Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy

The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:

	Fair Value Measurements as of June 30, 2022:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	80,153	$	—	$	—	$	80,153
Investments:
U.S. treasury bills		—		478,880		—		478,880
U.S. agency securities		—		251,374		—		251,374
Total investments		—		730,254		—		730,254
Total assets	$	80,153	$	730,254	$	—	$	810,407
Liabilities
Contingent Milestone Payments	$	—	$	—	$	40,863	$	40,863
Total liabilities	$	—	$	—	$	40,863	$	40,863

	Fair Value Measurements as of December 31, 2021:
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market funds	$	251,891	$	—	$	—	$	251,891
Investments:
U.S. treasury bills		—		469,386		—		469,386
U.S. agency securities		—		208,568		—		208,568
Total investments		—		677,954		—		677,954
Total assets	$	251,891	$	677,954	$	—	$	929,845
Liabilities
Contingent Milestone Payments	$	—	$	—	$	45,258	$	45,258
Total liabilities	$	—	$	—	$	45,258	$	45,258

Schedule of Changes in Fair Value of Contingent Consideration Liability

The following table reconciles the change in fair value of the contingent consideration liability (in thousands):

	Six Months Ended June 30, 2022
Balance at December 31, 2021	$	50,258
Change in fair value of Contingent Milestone Payments		(4,395	)
Balance at June 30, 2022	$	45,863