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Fair Value of Financial Instruments (Tables)

6 Months Ended

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.

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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.

+ References

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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).

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
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