Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Fair Value of Financial Assets and Liabilities

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2023 (in thousands):


		Carrying amount				Fair value				Level 1				Level 2				Level 3
Assets
Cash equivalents:
Money market funds		$	435,689			$	435,689			$	435,689			$	—			$	—
Marketable securities:
Commercial paper			285,289				285,289				—				285,289				—
Corporate notes			23,525				23,525				—				23,525				—
U.S. Treasury securities			152,147				152,147				—				152,147				—
U.S. Government securities			271,145				271,145				—				271,145				—
Corporate equity securities			21,875				21,875				21,875				—				—
Total assets		$	1,189,670			$	1,189,670			$	457,564			$	732,106			$	—

Liabilities
Success payment liability – Harvard		$	5,200			$	5,200			$	—			$	—			$	5,200
Success payment liability – Broad Institute			5,600				5,600				—				—				5,600
Contingent consideration liability – Technology			1,371				1,371				—				—				1,371
Contingent consideration liability – Product			1,352				1,352				—				—				1,352
Total liabilities		$	13,523			$	13,523			$	—			$	—			$	13,523

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2022 (in thousands):


		Carrying amount				Fair value				Level 1				Level 2				Level 3
Assets
Cash equivalents:
Money market funds		$	218,794			$	218,794			$	218,794			$	—			$	—
Commercial paper			10,475				10,475				—				10,475				—
Corporate notes			3,498				3,498				—				3,498				—
Marketable securities:
Commercial paper			577,728				577,728				—				577,728				—
Corporate notes			18,996				18,996				—				18,996				—
U.S. Treasury securities			145,312				145,312				—				145,312				—
U.S. Government securities			62,864				62,864				—				62,864				—
Equity securities included in marketable securities:
Corporate equity securities			40,467				40,467				40,467				—				—
Total assets		$	1,078,134			$	1,078,134			$	259,261			$	818,873			$	—

Liabilities
Success payment liability – Harvard		$	9,000			$	9,000			$	—			$	—			$	9,000
Success payment liability – Broad Institute			9,300				9,300				—				—				9,300
Contingent consideration liability – Technology			6,025				6,025				—				—				6,025
Contingent consideration liability – Product			6,438				6,438				—				—				6,438
Total liabilities		$	30,763			$	30,763			$	—			$	—			$	30,763

Summary Of Other Income (Expense) Incurred Due To Changes In Fair Value Of Corporate Equity Securities Held

The following table summarizes other income (expense) incurred due to changes in the fair value of corporate equity securities held (in thousands):


		Years Ended December 31,
		2023				2022				2021
Other income (expense)		$	(18,592	)		$	20,200			$	17,690

Success Payment Liabilities

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:


		Harvard								Broad Institute
		December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Fair value of common stock (per share)		$	27.22			$	39.11			$	27.22			$	39.11
Expected volatility			80	%			82	%			79	%			82	%
Expected term (years)		0.06 - 5.49				0.08-6.49				0.06 - 6.36				0.08-7.36

Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):


		Year Ended December 31, 2023
		Harvard				Broad Institute				Total
Balance at December 31, 2021		$	21,000			$	21,200			$	42,200
Change in fair value			(12,000	)			(11,900	)			(23,900	)
Balance at December 31, 2022		$	9,000			$	9,300			$	18,300
Change in fair value			(3,800	)			(3,700	)			(7,500	)
Balance at December 31, 2023		$	5,200			$	5,600			$	10,800

Contingent Consideration Liabilities

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:


		Technology Milestones								Product Milestones
		December 31, 2023				December 31, 2022				December 31, 2023				December 31, 2022
Discount Rate			10.00	%			10.00	%			10.00	%			10.00	%
Probability of Achievement		2-5%				5-15%				1-2%				2-15%
Projected Year of Achievement		2025				2024-2025				2025-2031				2025-2030

Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):



		Technology Milestones				Product Milestones				Total
Balance at December 31, 2021		$	24,359			$	7,008				31,367
Change in fair value			(18,334	)			(570	)			(18,904	)
Balance at December 31, 2022		$	6,025			$	6,438			$	12,463
Change in fair value			(4,654	)			(5,086	)			(9,740	)
Balance at December 31, 2023		$	1,371			$	1,352			$	2,723