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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2023
Fair Value Disclosures [Abstract]  
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 within the fair value hierarchy as of September 30, 2023 and December 31, 2022:
September 30, 2023
Valuation
Hierarchy		Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses 		Aggregate
Fair Value
(in thousands)
Assets:
Money market funds(1)
Level 1$470,323 $— $— $470,323 
U.S. government treasuriesLevel 21,073,982 15 (1,009)1,072,988 
U.S. government agency bonds and discount notesLevel 2167,372 14 (220)167,166 
Equity securitiesLevel 1N/AN/AN/A 10,825 
Total financial assets$1,711,677 $29 $(1,229)$1,721,302 
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(1)Includes $20.3 million of restricted cash equivalents.
December 31, 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$909,342 $— $— $909,342 
U.S. government treasuriesLevel 21,493,841 — (8,396)1,485,445 
Equity securitiesLevel 1N/AN/AN/A 31,892 
Total financial assets$2,403,183 $— $(8,396)$2,426,679 
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(1)Includes $19.3 million of restricted cash equivalents.
Estimated Fair Value of Significant Unobservable Inputs As of September 30, 2023, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to VIR-3434, an investigational subcutaneously administered HBV-neutralizing monoclonal antibody, or mAb, using the following significant unobservable inputs:
Unobservable input
Range
(Weighted-Average)1
Discount rates
12.7% - 13.3% (13.0%)
Probability of achievement
14.4% - 60.0% (43.0%)
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(1)Unobservable inputs were weighted based on the relative fair value of the clinical and regulatory milestone payments.
As of September 30, 2023, 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 inputValue
Volatility70.0%
Discount rate11.0%
Probability of achievement29.1%
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 obligations (in thousands):
Contingent
Consideration
Balance at December 31, 2022$24,937 
Changes in fair value(627)
Balance at September 30, 2023$24,310