Marketable Debt and Equity Securities (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| Marketable Securities [Abstract] |
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| Schedule of Marketable Securities |
The Company’s marketable debt securities consisted of the following: | | | | | | | | | | | | | | | | | | | | | | | | | As of June 30, 2026 | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | (in thousands) | Money market funds | $ | 26,910 | | | $ | — | | | $ | — | | | $ | 26,910 | | | | | | | | | | Government securities | 442,549 | | | 167 | | | (1,029) | | | 441,687 | | | $ | 469,459 | | | $ | 167 | | | $ | (1,029) | | | $ | 468,597 | | | | | | | | | | | Reported as | | | | | | | | Cash equivalents | | | | | | | $ | 26,910 | | Marketable debt securities | | | | | | | 441,687 | | Total | | | | | | | $ | 468,597 | |
| | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2025 | | Amortized
Cost | | Gross
Unrealized
Gains | | Gross
Unrealized
Losses | | Fair Value | | (in thousands) | Money market funds | $ | 35,565 | | | $ | — | | | $ | — | | | $ | 35,565 | | Corporate securities | 11,966 | | | 2 | | | — | | | 11,968 | | Government securities | 543,208 | | | 1,584 | | | — | | | 544,792 | | | $ | 590,739 | | | $ | 1,586 | | | $ | — | | | $ | 592,325 | | | | | | | | | | | Reported as | | | | | | | | Cash equivalents | | | | | | | $ | 35,565 | | Marketable debt securities | | | | | | | 556,760 | | Total | | | | | | | $ | 592,325 | |
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| Schedule of Maturities of Marketable Securities |
The following table summarizes the contract maturities of the Company’s marketable debt securities as of June 30, 2026: | | | | | | | | | | | | | Amortized
Cost | | Estimated
Fair Value | | (in thousands) | | Mature in one year or less | $ | 333,146 | | | $ | 333,152 | | | Mature within two years | 109,403 | | | 108,535 | | Total | $ | 442,549 | | | $ | 441,687 | |
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| Schedule of Marketable Equity Securities |
The Company’s marketable equity securities consisted of the following: | | | | | | | | | | | | | June 30, 2026 | | December 31, 2025 | | (in thousands) | | | | | | | | | | Zenas BioPharma, Inc. | $ | 78,637 | | | $ | 112,502 | | | $ | 78,637 | | | $ | 112,502 | |
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| Schedule of Net Realized and Unrealized (Losses) Gains on Marketable Equity Securities |
Net realized and unrealized gains (losses) on marketable equity securities, recognized in other income (expense) in the consolidated statements of operations and comprehensive loss, were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended
June 30, | | Six Months Ended
June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | (in thousands) | | Total gains (losses) recorded on marketable equity securities | $ | 18,064 | | | $ | 4,967 | | | $ | (33,865) | | | $ | 5,908 | | | Less: (losses) gains recorded on sale of marketable equity securities | — | | | (12) | | | — | | | 5,380 | | | Unrealized gains (losses) on securities held at the reporting date | $ | 18,064 | | | $ | 4,979 | | | $ | (33,865) | | | $ | 528 | |
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