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Fair Value of Financial Instruments (Tables) | 6 Months Ended
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Jun. 30, 2021
Schedule of Fair Value of Financial Assets and Liabilities | The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at June 30, 2021 (in thousands):
|  | Carrying amount |  |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 203,399 |  |  | $ | 203,399 |  |  | $ | 203,399 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 7,498 |  |  |  | 7,498 |  |  |  | — |  |  |  | 7,498 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 375,699 |  |  |  | 375,699 |  |  |  | — |  |  |  | 375,699 |  |  |  | — |
Corporate notes |  |  | 27,565 |  |  |  | 27,565 |  |  |  | — |  |  |  | 27,565 |  |  |  | — |
Equity securities included in other long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate equity securities |  |  | 29,330 |  |  |  | 29,330 |  |  |  | — |  |  |  | 29,330 |  |  |  | — |
Total assets |  | $ | 643,491 |  |  | $ | 643,491 |  |  | $ | 203,399 |  |  | $ | 440,092 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Success payment liability – Harvard |  | $ | 42,600 |  |  | $ | 42,600 |  |  | $ | — |  |  | $ | — |  |  | $ | 42,600 |
Success payment liability – Broad Institute |  |  | 42,800 |  |  |  | 42,800 |  |  |  | — |  |  |  | — |  |  |  | 42,800 |
Contingent consideration liability - Technology |  |  | 30,348 |  |  |  | 30,348 |  |  | $ | — |  |  | $ | — |  |  | $ | 30,348 |
Contingent consideration liability - Product |  |  | 7,211 |  |  |  | 7,211 |  |  |  | — |  |  |  | — |  |  |  | 7,211 |
Total liabilities |  | $ | 122,959 |  |  | $ | 122,959 |  |  | $ | — |  |  | $ | — |  |  | $ | 122,959 |
The following table sets forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2020 (in thousands):
|  | Carrying amount |  |  | Fair value |  |  | Level 1 |  |  | Level 2 |  |  | Level 3 |
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 88,259 |  |  | $ | 88,259 |  |  | $ | 88,259 |  |  | $ | — |  |  | $ | — |
Commercial paper |  |  | 60,494 |  |  |  | 60,497 |  |  |  | — |  |  |  | 60,497 |  |  |  | — |
Corporate notes |  |  | 12,314 |  |  |  | 12,308 |  |  |  | — |  |  |  | 12,308 |  |  |  | — |
Marketable securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper |  |  | 113,622 |  |  |  | 113,622 |  |  |  | — |  |  |  | 113,622 |  |  |  | — |
Corporate notes |  |  | 7,836 |  |  |  | 7,836 |  |  |  | — |  |  |  | 7,836 |  |  |  | — |
U.S. Treasury securities |  |  | 11,009 |  |  |  | 11,009 |  |  |  | — |  |  |  | 11,009 |  |  |  | — |
Government securities |  |  | 5,033 |  |  |  | 5,033 |  |  |  | — |  |  |  | 5,033 |  |  |  | — |
Total assets |  | $ | 298,567 |  |  | $ | 298,564 |  |  | $ | 88,259 |  |  | $ | 210,305 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Success payment liability – Harvard |  | $ | 35,500 |  |  | $ | 35,500 |  |  | $ | — |  |  | $ | — |  |  | $ | 35,500 |
Success payment liability – Broad Institute |  |  | 35,700 |  |  |  | 35,700 |  |  |  | — |  |  |  | — |  |  |  | 35,700 |
Total liabilities |  | $ | 71,200 |  |  | $ | 71,200 |  |  | $ | — |  |  | $ | — |  |  | $ | 71,200 |
Success Payment Liabilities |
Schedule of Variables Included in Calculation of Estimated Fair Value | The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:
|  | Harvard |  |  | Broad Institute |
|  | June 30, 2021 |  |  | December 31, 2020 |  |  | June 30, 2021 |  |  | December 31, 2020 |
Fair value of common stock (per share) |  | $ | 128.71 |  |  | $ | 81.64 |  |  | $ | 128.71 |  |  | $ | 81.64 |
Expected volatility |  |  | 77 | % |  |  | 74 | % |  |  | 76 | % |  |  | 74 | %
Expected term (years) |  | 0.11-8.00 |  |  | 0.35-8.49 |  |  | 0.11-8.86 |  |  | 0.35-9.36 |
Schedule of change in Fair Value of Liabilities based on Level 3 inputs | The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):
|  | Six Months Ended June 30, 2021 |
|  | Harvard |  |  | Broad Institute |  |  | Total |
Balance at December 31, 2020 |  | $ | 35,500 |  |  | $ | 35,700 |  |  | $ | 71,200 |
Payments |  |  | (15,000 | ) |  |  | (15,000 | ) |  |  | (30,000 | )
Change in fair value |  |  | 22,100 |  |  |  | 22,100 |  |  |  | 44,200 |
Balance at June 30, 2021 |  | $ | 42,600 |  |  | $ | 42,800 |  |  | $ | 85,400 |
Contingent Consideration Liabilities |
Schedule of Variables Included in Calculation of Estimated Fair Value | The following variables were incorporated in the calculation of the estimated fair value of the Guide technology and product contingent consideration liabilities:
|  | Technology Milestones |  |  | Product Milestones |
|  | June 30, 2021 |  |  | June 30, 2021 |
Discount Rate |  |  | 7.50 | % |  |  | 7.50 | %
Probability of Payment |  | 10-60% |  |  | 2-15% |
Projected Year of Payment |  | 2021-2022 |  |  | 2023-2028 |
Schedule of change in Fair Value of Liabilities based on Level 3 inputs | The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):
|  | Six Months Ended June 30, 2021 |
|  | Technology Milestones |  |  | Product Milestones |  |  | Total |
Balance at February 23, 2021 (inception) |  | $ | 29,403 |  |  | $ | 7,110 |  |  | $ | 36,513 |
Change in fair value |  |  | 945 |  |  |  | 101 |  |  |  | 1,046 |
Balance at June 30, 2021 |  | $ | 30,348 |  |  | $ | 7,211 |  |  | $ | 37,559 |

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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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