Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables summarize the assets measured at fair value on a recurring basis (in thousands):


	September 30, 2020
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	18,812	$	18,812	$	—	$	—
Money market funds	112,622		112,622		—		—
Total cash and cash equivalents	131,434		131,434		—		—

Short-term investments:
U.S. Treasury bills	53,206		53,206		—		—
Corporate debt securities	160,164		—		160,164		—
Commercial paper	155,091		—		155,091		—
U.S. Agency bonds	79,155		—		79,155		—
Total short-term investments	447,616		53,206		394,410		—

Long-term investment:
ORIC Pharmaceuticals	11,400		—		—		11,400

Total	$	590,450	$	184,640	$	394,410	$	11,400


	December 31, 2019
	Total		Level 1		Level 2
Assets
Cash and cash equivalents:
Cash	$	662	$	662	$	—
Money market funds	45,873		45,873		—
Total cash and cash equivalents	46,535		46,535		—

Short-term investments:
U.S. Treasury bills	36,500		36,500		—
Corporate debt securities	160,297		—		160,297
Commercial paper	120,936		—		120,936
U.S. Agency bonds	50,782		—		50,782
Total short-term investments	368,515		36,500		332,015
Total	$	415,050	$	83,035	$	332,015

Schedule of Changes in Estimated Fair Value of Assets with Unobservable Inputs

The following table presents the changes in estimated fair value of the Company's asset measured using significant unobservable inputs (Level 3) (in thousands):


	September 30, 2020
Balance - January 1, 2020	$	—
Additions	11,424
Change in fair value measurement	(24)
Balance - September 30, 2020	$	11,400