Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

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, 2022
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	20,095	$	20,095	$	—	$	—
Money market funds	168,071		168,071		—		—
Commercial paper	77,436		—		77,436		—
Total cash and cash equivalents	265,602		188,166		77,436		—
Short-term investments:
U.S. Treasury bills	266,007		266,007		—		—
Corporate debt securities	162,789		—		162,789		—
Commercial paper	476,951		—		476,951		—
U.S. Agency bonds	9,979		—		9,979		—
Total short-term investments	915,726		266,007		649,719		—
Long-term investment:
ORIC Pharmaceuticals, Inc.	2,635		2,635		—		—
Total	$	1,183,963	$	456,808	$	727,155	$	—

	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

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

The following table represents the change in estimated fair value of the Company’s Level 3 investment during the period:

	March 31, 2022
Fair value of Level 3 investment - December 31, 2021	$	8,218
Change in fair value during the first quarter of 2022	(5,077)
Transfer from Level 3 to Level 1 in February 2022	(3,141)
Fair value of Level 3 investment - March 31, 2022	$	—