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Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
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