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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
Summary of Financial Assets Measured at Fair Value on a Recurring Basis | The following tables summarize the Company’s Level 1 and Level 2 financial assets measured at fair value on a recurring basis by level within the fair value hierarchy:
|  |  |  | September 30, 2020 |
|  | Valuation Hierarchy |  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Aggregate Fair Value |
|  |  |  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | Level 1 |  | $ | 472,272 |  |  | $ | — |  |  | $ | — |  |  | $ | 472,272 |
U.S. government treasuries |  | Level 2 |  |  | 363,840 |  |  |  | 235 |  |  |  | (1 | ) |  |  | 364,074 |
Total financial assets |  |  |  | $ | 836,112 |  |  | $ | 235 |  |  | $ | (1 | ) |  | $ | 836,346 |
(1) | Includes $10.6 million of restricted cash equivalents.
|  |  |  | December 31, 2019 |
|  | Valuation Hierarchy |  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Aggregate Fair Value |
|  |  |  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | Level 1 |  | $ | 106,127 |  |  | $ | — |  |  | $ | — |  |  | $ | 106,127 |
U.S. government treasuries (2) |  | Level 2 |  |  | 298,256 |  |  |  | 140 |  |  |  | (5 | ) |  |  | 298,391 |
Bank time deposits |  | Level 2 |  |  | 2,500 |  |  |  | — |  |  |  | — |  |  |  | 2,500 |
Total financial assets |  |  |  | $ | 406,883 |  |  | $ | 140 |  |  | $ | (5 | ) |  | $ | 407,018 |
(1) | Includes $13.5 million of restricted cash equivalents.
(2) | Includes $24.3 million classified as long-term investments.
Summary of Changes in Estimated Fair Value of Financial Liabilities | The following table sets forth the changes in the estimated fair value of the Company’s Level 3 financial liabilities (in thousands):
|  | Contingent Consideration |  |  | Derivative Liability |  |  | Total |
Balance at December 31, 2019 |  | $ | 17,580 |  |  | $ | 12,449 |  |  | $ | 30,029 |
Changes in fair value |  |  | 44,432 |  |  |  | 16,796 |  |  |  | 61,228 |
Payment of contingent consideration related to Humabs acquisition |  |  | (10,000 | ) |  |  | — |  |  |  | (10,000 | )
Reclassification of derivative liability to additional paid-in capital upon achievement of development milestone |  |  | — |  |  |  | (29,245 | ) |  |  | (29,245 | )
Balance at September 30, 2020 |  | $ | 52,012 |  |  | $ | — |  |  | $ | 52,012 |
Humabs | Clinical and Regulatory Milestones |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
Estimated Fair Value of Significant Unobservable Inputs | As of September 30, 2020, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones using the following significant unobservable inputs:
Unobservable input |  | Value or Range (Weighted-Average)1
Discount rates |  | 10% - 12% (10%)
Probability of achievement |  | 14% - 100% (56%)
(1) | Unobservable inputs were weighted based on the relative fair value of the clinical and regulatory milestone payments.
Humabs | Commercial Milestones |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
Estimated Fair Value of Significant Unobservable Inputs | As of September 30, 2020, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecast, as well as the following significant unobservable inputs:
Unobservable input |  | Value or Range (Weighted-Average)1 |
Volatility |  | 60% |
Discount rate |  | 11% |
Probability of achievement |  | 14% - 32% (30%) |
(1) | Unobservable inputs were weighted based on the relative fair value of the commercial milestone payments.
TomegaVax |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] |
Estimated Fair Value of Significant Unobservable Inputs | As of September 30, 2020, the fair value of the contingent consideration was estimated using the following significant unobservable inputs:
Unobservable input |  | Range (Weighted-Average)1 |
Volatility |  | 85% |
Discount rates |  | 0.0% - 0.2% (0.1%) |
(1) | Unobservable inputs were weighted based on the relative fair value of the underlying milestones.

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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 + Details
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