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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2021
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
Financial Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table presents information about our financial assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation:
|  | September 30, 2021 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 69,644 |  |  | $ | 69,644 |  |  | $ | — |  |  | $ | — |
Short-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury notes |  |  | 60,555 |  |  |  | — |  |  |  | 60,555 |  |  |  | — |
Commercial paper |  |  | 184,277 |  |  |  | — |  |  |  | 184,277 |  |  |  | — |
Corporate debt securities |  |  | 134,351 |  |  |  | — |  |  |  | 134,351 |  |  |  | — |
Supranational debt securities |  |  | 40,081 |  |  |  | — |  |  |  | 40,081 |  |  |  | — |
Total short-term marketable securities |  |  | 419,264 |  |  |  | — |  |  |  | 419,264 |  |  |  | — |
Investment in equity securities |  |  | 17,707 |  |  |  | 17,707 |  |  |  | — |  |  |  | — |
LianBio Warrants |  |  | 2,878 |  |  |  | — |  |  |  | — |  |  |  | 2,878 |
Total financial assets |  | $ | 509,493 |  |  | $ | 87,351 |  |  | $ | 419,264 |  |  | $ | 2,878 |
Liability |  |  |  |  |  |  |  |  |  |  |  |
Embedded derivative |  | $ | 1,413 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,413 |
|  | December 31, 2020 |
|  | Total |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 266,437 |  |  | $ | 266,437 |  |  | $ | — |  |  | $ | — |
Short-term marketable securities: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  |  | 14,999 |  |  |  | — |  |  |  | 14,999 |  |  |  | — |
U.S. treasury notes |  |  | 45,391 |  |  |  | — |  |  |  | 45,391 |  |  |  | — |
Commercial paper |  |  | 144,851 |  |  |  | — |  |  |  | 144,851 |  |  |  |
Corporate debt securities |  |  | 45,770 |  |  |  | — |  |  |  | 45,770 |  |  |  | — |
Total short-term marketable securities |  |  | 251,011 |  |  |  | — |  |  |  | 251,011 |  |  |  | — |
LianBio Warrants |  |  | 3,338 |  |  |  | — |  |  |  | — |  |  |  | 3,338 |
Total financial assets |  | $ | 520,786 |  |  | $ | 266,437 |  |  | $ | 251,011 |  |  | $ | 3,338 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
LEO call option liability |  | $ | 5,550 |  |  | $ | — |  |  | $ | — |  |  |  | 5,550 |
Embedded derivative |  |  | 1,340 |  |  |  | — |  |  |  | — |  |  |  | 1,340 |
Total financial liabilities |  | $ | 6,890 |  |  | $ | — |  |  | $ | — |  |  | $ | 6,890 |
LEO Call Option |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
Summary of Change in Estimated Fair Value of Liability Recorded in Other Income (Expense), Net | On March 30, 2021, LEO provided a notice of termination of the LEO call option effective April 15, 2021. As a result and based on the facts and circumstances that existed as of March 31, 2021, we evaluated that the likelihood of LEO exercising said option was remote and we remeasured the LEO call option liability to zero as of March 31, 2021. The following table sets forth a summary of the change in the estimated fair value of the LEO call option recorded in “Other income (expense), net”:
|  | Total |
|  | (in thousands) |
Balance as of December 31, 2020 |  | $ | 5,550 |
Change in fair value upon notice of termination of the LEO call option |  |  | (5,550 | )
Balance as of March 31, 2021 |  | $ | — |
Schedule of Estimated Fair Value of Liability | Historically, we estimated the fair value of the LEO call option by estimating the fair value of various clinical, regulatory, and sales milestones based on the estimated risk and probability of achievement of each milestone, and allocated the value using a Black-Scholes option pricing model with the following assumptions as of December 31, 2020:
|  | December 31,
|  | 2020
Probability of milestone achievement |  | 12.0%-84.0%
Discount rate |  | 0.1%-14.3%
Expected term (in years) |  | 1.25-6.25
Expected volatility |  | 80.0%-95.0%
Risk-free interest rate |  | 1.16%-1.53%
Dividend yield |  | —

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + 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 (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + 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 (c) -URI http://asc.fasb.org/extlink&oid=117815213&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 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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