Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Financial Instruments Measured at Fair Value on Recurring Basis

The following tables set forth the Company’s financial instruments (excluding restricted cash) that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):

	September 30, 2022
	Total		Level 1 (Quoted Prices in Active Markets For Identical Assets)		Level 2 (Significant Other Observable Remaining Inputs)		Level 3 (Significant Other Unobservable Remaining Inputs)
Assets
Money market funds	$	136,260	$	136,260	$	-	$	-
U.S. treasury securities		351,348		-		351,348		-
Corporate securities and commercial paper		680,628		-		680,628		-
Certificates of deposit		4,339		-		4,339		-
U.S. government agency obligations		19,345		-		19,345		-
Total assets measured at fair value	$	1,191,920	$	136,260	$	1,055,660	$	-
Liabilities
Liability for sale of future royalties	$	11,697	$	-	$	-	$	11,697
Total liabilities measured at fair value	$	11,697	$	-	$	-	$	11,697

	December 31, 2021
	Total		Level 1 (Quoted Prices in Active Markets For Identical Assets)		Level 2 (Significant Other Observable Remaining Inputs)		Level 3 (Significant Other Unobservable Remaining Inputs)
Assets
Money market funds	$	147,914	$	147,914	$	-	$	-
U.S. treasury securities		112,170		-		112,170		-
Corporate securities and commercial paper		421,214		-		421,214		-
Total assets measured at fair value	$	681,298	$	147,914	$	533,384	$	-
Liabilities
Liability for sale of future royalties	$	5,260	$	-	$	-	$	5,260
Total liabilities measured at fair value	$	5,260	$	-	$	-	$	5,260

Schedule of Investments Classified as Available for Sale Securities with Contractual Maturities

The Company's investments are classified as follows (with contractual maturities):

	September 30, 2022		December 31, 2021
Cash and cash equivalents	$	217,647	$	147,914
Short-term investments (due within one year)		831,135		351,394
Long-term investments (due between one and three years)		143,138		181,990
Total cash, cash equivalents and investments in marketable securities	$	1,191,920	$	681,298

Schedule of Fair Value and Amortized Cost of Investments in Marketable Securities by Major Security Type

The fair value and amortized cost of investments in marketable securities by major security type as of September 30, 2022 and December 31, 2021 are presented in the tables that follow (in thousands):

	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of September 30, 2022:
Money market funds	$	136,260	$	-	$	-		$	136,260
U.S. treasury securities		354,866		9		(3,527	)		351,348
Corporate securities and commercial paper		686,741		15		(6,128	)		680,628
Certificates of deposit		4,337		2		-			4,339
U.S. government agency obligations		19,517		-		(172	)		19,345
Total	$	1,201,721	$	26	$	(9,827	)	$	1,191,920

	Amortized Cost		Unrealized Gain		Unrealized Loss			Fair Value
As of December 31, 2021:
Money market funds	$	147,914	$	-	$	-		$	147,914
U.S. treasury securities		112,473		1		(304	)		112,170
Corporate securities and commercial paper		422,172		3		(961	)		421,214
Total	$	682,559	$	4	$	(1,265	)	$	681,298