Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The tables below present information about our assets and liabilities that are measured and carried at fair value on a recurring basis and indicate the level within the fair value hierarchy of the inputs we utilized to determine such fair values:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 (In thousands) |
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
319,557 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
319,557 |
|
Marketable securities (current) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
|
120,501 |
|
|
|
— |
|
|
|
— |
|
|
|
120,501 |
|
U.S. government agencies |
|
|
— |
|
|
|
136,397 |
|
|
|
— |
|
|
|
136,397 |
|
Corporate debt securities |
|
|
— |
|
|
|
9,967 |
|
|
|
— |
|
|
|
9,967 |
|
Commercial paper |
|
|
— |
|
|
|
258,993 |
|
|
|
— |
|
|
|
258,993 |
|
Marketable securities (non-current) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
|
166,313 |
|
|
|
— |
|
|
|
— |
|
|
|
166,313 |
|
U.S. government agencies |
|
|
— |
|
|
|
52,278 |
|
|
|
— |
|
|
|
52,278 |
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Money market account |
|
|
1,960 |
|
|
|
— |
|
|
|
— |
|
|
|
1,960 |
|
Total assets |
|
$ |
608,331 |
|
|
$ |
457,635 |
|
|
$ |
— |
|
|
$ |
1,065,966 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Financing liability, related party |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56,999 |
|
|
$ |
56,999 |
|
Financing liability |
|
|
— |
|
|
|
— |
|
|
|
56,999 |
|
|
|
56,999 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
113,998 |
|
|
$ |
113,998 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 (In thousands) |
|
Quoted Prices in Active Markets (Level 1) |
|
|
Significant Other Observable Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
415,681 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
415,681 |
|
Marketable securities (current) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
|
43,538 |
|
|
|
— |
|
|
|
— |
|
|
|
43,538 |
|
U.S. government agencies |
|
|
— |
|
|
|
201,058 |
|
|
|
— |
|
|
|
201,058 |
|
Corporate debt securities |
|
|
— |
|
|
|
9,982 |
|
|
|
— |
|
|
|
9,982 |
|
Commercial paper |
|
|
— |
|
|
|
319,922 |
|
|
|
— |
|
|
|
319,922 |
|
Marketable securities (non-current) |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
|
125,040 |
|
|
|
— |
|
|
|
— |
|
|
|
125,040 |
|
U.S. government agencies |
|
|
— |
|
|
|
60,159 |
|
|
|
— |
|
|
|
60,159 |
|
Restricted cash |
|
|
|
|
|
|
|
|
|
|
|
|
Money market account |
|
|
1,960 |
|
|
|
— |
|
|
|
— |
|
|
|
1,960 |
|
Total assets |
|
$ |
586,219 |
|
|
$ |
591,121 |
|
|
$ |
— |
|
|
$ |
1,177,340 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Financing liability, related party |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
56,082 |
|
|
$ |
56,082 |
|
Financing liability |
|
|
— |
|
|
|
— |
|
|
|
56,082 |
|
|
|
56,082 |
|
Total liabilities |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
112,164 |
|
|
$ |
112,164 |
|
|
Summary of Estimated Fair Value and Amortized Cost of Available-for-Sale Marketable Debt Securities |
The estimated fair value and amortized cost of our available-for-sale marketable debt securities, by contractual maturity and security type, are summarized as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of March 31, 2024 (In thousands) |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Due in one year or less |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
$ |
120,543 |
|
|
$ |
43 |
|
|
$ |
(85 |
) |
|
$ |
120,501 |
|
U.S. government agencies |
|
|
136,511 |
|
|
|
14 |
|
|
|
(128 |
) |
|
|
136,397 |
|
Corporate debt securities |
|
|
9,966 |
|
|
|
1 |
|
|
|
— |
|
|
|
9,967 |
|
Commercial paper |
|
|
258,967 |
|
|
|
53 |
|
|
|
(27 |
) |
|
|
258,993 |
|
Due after one year through two years |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
|
167,047 |
|
|
|
— |
|
|
|
(734 |
) |
|
|
166,313 |
|
U.S. government agencies |
|
|
52,391 |
|
|
|
13 |
|
|
|
(126 |
) |
|
|
52,278 |
|
Total marketable securities |
|
$ |
745,425 |
|
|
$ |
124 |
|
|
$ |
(1,100 |
) |
|
$ |
744,449 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2023 (In thousands) |
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Due in one year or less |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
$ |
43,487 |
|
|
$ |
71 |
|
|
$ |
(20 |
) |
|
$ |
43,538 |
|
U.S. government agencies |
|
|
201,217 |
|
|
|
74 |
|
|
|
(233 |
) |
|
|
201,058 |
|
Corporate debt securities |
|
|
9,954 |
|
|
|
28 |
|
|
|
— |
|
|
|
9,982 |
|
Commercial paper |
|
|
319,713 |
|
|
|
239 |
|
|
|
(30 |
) |
|
|
319,922 |
|
Due after one year through two years |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government treasuries |
|
|
124,581 |
|
|
|
459 |
|
|
|
— |
|
|
|
125,040 |
|
U.S. government agencies |
|
|
59,783 |
|
|
|
379 |
|
|
|
(3 |
) |
|
|
60,159 |
|
Total marketable securities |
|
$ |
758,735 |
|
|
$ |
1,250 |
|
|
$ |
(286 |
) |
|
$ |
759,699 |
|
|
Summary of Rollforward of the Estimated Fair Value Associated with Financing Liabilities |
The following table provides a rollforward of the estimated fair value associated with our total financing liabilities:
|
|
|
|
|
|
|
For the Three Months Ended March 31, |
|
(In thousands) |
|
2024 |
|
Beginning balance, total financing liabilities |
|
$ |
112,164 |
|
Funding commitment received |
|
|
— |
|
Change in fair value recognized in other (income) expense, net |
|
|
914 |
|
Change in fair value attributable to instrument-specific credit risk recognized in other comprehensive (income) loss |
|
|
920 |
|
Ending balance, total financing liabilities |
|
$ |
113,998 |
|
|