The following tables present information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicate the fair value hierarchy of the valuation techniques we utilized to determine such fair value:


(In thousands)	As of June 30, 2024		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	158,467	$	158,467	$	—	$	—
U.S. treasury securities	36,315		—		36,315		—
Commercial paper	6,300		—		6,300		—

Marketable debt securities:
U.S. treasury securities	882,671		—		882,671		—
U.S. government-sponsored enterprise securities	383,501		—		383,501		—
Corporate notes	305,003		—		305,003		—
Commercial paper	70,079		—		70,079		—

Municipal securities	5,014		—		5,014		—
Marketable equity securities	9,889		9,889		—		—
Restricted cash (money market funds)	1,217		1,217		—		—
Total financial assets	$	1,858,456	$	169,573	$	1,688,883	$	—
Financial liabilities
Development derivative liability	$	390,939	$	—	$	—	$	390,939


(In thousands)	As of December 31, 2023		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	166,059	$	166,059	$	—	$	—
U.S. treasury securities	30,712		—		30,712		—

Commercial paper	2,685		—		2,685		—

Corporate notes	762		—		762		—
Marketable debt securities:
U.S. treasury securities	862,022		—		862,022		—
U.S. government-sponsored enterprise securities	441,341		—		441,341		—
Corporate notes	252,350		—		252,350		—
Commercial paper	56,216		—		56,216		—
Certificates of deposit	3,587		—		3,587		—

Marketable equity securities	11,178		11,178		—		—
Restricted cash (money market funds)	1,210		1,210		—		—
Total financial assets	$	1,828,122	$	178,447	$	1,649,675	$	—
Financial liabilities
Development derivative liability	$	324,941	$	—	$	—	$	324,941