Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

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, 2023
	Total		Level 1		Level 2		Level 3
Assets
Cash and cash equivalents:
Cash	$	36,038	$	36,038	$	—	$	—
Money market funds	155,536		155,536		—		—
U.S. Treasury bills	47,213		47,213		—		—
Commercial paper	19,931		—		19,931		—
Total cash and cash equivalents	258,718		238,787		19,931		—
Short-term investments:
U.S. Treasury bills	68,449		68,449		—		—
Corporate debt securities	130,886		—		130,886		—
Commercial paper	274,741		—		274,741		—
U.S. Agency bonds	243,640		—		243,640		—
Total short-term investments	717,716		68,449		649,267		—
Long-term investment:
ORIC Pharmaceuticals, Inc.	3,559		3,559		—		—
Total	$	979,993	$	310,795	$	669,198	$	—

	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	$	—

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

The following table represents the change in estimated fair value of and transfer activity for the Company’s Level 3 investment (in thousands):

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 March 31, 2022	$	—