| Schedule of 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 March 31, 2026 and 2025, by level, within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | As of March 31, 2026 | | As of March 31, 2025 | | Level 1 | | Level 2 | | Level 3 | | Balance as of
March 31, 2026 | | Level 1 | | Level 2 | | Level 3 | | Balance as of
March 31, 2025 | | Assets: | | | | | | | | | | | | | | | | | Money market funds | $ | 1,374,706 | | | $ | — | | | $ | — | | | $ | 1,374,706 | | | $ | 2,621,457 | | | $ | — | | | $ | — | | | $ | 2,621,457 | | | Corporate bonds | — | | | 748,422 | | | — | | | 748,422 | | | — | | | — | | | — | | | — | | | U.S. Treasury securities | — | | | 2,124,179 | | | — | | | 2,124,179 | | | — | | | — | | | — | | | — | | | Investment in Datavant Class A units | — | | | — | | | 233,171 | | | 233,171 | | | — | | | — | | | 167,361 | | | 167,361 | | | Investment in Arbutus common shares | 174,814 | | | — | | | — | | | 174,814 | | | 135,578 | | | — | | | — | | | 135,578 | | | Total assets at fair value | $ | 1,549,520 | | | $ | 2,872,601 | | | $ | 233,171 | | | $ | 4,655,292 | | | $ | 2,757,035 | | | $ | — | | | $ | 167,361 | | | $ | 2,924,396 | | | Liabilities: | | | | | | | | | | | | | | | | Liability instruments measured at fair value(1) | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 9,981 | | | $ | 9,981 | | | Total liabilities at fair value | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | — | | | $ | 9,981 | | | $ | 9,981 | |
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| Schedule of Changes in Fair Value of the Level 3 Assets |
The changes in fair value of the Level 3 assets during the years ended March 31, 2026 and 2025 were as follows (in thousands): | | | | | | | Balance at March 31, 2024 | $ | 147,526 | | | Changes in fair value of investment in Datavant, included in net loss | 19,835 | | | Balance at March 31, 2025 | 167,361 | | | Changes in fair value of investment in Datavant, included in net loss | 65,810 | | | Balance at March 31, 2026 | $ | 233,171 | |
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| Schedule of Changes in Fair Value of the Level 3 Liabilities |
The changes in fair value of the Level 3 liabilities during the years ended March 31, 2026 and 2025 were as follows (in thousands): | | | | | | | Balance at March 31, 2024 | $ | 25,737 | | | Changes in fair value of liability instruments, included in net loss | (15,756) | | | Balance at March 31, 2025 | 9,981 | | | Changes in fair value of liability instruments, included in net loss | 47,704 | | | Reclassification to additional paid-in capital upon vesting of Earn-Out Shares | (57,685) | | | Balance at March 31, 2026 | $ | — | |
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