Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

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):

	March 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Cash and cash equivalents:
Cash and money market funds	$	68,209	$	—	$	—	$	68,209
Commercial paper		—		30,285		—		30,285
U.S. government and agency securities		—		5,006				5,006
Total cash and cash equivalents		68,209		35,291		—		103,500
Marketable securities:
Commercial paper		—		33,524		—		33,524
U.S. government and agency securities		—		127,214		—		127,214
Corporate debt securities		—		65,794		—		65,794
Total marketable securities		—		226,532		—		226,532
Total fair value of assets	$	68,209	$	261,823	$	—	$	330,032
Liabilities:
Contingent value rights liability	$	—	$	—	$	33,963	$	33,963
Contingent consideration liability		—		—		4,750		4,750
Total fair value of liabilities	$	—	$	—	$	38,713	$	38,713

	December 31, 2021
	Level 1		Level 2		Level 3		Total
Assets:
Cash and 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

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, 2021	$	34,591		$	5,160
Net change in fair value upon remeasurement		(628	)		(410	)
Balance at March 31, 2022	$	33,963		$	4,750