		8,804		8,804		-		-
Total assets	$	921,775	$	316,400	$	605,375	$	-
	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	$	-