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Fair Value Measurements
12 Months Ended
Dec. 31, 2020
Fair Value Measurements  
Fair Value Measurements

4. Fair Value Measurements

Assets measured at fair value on a recurring basis as of December 31, 2020 were as follows (in thousands):

    

    

Quoted Prices

    

Significant

    

in Active

Other

Significant

Markets for

Observable

Unobservable

December 31, 

Identical Assets

Inputs

Inputs

Financial Assets

2020

(Level 1)

(Level 2)

(Level 3)

Cash equivalents:

Money market funds

$

139,682

$

139,682

$

$

Marketable securities:

U.S. Treasuries

180,373

180,373

Government agency securities

107,645

107,645

Commercial paper

41,904

41,904

Corporate bonds

42,170

42,170

Restricted cash and other non-current assets:

Money market funds

3,877

3,877

Total financial assets

$

515,651

$

323,932

$

191,719

$

Assets measured at fair value on a recurring basis as of December 31, 2019 were as follows (in thousands):

    

    

Quoted Prices

    

Significant

    

in Active

Other

Significant

Markets for

Observable

Unobservable

December 31, 

Identical Assets

Inputs

Inputs

Financial Assets

2019

(Level 1)

(Level 2)

(Level 3)

Cash equivalents:

Money market funds

$

230,201

$

230,201

$

$

U.S. Treasuries

7,982

7,982

Marketable securities:

U.S. Treasuries

63,386

63,386

Government agency securities

155,571

155,571

Restricted cash and other non-current assets:

Corporate equity securities

3,667

3,667

Money market funds

1,619

1,619

Total financial assets

$

462,426

$

458,759

$

3,667

$

During the year ended December 31, 2020, the Company held an investment in Beam Therapeutics Inc. (“Beam Therapeutics”) consisting of shares of Beam Therapeutics’ common stock. Prior to Beam Therapeutics’ initial public offering in February 2020, the Company valued such investment based on the cost of the equity securities adjusted for any observable market transactions. Following the initial public offering, the equity securities had a readily determinable fair value, and were included in marketable securities on the consolidated balance sheet. The Company sold this investment in October 2020, resulting in a realized gain of $16.4 million recorded in other income (expense), net on the consolidated statements of operations.