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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2022
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 as of September 30, 2022 and December 31, 2021:
|  |  |  | September 30, 2022 |
|  | Valuation Hierarchy |  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Aggregate Fair Value |
|  |  |  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | Level 1 |  | $ | 978,367 |  |  | $ | — |  |  | $ | — |  |  | $ | 978,367 |
U.S. government treasuries |  | Level 2 |  |  | 1,385,672 |  |  |  | — |  |  |  | (11,626 | ) |  |  | 1,374,046 |
Total financial assets |  |  |  | $ | 2,364,039 |  |  | $ | — |  |  | $ | (11,626 | ) |  | $ | 2,352,413 |
(1) Includes $21.7 million of restricted cash equivalents.
|  |  |  | December 31, 2021 |
|  | Valuation Hierarchy |  | Amortized Cost |  |  | Gross Unrealized Holding Gains |  |  | Gross Unrealized Holding Losses |  |  | Aggregate Fair Value |
|  |  |  | (in thousands) |
Assets: |  |  |  |  |  |  |  |  |  |  |  |  |  |
Money market funds(1) |  | Level 1 |  | $ | 345,098 |  |  | $ | — |  |  | $ | — |  |  | $ | 345,098 |
U.S. government treasuries |  | Level 2 |  |  | 419,442 |  |  |  | — |  |  |  | (872 | ) |  |  | 418,570 |
Total financial assets |  |  |  | $ | 764,540 |  |  | $ | — |  |  | $ | (872 | ) |  | $ | 763,668 |
(1) Includes $15.6 million of restricted cash equivalents.
Summary of Changes in Estimated Fair Value of Contingent Consideration | The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration (in thousands):
|  | Contingent Consideration |
Balance at December 31, 2021 |  | $ | 22,822 |
Changes in fair value |  |  | 7,890 |
Balance at September 30, 2022 |  | $ | 30,712 |
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, 2022, the fair value of the remaining contingent consideration was estimated using the following significant unobservable inputs:
Unobservable input |  | Value
Volatility |  | 90.0%
Risk-free rate |  | 4.1%
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, 2022, the Company calculated the estimated fair value of the remaining clinical and regulatory milestones related to VIR-3434 using the following significant unobservable inputs:
Unobservable input |  | Range (Weighted-Average)1
Discount rates |  | 8.1% - 9.2% (8.7%)
Probability of achievement |  | 22.1% - 60% (42.1%)
(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, 2022, the Monte Carlo simulation assumed a commercial product launch and associated discrete revenue forecasts, as well as the following significant unobservable inputs for the remaining commercial milestones related to VIR-3434:
Unobservable input |  | Value
Volatility |  | 90.0%
Discount rate |  | 12.0%
Probability of achievement |  | 26.0%

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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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19207-110258 + Details
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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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&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 https://asc.fasb.org/extlink&oid=126976982&loc=d3e19279-110258 + Details
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