Fair Value Measurements and Fair Value of Financial Instruments (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Financial Instruments Measured on Recurring Basis |
The following table sets forth our financial instruments that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of September 30, 2022 | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | Commercial paper ($52,821 included in cash and cash equivalents) | $ | 149,970 | | | $ | — | | | $ | 149,970 | | | $ | — | | | U.S. Treasury bills | 87,863 | | | 87,863 | | | — | | | — | | | Corporate debt securities | 46,635 | | | — | | | 46,635 | | | — | | | Money market fund investments (included in cash and cash equivalents) | 29,264 | | | 29,264 | | | — | | | — | | | U.S. government agency bonds | 28,858 | | | — | | | 28,858 | | | — | | | Total fair value of assets | $ | 342,590 | | | $ | 117,127 | | | $ | 225,463 | | | $ | — | | | Liabilities: | | | | | | | | | MSKCC success payments liability | $ | 3,039 | | | $ | — | | | $ | — | | | $ | 3,039 | | | Total fair value of liabilities | $ | 3,039 | | | $ | — | | | $ | — | | | $ | 3,039 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | Fair Value Measurements as of December 31, 2021 | | | Total | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Money market fund investments (included in cash and cash equivalents) | $ | 181,528 | | | $ | 181,528 | | | $ | — | | | $ | — | | Commercial paper ($58,892 included in cash and cash equivalents) | 141,676 | | | — | | | 141,676 | | | — | | | Corporate debt securities | 38,649 | | | — | | | 38,649 | | | — | | | U.S. Treasury bills | 26,590 | | | 26,590 | | | — | | | — | | | U.S. government agency bonds | 25,065 | | | — | | | 25,065 | | | — | | | Total fair value of assets | $ | 413,508 | | | $ | 208,118 | | | $ | 205,390 | | | $ | — | | | Liabilities: | | | | | | | | | MSKCC success payments liability | $ | 4,080 | | | $ | — | | | $ | — | | | $ | 4,080 | | | Total fair value of liabilities | $ | 4,080 | | | $ | — | | | $ | — | | | $ | 4,080 | |
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| Schedule of Fair Value and Amortized Cost of Cash Equivalents and Available-for-Sale Marketable Securities |
The fair value and amortized cost of cash equivalents and available-for-sale marketable securities by major security type as of September 30, 2022 and December 31, 2021 are presented in the following tables (in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | | As of September 30, 2022 | | | Amortized Cost Basis | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | Commercial paper ($52,821 included in cash and cash equivalents) | $ | 150,135 | | | $ | — | | | $ | (165) | | | $ | 149,970 | | | U.S. Treasury bills | 89,027 | | | — | | | (1,164) | | | 87,863 | | | Corporate debt securities | 47,022 | | | — | | | (387) | | | 46,635 | | | Money market investments (included in cash equivalents) | 29,264 | | | — | | | — | | | 29,264 | | | U.S. government agency bonds | 29,178 | | | 1 | | | (321) | | | 28,858 | | | Total cash equivalents and marketable securities | $ | 344,626 | | | $ | 1 | | | $ | (2,037) | | | $ | 342,590 | | | | | | | | | | | Classified as: | | | | | | | | | Cash and cash equivalents | | | | | | | $ | 82,085 | | | Marketable securities, short-term | | | | | | | 211,284 | | | Marketable securities, long-term | | | | | | | 49,221 | | | Total cash equivalents and marketable securities | | | | | | | $ | 342,590 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | As of December 31, 2021 | | | Amortized Cost Basis | | Unrealized Gains | | Unrealized Losses | | Estimated Fair Value | | Money market investments (included in cash equivalents) | $ | 181,528 | | | $ | — | | | $ | — | | | $ | 181,528 | | Commercial paper ($58,892 included in cash equivalents) | 141,726 | | | 1 | | | (51) | | | 141,676 | | | U.S. government agency bonds | 25,102 | | | — | | | (37) | | | 25,065 | | | Corporate debt securities | 38,661 | | | 4 | | | (16) | | | 38,649 | | | U.S. Treasury bills | 26,626 | | | 1 | | | (37) | | | 26,590 | | | Total cash equivalents and marketable securities | $ | 413,643 | | | $ | 6 | | | $ | (141) | | | $ | 413,508 | | | | | | | | | | | | Classified as: | | | | | | | | | Cash and cash equivalents | | | | | | | $ | 240,420 | | | Marketable securities, short-term | | | | | | | 135,412 | | | Marketable securities, long-term | | | | | | | 37,676 | | | Total cash equivalents and marketable securities | | | | | | | $ | 413,508 | |
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| Schedule of Change in Fair Value of Financial Liability |
The following table sets forth a summary of the changes in the fair value of our Level 3 financial liability (in thousands): | | | | | | | | MSKCC Success Payments
Liability | | Balance at December 31, 2021 | $ | 4,080 | | | Change in fair value | (1,041) | | | Balance at September 30, 2022 | $ | 3,039 | |
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| Schedule of Assumptions Used in Valuation of MSKCC Success Payments Liability |
| | | | | | | | | | | | | | As of
September 30,
2022 | | As of
December 31,
2021 | | Fair value of common stock | $ | 10.55 | | | $ | 15.09 | | | Risk-free interest rate | 3.83% | | 1.52% | | Expected volatility | 81% | | 75% | | Probability of achieving multiple of Initial Share Price | 5.7% to 17.9% | | 7.0% to 20.9% | | Expected term (years) | 3.9 to 5.3 | | 4.2 to 5.5 |
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