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Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2024
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, 2024 and December 31, 2023 (in thousands):
September 30, 2024
Valuation
Hierarchy		Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses 		Aggregate
Fair Value
Assets:
Money market funds(1)
Level 1$118,278 $— $— $118,278 
U.S. government treasuriesLevel 2691,089 1,469 (25)692,533 
U.S. government agency bonds and discount notesLevel 253,529 53 (1)53,581 
Asset-backed securities Level 237,083 278 — 37,361 
Corporate bondsLevel 2277,938 1,235 (1)279,172 
Equity securitiesLevel 1N/AN/AN/A5,517 
Total financial assets$1,177,917 $3,035 $(27)$1,186,442 
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(1)Includes $21.0 million of restricted cash equivalents.

December 31, 2023
Valuation
Hierarchy		Amortized
Cost		Gross
Unrealized
Holding
Gains		Gross
Unrealized
Holding
Losses 		Aggregate
Fair Value
Assets:
Money market funds(1)
Level 1$278,187 $— $— $278,187 
U.S. government treasuriesLevel 21,162,124 1,017 (80)1,163,061 
U.S. government agency bonds and discount notesLevel 2181,189 27 (50)181,166 
Equity securitiesLevel 1N/AN/AN/A 9,853 
Total financial assets$1,621,500 $1,044 $(130)$1,632,267 
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(1)Includes $19.7 million of restricted cash equivalents.
Summary of Estimated Fair Value of Significant Unobservable Inputs As of September 30, 2024, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to tobevibart (formerly as 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
10.6% - 11.8% (11.1%)
Probability of achievement
16.2% - 80.0% (58.2%)
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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, 2024, 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 tobevibart:
Unobservable inputValue
Volatility70.0%
Discount rate10.0%
Probability of achievement47.4%
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, 2023$25,961 
Changes in fair value7,209 
Balance at September 30, 2024$33,170