The following table summarizes our financial assets with maturities of less than 90 days from the date of purchase included in cash and cash equivalents in our condensed consolidated balance sheets:


(In millions)	As of March 31, 2024		As of December 31, 2023


Money market funds	$	484.8	$	610.7


Total	$	484.8	$	610.7

The carrying value of our money market funds approximate fair value due to their short-term maturities.

We partially funded our Reata acquisition through available cash, cash equivalents and marketable securities. As of December 31, 2023, we have sold all of our marketable debt securities. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these condensed consolidated financial statements.

Our marketable equity securities gains (losses) are recorded in other (income) expense, net in our condensed consolidated statements of income. The following tables summarize our marketable equity securities, classified as available-for-sale:


	As of March 31, 2024
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value












Marketable equity securities
Marketable equity securities, current	$	11.7	$	—	$	(11.0)	$	0.7
Marketable equity securities, non-current	916.7		—		(587.9)		328.8
Total marketable equity securities	$	928.4	$	—	$	(598.9)	$	329.5


	As of December 31, 2023
(In millions)	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value












Marketable equity securities
Marketable equity securities, current	$	31.6	$	—	$	(21.0)	$	10.6
Marketable equity securities, non-current	948.3		—		(542.1)		406.2
Total marketable equity securities	$	979.9	$	—	$	(563.1)	$	416.8

The proceeds from maturities and sales of marketable debt securities and resulting realized gains and losses are summarized as follows:



(In millions)	For the Three Months Ended March 31, 2023
Proceeds from maturities and sales	$	406.7
Realized gains	0.1
Realized losses	0.7

Realized losses for the three months ended March 31, 2023, primarily relate to sales of U.S. treasuries and corporate bonds.

During the third quarter of 2023 we sold all of our marketable debt securities and used the proceeds to partially fund our acquisition of Reata. For additional information on our acquisition of Reata, please read Note 2, Acquisitions, to these condensed consolidated financial statements.

Our strategic investment portfolio includes investments in equity securities of certain biotechnology companies, which are reflected within our disclosures included in Note 8, Fair Value Measurements, to these condensed consolidated financial statements, as well as venture capital funds where the underlying investments are in equity securities of certain biotechnology companies and non-marketable equity securities.

As of March 31, 2024 and December 31, 2023, our strategic investment portfolio was comprised of investments totaling $382.0 million and $460.7 million, respectively, which are included in other current assets and investments and other assets within our condensed consolidated balance sheets.

The decrease in our strategic investment portfolio as of March 31, 2024, was primarily due to the decrease in the fair value of our investments in Sage and Denali common stock. Additionally, during the first quarter of 2024 we sold a portion of our Denali and Sangamo common stock.

For additional information on our strategic investments in Denali, Sangamo and Sage common stock, please read Note 19, Collaborative and Other Relationships, to our consolidated financial statements included in our 2023 Form 10-K.