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Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Fair Value of Financial Assets and Liabilities

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at September 30, 2022 (in thousands):

		Carrying amount				Fair value				Level 1				Level 2				Level 3
Assets
Cash equivalents:
Money market funds		$	124,096				124,096			$	124,096			$	—			$	—
Commercial paper			32,415				32,415				—				32,415				—
Marketable securities:
Commercial paper			621,335				621,335				—				621,335				—
Corporate notes			18,921				18,921				—				18,921				—
U.S. Treasury securities			224,320				224,320				—				224,320				—
U.S Government securities			54,679				54,679				—				54,679				—
Equity securities included in marketable securities:
Corporate equity securities			18,788				18,788				18,788				—				—
Total assets		$	1,094,554			$	1,094,554			$	142,884			$	951,670			$	—
Liabilities
Success payment liability – Harvard		$	10,500			$	10,500			$	—			$	—			$	10,500
Success payment liability – Broad Institute			10,800				10,800				—				—				10,800
Contingent consideration liability – Technology			25,835				25,835				—				—				25,835
Contingent consideration liability – Product			6,075				6,075				—				—				6,075
Total liabilities		$	53,210			$	53,210			$	—			$	—			$	53,210

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2021 (in thousands):

		Carrying amount				Fair value				Level 1				Level 2				Level 3
Assets
Cash equivalents:
Money market funds		$	540,094			$	540,094			$	540,094			$	—			$	—
Commercial paper			13,997				13,997				—				13,997				—
Corporate notes			5,903				5,903				—				5,903				—
Marketable securities:
Commercial paper			368,743				368,743				—				368,743				—
Corporate notes			16,743				16,743				—				16,743				—
Equity securities included in marketable securities:
Corporate equity securities			20,167				20,167				20,167				—				—
Total assets		$	965,647			$	965,647			$	560,261			$	405,386			$	—
Liabilities
Success payment liability – Harvard		$	21,000			$	21,000			$	—			$	—			$	21,000
Success payment liability – Broad Institute			21,200				21,200				—				—				21,200
Contingent consideration liability – Technology			24,359			$	24,359				—				—				24,359
Contingent consideration liability – Product			7,008				7,008				—				—				7,008
Total liabilities		$	73,567			$	73,567			$	—			$	—			$	73,567

Summary Of Other Income (Expense) Incurred Due To Changes In Fair Value Of Corporate Equity Securities Held

The following table summarizes other income (expense) incurred due to changes in the fair value of corporate equity securities held (in thousands):

		Three Months Ended September 30,								Nine Months Ended September 30,
		2022				2021				2022				2021
Other income (expense)		$	10,431			$	(4,892	)		$	(1,378	)		$	21,960

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
		September 30, 2022				December 31, 2021				September 30, 2022				December 31, 2021
Fair value of common stock (per share)		$	47.64			$	79.69			$	47.64			$	79.69
Expected volatility			82	%			76	%			82	%			76	%
Expected term (years)		0.09-6.75				0.10-7.49				0.09-7.61				0.10-8.36

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):

		Nine Months Ended September 30, 2022
		Harvard				Broad Institute				Total
Balance at December 31, 2021		$	21,000			$	21,200			$	42,200
Change in fair value			(10,500	)			(10,400	)			(20,900	)
Balance at September 30, 2022		$	10,500			$	10,800			$	21,300

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 contingent consideration liabilities:

		Technology Milestones								Product Milestones
		September 30, 2022				December 31, 2021				September 30, 2022				December 31, 2021
Discount Rate			10.50	%			7.50	%			10.50	%			7.50	%
Probability of Achievement		10-90%				10-75%				2-15%				2-15%
Projected Year of Achievement		2022-2024				2022-2023				2024-2029				2023-2029

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):

		Nine Months Ended September 30, 2022
		Technology Milestones				Product Milestones				Total
Balance at December 31, 2021		$	24,359			$	7,008			$	31,367
Change in fair value			1,476				(933	)			543
Balance at September 30, 2022		$	25,835			$	6,075			$	31,910

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