Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

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

The following table summarizes the assets and liabilities measured at fair value on a recurring basis (in thousands):


	December 31, 2020
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	20,398	$	20,398	$	—	$	—
Money market funds	865,164		865,164		—		—
Total cash and cash equivalents	885,562		885,562		—		—

Short-term investments:
U.S. Treasury bills	49,546		49,546		—		—
Corporate debt securities	130,970		—		130,970		—
Commercial paper	240,765		—		240,765		—
U.S. Agency bonds	83,263		—		83,263		—
Total short-term investments	504,544		49,546		454,998		—

Long-term investment:
ORIC Pharmaceuticals	15,629		—		—		15,629

Total	$	1,405,735	$	935,108	$	454,998	$	15,629


	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):


	December 31, 2020
Balance - January 1, 2020	$	—
Additions	11,424
Change in fair value	4,205
Balance - December 31, 2020	$	15,629