Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

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):


	June 30, 2021
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	21,726	$	21,726	$	—	$	—
Money market funds	258,994		258,994		—		—
Total cash and cash equivalents	280,720		280,720		—		—

Short-term investments:
U.S. Treasury bills	58,573		58,573		—		—
Corporate debt securities	192,722		—		192,722		—
Commercial paper	538,899		—		538,899		—
U.S. Agency bonds	116,527		—		116,527		—
Sovereign debt securities	9,068		—		9,068		—
Total short-term investments	915,789		58,573		857,216		—

Long-term investment:
ORIC Pharmaceuticals, Inc.	8,947		—		—		8,947

Total	$	1,205,456	$	339,293	$	857,216	$	8,947


	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, Inc.	15,629		—		—		15,629

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

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):


	June 30, 2021
Balance - December 31, 2020	$	15,629

Change in fair value	(6,682)
Balance - June 30, 2021	$	8,947