Fair Value Measurements (Tables)

9 Months Ended

Sep. 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):


	September 30, 2021
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	65,842	$	65,842	$	—	$	—
Money market funds	176,782		176,782		—		—
Total cash and cash equivalents	242,624		242,624		—		—

Short-term investments:
U.S. Treasury bills	83,735		83,735		—		—
Corporate debt securities	215,326		—		215,326		—
Commercial paper	528,453		—		528,453		—
U.S. Agency bonds	75,252		—		75,252		—
Sovereign debt securities	9,028		—		9,028		—
Total short-term investments	911,794		83,735		828,059		—

Long-term investment:
ORIC Pharmaceuticals, Inc.	11,253		—		—		11,253

Total	$	1,165,671	$	326,359	$	828,059	$	11,253


	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):


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

Change in fair value	(4,376)
Balance - September 30, 2021	$	11,253