Fair Value Measurements (Tables)

9 Months Ended

Sep. 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):

	September 30, 2022
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	125,310	$	125,310	$	—	$	—
Money market funds	125,656		125,656		—		—
Commercial paper	47,877		—		47,877		—
Total cash and cash equivalents	298,843		250,966		47,877		—
Short-term investments:
U.S. Treasury bills	209,991		209,991		—		—
Corporate debt securities	131,134		—		131,134		—
Commercial paper	520,392		—		520,392		—
U.S. Agency bonds	40,632		—		40,632		—
Total short-term investments	902,149		209,991		692,158		—
Long-term investment:
ORIC Pharmaceuticals, Inc.	1,882		1,882		—		—
Total	$	1,202,874	$	462,839	$	740,035	$	—

	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 2022:

	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	$	—