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Fair Value Measurement (Tables)

9 Months Ended

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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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.

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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.

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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).

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