Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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):

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Cash and money market funds	$	161,522	$	—	$	—	$	161,522
Commercial paper	—			16,897		—		16,897
Corporate debt securities				3,305				3,305
Total cash and cash equivalents		161,522		20,202		—		181,724
Marketable securities:
Commercial paper	—			34,968		—		34,968
U.S. government and agency securities	—			85,222		—		85,222
Corporate debt securities	—			53,138		—		53,138
Total marketable securities		—		173,328		—		173,328
Total fair value of assets	$	161,522	$	193,530	$	—	$	355,052
Liabilities
Contingent value rights liability	$	—	$	—	$	34,591	$	34,591
Contingent consideration liability		—		—		5,160		5,160
Total fair value of liabilities	$	—	$	—	$	39,751	$	39,751

	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 the Company’s Level 3 financial instruments (in thousands):

	Contingent Value Rights Liability			Contingent Consideration Liability
Fair Value as of December 31, 2019	$	—		$	—
Assumed in the Merger		12,270			1,800
Change in fair value upon remeasurement		1,510		—
Fair Value as of December 31, 2020		13,780			1,800
Change in fair value upon remeasurement		23,507			3,810
Measurement period adjustment		(2,696	)		(450	)
Fair Value as of December 31, 2021	$	34,591		$	5,160