FAIR VALUE MEASUREMENTS - (Tables)

9 Months Ended

Sep. 30, 2021

Summary of Fair Value Measurements of Cash Equivalents, Available-for-Sale Marketable Securities and Free Share Asset/Liability

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

Summary of Estimated Fair Value of Free Shares Valuation Assumptions


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

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

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