Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

	September 30, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Cash and money market funds	$	103,522	$	—	$	—	$	103,522
Commercial paper		—		5,000		—		5,000
Total cash and cash equivalents		103,522		5,000		—		108,522
Marketable securities:
Commercial paper		—		45,478		—		45,478
U.S. government and agency securities		—		37,164		—		37,164
Corporate debt securities		—		13,610		—		13,610
Total marketable securities		—		96,252		—		96,252
Total fair value of assets	$	103,522	$	101,252	$	—	$	204,774
Liabilities:
Contingent value rights liability	$	—	$	—	$	29,327	$	29,327
Contingent consideration liability		—		—		4,670		4,670
Total fair value of liabilities	$	—	$	—	$	33,997	$	33,997

	December 31, 2020
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Cash and money market funds	$	119,251	$	—	$	—	$	119,251
Certificate of deposit		—		157		—		157
Commercial paper		—		40,844		—		40,844
U.S. government and agency securities		—		27,498		—		27,498
Total cash and cash equivalents		119,251		68,499		—		187,750
Marketable securities:
Commercial paper		—		35,089		—		35,089
U.S. government and agency securities		—		26,029		—		26,029
Corporate debt securities		—		1,504		—		1,504
Total marketable securities		—		62,622		—		62,622
Total fair value of assets	$	119,251	$	131,121	$	—	$	250,372
Liabilities:
Contingent value rights liability	$	—	$	—	$	13,780	$	13,780
Contingent consideration liability		—		—		1,800		1,800
Total fair value of liabilities	$	—	$	—	$	15,580	$	15,580

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of our Level 3 financial instruments (in thousands):

	Contingent Value Rights Liability		Contingent Consideration Liability
Balance at December 31, 2020	$	13,780	$	1,800
Net change in fair value upon remeasurement		15,547		2,870
Balance at September 30, 2021	$	29,327	$	4,670