v3.25.4
Available for Sale Debt Securities (Tables)
 12 Months Ended
Dec. 31, 2025
Investments, Debt and Equity Securities [Abstract]  
Summary of Available for Sale Debt Securities
The table below summarizes our available for sale debt securities recorded at fair value (in thousands):

CostUnrealized GainsFair Value Current AssetsNon-Current AssetsNon-Current LiabilitiesTotal
As of December 31, 2025
Debt securities(1)
$382,378 $55,422 $437,800 $18,800 $419,000 $— $437,800 
Funding commitments(2)
(14,500)5,400 (9,100)— — (9,100)(9,100)
Total
$367,878 $60,822 $428,700 $18,800 $419,000 $(9,100)$428,700 
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 December 31, 2025 and December 31, 2024, the costs related to tranche four and five 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.