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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy for Assets Measured at Fair Value on Recurring Basis

The following tables present the Company’s fair value hierarchy for assets measured at fair value on a recurring basis (in thousands):

		Fair Value Measurements at September 30, 2021
		Level 1				Level 2				Level 3				Total
Cash equivalents:
Money market funds		$	762,550			$	—			$	—			$	762,550
Total		$	762,550			$	—			$	—			$	762,550
		Fair Value Measurements at December 31, 2020
		Level 1				Level 2				Level 3				Total
Cash equivalents:
Money market funds		$	917,485			$	—			$	—			$	917,485
Marketable securities:
U.S. treasury securities			—				10,006				—				10,006
Corporate notes			—				14,572				—				14,572
Total		$	917,485			$	24,578			$	—			$	942,063

As of September 30, 2021 and December 31, 2020, the fair value of the liability related to sale of future royalties is based on the Company's current estimates of future royalties expected to be paid to Baker Bros. Advisors, LP (“BBA”), which are considered Level 3 inputs. 

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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://fasb.org/us-gaap/role/ref/legacyRef
-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://fasb.org/us-gaap/role/ref/legacyRef
-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

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- References

No definition available.

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