v3.25.2
Available for Sale Debt Securities (Tables)
 6 Months Ended
Jun. 30, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available for Sale Debt Securities
The table below summarizes the components of our funding collaboration with Cytokinetics, including the expanded funding collaboration in May 2024 and related funding status as of June 30, 2025 (in thousands):

Funded
Potential Future Draw
Total
Cytokinetics Commercial Launch Funding
$175,000 $275,000 $450,000 
Cytokinetics Development Funding
100,000 — 100,000 
Cytokinetics R&D Funding Derivative(1)
50,000 150,000 200,000 
Cytokinetics Common Stock
50,000 — 50,000 
Total
$375,000 $425,000 $800,000 
(1)Related to our funding for the clinical trials of CK-586. We have the option to fund up to an additional $150 million. See Note 7–Fair Value Measurements and Financial Instruments for additional discussion.
The table below summarizes our available for sale debt securities recorded at fair value (in thousands):

Cost
Unrealized Gains/(Losses)
Fair Value Current AssetsNon-Current AssetsNon-Current LiabilitiesTotal
As of June 30, 2025
Debt securities(1)
$283,715 $1,385 $285,100 $13,200 $271,900 $— $285,100 
Funding commitments(2)
(16,600)(10,600)(27,200)— — (27,200)(27,200)
Total
$267,115 $(9,215)$257,900 $13,200 $271,900 $(27,200)$257,900 
As of December 31, 2024
Debt securities(1)
$516,329 $235,371 $751,700 $58,200 $693,500 $— $751,700 
Funding commitments(2)
(12,300)220 (12,080)— — (12,080)(12,080)
Total
$504,029 $235,591 $739,620 $58,200 $693,500 $(12,080)$739,620 
(1)The cost related to tranches one and six of the Cytokinetics Commercial Launch Funding and the cost for the Cytokinetics Development Funding reflect the fair values on their respective funding dates. As of June 30, 2025 and December 31, 2024, the cost related to tranche four of the Cytokinetics Commercial Launch Funding and the cost of the MorphoSys Development Funding Bonds, respectively, represent the amounts funded. The costs are amortized as quarterly repayments are received. The MorphoSys Development Funding Bonds were sold in January 2025.
(2)The costs associated with the Cytokinetics Funding Commitments represent the fair values on their respective transaction dates.