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 March 31, 2025		Quoted Prices in Active Markets (Level 1)		Significant Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Financial assets
Cash equivalents:
Money market funds	$	197,274	$	197,274	$	—	$	—
U.S. treasury securities	20,978		—		20,978		—
Commercial paper	19,926		—		19,926		—

Marketable debt securities:
U.S. treasury securities	782,548		—		782,548		—
U.S. government-sponsored enterprise securities	417,074		—		417,074		—
Corporate notes	372,736		—		372,736		—
Commercial paper	28,000		—		28,000		—

Municipal securities	5,010		—		5,010		—
Marketable equity securities	7,200		7,200		—		—
Restricted cash (money market funds)	912		912		—		—
Total financial assets	$	1,851,658	$	205,386	$	1,646,272	$	—
Financial liabilities
Development derivative liability	$	540,529	$	—	$	—	$	540,529


(In thousands)	As of December 31, 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	$	190,779	$	190,779	$	—	$	—
U.S. treasury securities	36,428		—		36,428		—
Commercial paper	22,709		—		22,709		—
U.S. government-sponsored enterprise securities	9,952		—		9,952		—


Marketable debt securities:
U.S. treasury securities	921,627		—		921,627		—
U.S. government-sponsored enterprise securities	396,143		—		396,143		—
Corporate notes	361,739		—		361,739		—
Commercial paper	35,408		—		35,408		—

Municipal securities	5,003		—		5,003		—
Marketable equity securities	8,156		8,156		—		—
Restricted cash (money market funds)	910		910		—		—
Total financial assets	$	1,988,854	$	199,845	$	1,789,009	$	—
Financial liabilities
Development derivative liability	$	486,919	$	—	$	—	$	486,919