XML 33 R22.htm IDEA: XBRL DOCUMENT v3.22.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]  
Summary of Financial Assets Measured at Fair Value on a Recurring Basis

The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy as of June 30, 2022 and December 31, 2021:

 

 

 

 

 

June 30, 2022

 

 

 

Valuation
Hierarchy

 

Amortized
Cost

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

 

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

Level 1

 

$

1,503,130

 

 

$

 

 

$

 

 

$

1,503,130

 

U.S. government treasuries

 

Level 2

 

 

760,012

 

 

 

 

 

 

(7,307

)

 

 

752,705

 

Total financial assets

 

 

 

$

2,263,142

 

 

$

 

 

$

(7,307

)

 

$

2,255,835

 

 

(1) Includes $21.5 million of restricted cash equivalents.

 

 

 

 

 

December 31, 2021

 

 

 

Valuation
Hierarchy

 

Amortized
Cost

 

 

Gross
Unrealized
Holding
Gains

 

 

Gross
Unrealized
Holding
Losses

 

 

Aggregate
Fair Value

 

 

 

 

 

(in thousands)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds(1)

 

Level 1

 

$

345,098

 

 

$

 

 

$

 

 

$

345,098

 

U.S. government treasuries

 

Level 2

 

 

419,442

 

 

 

 

 

 

(872

)

 

 

418,570

 

Total financial assets

 

 

 

$

764,540

 

 

$

 

 

$

(872

)

 

$

763,668

 

 

(1) Includes $15.6 million of restricted cash equivalents.

Summary of Changes in Estimated Fair Value of Contingent Consideration

The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration (in thousands):

 

 

 

Contingent
Consideration

 

Balance at December 31, 2021

 

$

22,822

 

Changes in fair value

 

 

5,633

 

Balance at June 30, 2022

 

$

28,455

 

TomegaVax  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]  
Estimated Fair Value of Significant Unobservable Inputs As of June 30, 2022, the fair value of the remaining contingent consideration was estimated using the following significant unobservable inputs:

 

Unobservable input

 

Value

Volatility

 

100.0%

Risk-free rate

 

2.9%

Humabs | Clinical and Regulatory Milestones  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]  
Estimated Fair Value of Significant Unobservable Inputs As of June 30, 2022, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to VIR-3434 using the following significant unobservable inputs:

 

Unobservable input

 

Range
(Weighted-Average)
1

Discount rates

 

8.3% - 9.0% (8.7%)

Probability of achievement

 

22.1% - 47.5% (36%)

 

(1)
Unobservable inputs were weighted based on the relative fair value of the clinical and regulatory milestone payments.
Humabs | Commercial Milestones  
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items]  
Estimated Fair Value of Significant Unobservable Inputs As of June 30, 2022, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecasts, as well as the following significant unobservable inputs for the remaining commercial milestones related to VIR-3434:

 

Unobservable input

 

Value

Volatility

 

75.0%

Discount rate

 

13.0%

Probability of achievement

 

22.1%