Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

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):


	December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	53,033	$	53,033	$	—	$	—
Money market funds	174,262		174,262		—		—

U.S. Agency bonds	7,965		—		7,965		—
Total cash and cash equivalents	235,260		227,295		7,965		—

Short-term investments:
U.S. Treasury bills	221,362		221,362		—		—
Corporate debt securities	94,533		—		94,533		—
Commercial paper	442,743		—		442,743		—
U.S. Agency bonds	89,939		—		89,939		—

Total short-term investments	848,577		221,362		627,215		—

Long-term investment:
ORIC Pharmaceuticals, Inc.	3,465		3,465		—		—

Total	$	1,087,302	$	452,122	$	635,180	$	—


	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 changes in estimated fair value of the Company’s Level 3 investment (in thousands):


Balance as of December 31, 2020	$	15,629

Change in fair value	(7,411)
Balance as of December 31, 2021	$	8,218
Change in fair value at lock-up expiration	(3,100)
Transfer from Level 3 to Level 1 at lock-up expiration	(5,118)
Balance as of December 31, 2022	$	—

Other than the investment in ORIC described above, there were no transfers between fair value measurement levels in the years ended December 31, 2022 and 2021.