Fair Value Measurements (Tables)

3 Months Ended

Jun. 30, 2025

Assets and Liabilities are Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2025 and March 31, 2025, by level, within the fair value hierarchy (in thousands):

	As of June 30, 2025								As of March 31, 2025
	Level 1		Level 2		Level 3		Balance as of June 30, 2025		Level 1		Level 2		Level 3		Balance as of March 31, 2025
Assets:
Money market funds	$	1,143,672	$	—	$	—	$	1,143,672	$	2,621,457	$	—	$	—	$	2,621,457
Available-for-sale marketable securities		—		1,803,035		—		1,803,035		—		—		—		—
Investment in Datavant Class A units		—		—		163,775		163,775		—		—		167,361		167,361
Investment in Arbutus common shares		120,039		—		—		120,039		135,578		—		—		135,578
Total assets at fair value	$	1,263,711	$	1,803,035	$	163,775	$	3,230,521	$	2,757,035	$	—	$	167,361	$	2,924,396
Liabilities:
Liability instruments measured at fair value⁽¹⁾		—		—		12,310		12,310		—		—		9,981		9,981
Total liabilities at fair value	$	—	$	—	$	12,310	$	12,310	$	—	$	—	$	9,981	$	9,981

⁽¹⁾ At June 30, 2025, Level 3 includes the fair value of the Earn-Out Shares of $12.3 million. At March 31, 2025, Level 3 includes the fair value of the Earn-Out Shares of $10.0 million.

Changes in Fair Value of the Level 3 Assets

The changes in fair value of the Level 3 assets during the three months ended June 30, 2025 and 2024 were as follows (in thousands):

Balance at March 31, 2024	$	147,526
Changes in fair value of investment in Datavant, included in net income		(4,586	)
Balance at June 30, 2024	$	142,940

Balance at March 31, 2025	$	167,361
Changes in fair value of investment in Datavant, included in net loss		(3,586	)
Balance at June 30, 2025	$	163,775

Changes in Fair Value of the Level 3 Liabilities

The changes in fair value of the Level 3 liabilities during the three months ended June 30, 2025 and 2024 were as follows (in thousands):

Balance at March 31, 2024	$	25,737
Changes in fair value of liability instruments, included in net income		1,150
Balance at June 30, 2024	$	26,887

Balance at March 31, 2025	$	9,981
Changes in fair value of liability instruments, included in net loss		2,329
Balance at June 30, 2025	$	12,310

Datavant [Member]

Fair Value Measurements [Abstract]

Fair Value Calculation Using Significant Unobservable Inputs

The fair value was calculated using significant unobservable inputs including the following:

	Point Estimate Used
Input	As of June 30, 2025		As of March 31, 2025
Volatility		100.0%		110.0%
Discount rate		13.0%		13.0%

Earn-Out Shares [Member]

Fair Value Measurements [Abstract]

Fair Value Calculation Using Significant Unobservable Inputs

Significant unobservable inputs used to calculate the fair value of the Earn-Out Shares included the following:

	Point Estimate Used
Input	As of June 30, 2025		As of March 31, 2025
Volatility		36.5%		38.4%
Risk-free rate		3.90%		3.96%

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.

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