Equity Investments |
3 Months Ended |
|---|---|
Mar. 31, 2026 | |
| Investments, Debt and Equity Securities [Abstract] | |
| Equity Investments | Equity Investments (a) Nimbus The Company has no significant influence over Nimbus and accounts for its investment in Nimbus Therapeutics, LLC ("Nimbus") as a non-marketable security. As of both March 31, 2026 and December 31, 2025, the carrying value of the Nimbus investment was $2,436. The Company has no obligation to fund Nimbus' losses in excess of its initial investment. (b) Ajax In May 2021, the Company purchased 631,377 shares of Series B preferred stock of Ajax Therapeutics, Inc. ("Ajax") for $1,700 in cash. In April 2024, the Company purchased 1,416,450 shares of Series C preferred stock of Ajax for $3,000 in cash. The Company has concluded that its equity investment in Ajax should be valued as a non-marketable equity security as the Company does not exercise significant influence over Ajax. As of both March 31, 2026 and December 31, 2025, the carrying value of the Company’s investment in Ajax was $4,498. (c) Structure Therapeutics In July 2021, the Company purchased 494,035 shares of Series B preferred stock of Structure Therapeutics Inc. ("Structure Therapeutics") for $2,000 in cash. In April 2022, the Company purchased an additional 148,210 shares of Series B preferred stock for $600 in cash. On February 7, 2023, Structure Therapeutics completed its initial public offering ("IPO"). Immediately upon the closing of Structure Therapeutics' IPO, all of the outstanding Series B preferred stock automatically converted into ordinary shares on a one-for-one basis. The Company purchased 275,000 American Depository Shares ("ADSs") at $15.00 per ADS in the IPO. Each ADS represents three ordinary shares. The Company accounts for its investment in Structure Therapeutics at fair value based on the closing price of Structure Therapeutics' ADSs as of the reporting date. During the three months ended March 31, 2026, the Company sold a portion of its equity stake in Structure Therapeutics for net proceeds of $20,334. The Company recorded a mark-to-market gain of $1,050 on the portion of the investment sold during the three months ended March 31, 2026. The Company recorded a mark-to-market loss of $14,537 on the portion of the investment held during the three months ended March 31, 2026. During the three months ended March 31, 2025, the Company reported a mark-to-market loss of $13,095 on the Structure Therapeutics investment. As of March 31, 2026 and December 31, 2025, the carrying value of the Company's investment in Structure Therapeutics was $32,820 and $66,641, respectively.
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