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.
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