Fair value measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of September 30, 2021 and December 31, 2020 (in thousands):

Description	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
September 30, 2021
Assets:
Cash and cash equivalents	$	402,461	$	377,462	$	24,999	$	—
Marketable securities:
U.S. government agency securities and treasuries	312,492		—		312,492		—
Corporate bonds	111,588		—		111,588		—
Commercial paper	141,089		—		141,089		—
Equity securities	3,100		3,100		—		—
Total	$	970,730	$	380,562	$	590,168	$	—
Liabilities:
Contingent consideration	$	1,973	$	—	$	—	$	1,973
Total	$	1,973	$	—	$	—	$	1,973
December 31, 2020
Assets:
Cash and cash equivalents	$	317,705	$	317,705	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	675,271		—		675,271		—
Corporate bonds	197,563		—		197,563		—
Commercial paper	77,950		—		77,950		—
Equity securities	5,653		5,653		—		—
Total	$	1,274,142	$	323,358	$	950,784	$	—
Liabilities:
Contingent consideration	$	1,509	$	—	$	—	$	1,509
Total	$	1,509	$	—	$	—	$	1,509

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than and greater than twelve months, and for which an allowance for credit losses has not been recorded at September 30, 2021 and December 31, 2020 (in thousands):

	Less than 12 months				12 months or greater				Total
Description	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
September 30, 2021
U.S. government agency securities    and treasuries	$	124,322	$	(58)	$	—	$	—	$	124,322	$	(58)
Corporate bonds	74,279		(31)		11,377		(4)		85,656		(35)
Total	$	198,601	$	(89)	$	11,377	$	(4)	$	209,978	$	(93)
December 31, 2020
U.S. government agency securities    and treasuries	$	211,384	$	(74)	$	—	$	—	$	211,384	$	(74)
Corporate bonds	76,598		(40)		1,205		—		77,803		(40)
Total	$	287,982	$	(114)	$	1,205	$	—	$	289,187	$	(114)