XML 29 R19.htm IDEA: XBRL DOCUMENT
v3.22.1

Fair Value Measurements (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2022
Fair Value Measurements [Abstract] |
Assets Measured at Fair Value on a Recurring Basis | The following tables present the major security types we held at March 31, 2022 and December 31, 2021 that we regularly measure and carry at fair value. As of March 31, 2022 and December 31, 2021, our Bicycle investment was subject to trading restrictions that extend to the third quarter of 2022; as a result, we included a lack of marketability discount in valuing this investment, which is a Level 3 input. The following tables segregate each security type by the level within the fair value hierarchy of the valuation techniques we utilized to determine the respective securities’ fair value (in thousands):
|  | At March 31, 2022 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents (1) |  | $ | 407,399 |  |  | $ | 407,399 |  |  | $ | — |  |  | $ | — |
Corporate debt securities (2) |  |  | 754,008 |  |  |  | — |  |  |  | 754,008 |  |  |  | — |
Debt securities issued by U.S. government agencies (3) |  |  | 105,228 |  |  |  | — |  |  |  | 105,228 |  |  |  | — |
Debt securities issued by the U.S. Treasury (4) |  |  | 490,792 |  |  |  | 490,792 |  |  |  | — |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (5) |  |  | 192,350 |  |  |  | — |  |  |  | 192,350 |  |  |  | — |
Other municipal debt securities (3) |  |  | 6,320 |  |  |  | — |  |  |  | 6,320 |  |  |  | — |
Investment in Bicycle Therapeutics plc (6) |  |  | 11,131 |  |  |  | — |  |  |  | — |  |  |  | 11,131 |
Investment in ProQR Therapeutics N.V. (6) |  |  | 438 |  |  |  | 438 |  |  |  | — |  |  |  | — |
Total |  | $ | 1,967,666 |  |  | $ | 898,629 |  |  | $ | 1,057,906 |  |  | $ | 11,131 |
|  | At December 31, 2021 |  |  | Quoted Prices in Active Markets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Cash equivalents (1) |  | $ | 541,199 |  |  | $ | 541,199 |  |  | $ | — |  |  | $ | — |
Corporate debt securities (3) |  |  | 764,059 |  |  |  | — |  |  |  | 764,059 |  |  |  | — |
Debt securities issued by U.S. government agencies (3) |  |  | 120,868 |  |  |  | — |  |  |  | 120,868 |  |  |  | — |
Debt securities issued by the U.S. Treasury (3) |  |  | 182,634 |  |  |  | 182,634 |  |  |  | — |  |  |  | — |
Debt securities issued by states of the U.S. and political subdivisions of the states (7) |  |  | 174,464 |  |  |  | — |  |  |  | 174,464 |  |  |  | — |
Other municipal debt securities (3) |  |  | 6,099 |  |  |  | — |  |  |  | 6,099 |  |  |  | — |
Investment in Bicycle Therapeutics plc (6) |  |  | 14,330 |  |  |  | — |  |  |  | — |  |  |  | 14,330 |
Investment in ProQR Therapeutics N.V. (6) |  |  | 3,875 |  |  |  | 3,875 |  |  |  | — |  |  |  | — |
Total |  | $ | 1,807,528 |  |  | $ | 727,708 |  |  | $ | 1,065,490 |  |  | $ | 14,330 |
The following footnotes reference lines on our condensed consolidated balance sheet:
(1) | Included in cash and cash equivalents on our condensed consolidated balance sheet.
(2) | $13.5 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.
(3) | Included in short-term investments.
(4) | $15.0 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.
(5) | $10.3 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.
(6) | Included in other current assets on our condensed consolidated balance sheet.
(7) | $2.3 million was included in cash and cash equivalents on our condensed consolidated balance sheet, with the difference included in short-term investments on our condensed consolidated balance sheet.

X
- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
Name: | us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_FairValueDisclosuresAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration