v3.24.1.u1
Fair Value Measurements (Tables)
 3 Months Ended
Mar. 31, 2024
Fair Value Disclosures [Abstract]  
Financial instruments measured at fair value
Financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements by major security type are presented in the following table:
 March 31, 2024
 Level 1Level 2Level 3Total
Assets:
Money market funds(1)
$186,744 $— $— $186,744 
U.S. Treasury securities31,812 — — 31,812 
Commercial paper— 30,828 — 30,828 
Corporate debt securities— 25,490 — 25,490 
Government-related debt securities— 23,604 — 23,604 
Common stock in LianBio46 — — 46 
Total assets measured at fair value$218,602 $79,922 $— $298,524 
(1) This balance includes cash requirements settled on a nightly basis.
December 31, 2023
Level 1Level 2Level 3Total
Assets:
Money market funds(1)
$224,947 $— $— $224,947 
Government-related debt securities— 2,495 — 2,495 
Common stock in LianBio631 — — 631 
Equity warrants (for LianBio shares)— — 225 225 
Total assets measured at fair value$225,578 $2,495 $225 $228,298 
(1) This balance includes cash requirements settled on a nightly basis.
Changes in fair value of equity warrants
The estimated fair value of the equity warrants were remeasured each reporting period with adjustments reported within other income (expense) on the accompanying Condensed Statements of Operations and Comprehensive Loss, until exercised, expired or terminated. These equity warrants are valued in the accompanying Condensed Financial Statements as follows:
Value of equity warrants
Fair value as of December 31, 2023$225 
Remeasurement of equity warrants prior to termination(201)
Termination of equity warrants(24)
Fair value as of March 31, 2024$— 
Value of equity warrants
Fair value as of December 31, 2022$108 
Remeasurement of equity warrants(17)
Fair value as of March 31, 2023$91 
Summary of estimated value of cash, cash equivalents, marketable securities, and equity securities
The fair value and amortized cost of cash equivalents and available-for-sale investments by major security type are presented in the following table:
March 31, 2024
Amortized costUnrealized gainsUnrealized lossesEstimated fair value
Cash equivalents:
Money market funds(1)
$186,744 $— $— $186,744 
U.S. Treasury securities3,484 — — 3,484 
Commercial paper3,478 — (1)3,477 
Total cash equivalents$193,706 $— $(1)$193,705 
Marketable securities:
U.S. Treasury securities$28,341 $— $(13)$28,328 
Commercial paper27,374 — (23)27,351 
Corporate debt securities25,509 — (19)25,490 
Government-related debt securities23,613 4 (13)23,604 
Common stock in LianBio1,108 — (1,062)46 
Total marketable securities$105,945 $4 $(1,130)$104,819 
(1) This balance includes cash requirements settled on a nightly basis.
December 31, 2023
Amortized costUnrealized gainsUnrealized lossesEstimated fair value
Cash equivalents:
Money market funds(1)
$224,947 $— $— $224,947 
Total cash equivalents$224,947 $— $— $224,947 
Marketable securities:
Government-related debt securities$2,496 $— $(1)$2,495 
Total marketable securities$2,496 $— $(1)$2,495 
Long-term investments:
Common stock in LianBio$1,108 $— $(477)$631 
Total long-term investments$1,108 $— $(477)$631 
(1 ) This balance includes cash requirements settled on a nightly basis.