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FAIR VALUE MEASUREMENTS | 9 Months Ended
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Sep. 30, 2021
Fair Value Disclosures [Abstract] |
FAIR VALUE MEASUREMENTS | FAIR VALUE MEASUREMENTS The Company measures certain financial assets and liabilities at fair value on a recurring basis, including cash equivalents, marketable securities, and the free shares asset. Fair value is determined based on a three-tier hierarchy under the authoritative guidance for fair value measurements and disclosures that prioritizes the inputs used in measuring fair value as follows: Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2: Quoted prices in markets that are not active or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurements and unobservable (i.e., supported by little or no market activity). The fair value measurements of the Company’s cash equivalents, marketable securities, and the free shares asset are identified at the following levels within the fair value hierarchy (in thousands):
| September 30, 2021
| Fair Value Measurements
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 124,592 |  |  | $ | 124,592 |  |  | $ | — |  |  | $ | — |
Total | 124,592 |  |  | 124,592 |  |  | — |  |  | — |
Marketable securities: |  |  |  |  |  |  |
U.S. government-sponsored entity debt securities | 87,167 |  |  | — |  |  | 87,167 |  |  | — |
Commercial paper securities | 98,065 |  |  | — |  |  | 98,065 |  |  | — |
Corporate debt securities | 33,694 |  |  | — |  |  | 33,694 |  |  | — |
Asset-backed securities | 74,326 |  |  | — |  |  | 74,326 |  |  | — |
Certificates of deposit | 48,838 |  |  | — |  |  | 48,838 |  |  | — |
Total | 342,090 |  |  | — |  |  | 342,090 |  |  | — |
Total cash equivalents and marketable securities | $ | 466,682 |  |  | $ | 124,592 |  |  | $ | 342,090 |  |  | $ | — |
| December 31, 2020
| Fair Value Measurements
| Total |  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |
Money market funds | $ | 53,165 |  |  | $ | 53,165 |  |  | $ | — |  |  | $ | — |
Total | 53,165 |  |  | 53,165 |  |  | — |  |  | — |
Marketable securities: |  |  |  |  |  |  |
U.S. government-sponsored entity debt securities | 257,298 |  |  | — |  |  | 257,298 |  |  | — |
Commercial paper securities | 213,533 |  |  | — |  |  | 213,533 |  |  | — |
Corporate debt securities | 59,574 |  |  | — |  |  | 59,574 |  |  | — |
Asset-backed securities | 17,908 |  |  | — |  |  | 17,908 |  |  | — |
Certificates of deposit | 12,311 |  |  | — |  |  | 12,311 |  |  | — |
Total | 560,624 |  |  | — |  |  | 560,624 |  |  | — |
Total cash equivalents and marketable securities | $ | 613,789 |  |  | $ | 53,165 |  |  | $ | 560,624 |  |  | $ | — |
Free shares asset | $ | 70 |  |  | $ | — |  |  | $ | — |  |  | $ | 70 |
Cash Equivalents and Marketable Securities The Company generally classifies its marketable securities as Level 2. Instruments are classified as Level 2 when observable market prices for identical securities that are traded in less active markets are used. When observable market prices for identical securities are not available, such instruments are priced using benchmark curves, benchmarking of like securities, sector groupings, matrix pricing and valuation models. These valuation models are proprietary to the pricing providers or brokers and incorporate a number of inputs, including in approximate order of priority: benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. For certain security types, additional inputs may be used, or some of the standard inputs may not be applicable. Evaluators may prioritize inputs differently on any given day for any security based on market conditions, and not all inputs listed are available for use in the evaluation process for each security evaluation on any given day. Free Shares Asset As a result of the July 20, 2018 Share Purchase Agreement (“Sangamo France SPA”) to acquire Sangamo France (see Note 10 — Acquisition of Sangamo Therapeutics France S.A.S.), the Company entered into arrangements with the holders of approximately 477,000 “free shares” of Sangamo France pursuant to which the Company has the right to purchase such shares from the holders (a call option) and such holders have the right to sell to the Company such shares from time to time through mid-2021 (a put option). As of September 30, 2021, the Company had purchased all 477,000 free shares for an aggregate cash payment of approximately $1.1 million, upon exercise of the put options. As of September 30, 2021, there were no free shares outstanding subject to purchase by the Company. The fair value of the free shares’ asset was zero at September 30, 2021 and immaterial at December 31, 2020.
Free Shares valuation assumptions |  |  | December 31, 2020
Sangamo stock price (USD) |  |  | $ | 15.61
Sangamo France stock price (EUR) |  |  | € | 3.85
EUR / USD exchange rate |  |  | 0.82
Estimated correlation between Sangamo and Sangamo France stock prices |  |  | 100.0 | %
Sangamo stock price (USD) volatility estimate |  |  | 88.9 | %
Sangamo France stock price (EUR) volatility estimate |  |  | 88.9 | %
EUR / USD exchange rate volatility estimate |  |  | 6.3 | %
Risk free rate and cost of debt by expected exercise date |  |  | Varies

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- Definition The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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