Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2021

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, 2021
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	19,347	$	19,347	$	—	$	—
Money market funds	393,736		393,736		—		—
Total cash and cash equivalents	413,083		413,083		—		—

Short-term investments:
U.S. Treasury bills	162,228		162,228		—		—
Corporate debt securities	235,958		—		235,958		—
Commercial paper	621,979		—		621,979		—
U.S. Agency bonds	58,092		—		58,092		—

Total short-term investments	1,078,257		162,228		916,029		—

Long-term investment:
ORIC Pharmaceuticals, Inc.	8,218		—		—		8,218

Total	$	1,499,558	$	575,311	$	916,029	$	8,218


	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):


	December 31,
	2021		2020
Balance - beginning of year	$	15,629	$	—
Additions	—		11,424
Change in fair value	(7,411)		4,205
Balance - end of year	$	8,218	$	15,629