Fair Value Measurements, Cash Equivalents and Marketable Securities (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value Measurements, Recurring and Nonrecurring

The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows:

	March 31, 2024
	Fair Value		Level 1		Level 2		Level 3
	(unaudited)
	(in thousands)
Financial Assets:
Money market funds	$	638,715	$	638,715	$	—	$	—
Fixed income bond funds	100,080		—		100,080		—
U.S. government debt securities	328,495		—		328,495		—
Total cash equivalents	$	1,067,290	$	638,715	$	428,575	$	—
Long-term marketable equity securities	$	67,947	$	67,947	$	—	$	—
Total	$	1,135,237	$	706,662	$	428,575	$	—
Financial Liabilities:
Contingent consideration	$	6,660	$	—	$	—	$	6,660
Total	$	6,660	$	—	$	—	$	6,660

	December 31, 2023
	Fair Value		Level 1		Level 2		Level 3
	(in thousands)
Financial Assets:
Money market funds	$	1,032,500	$	1,032,500	$	—	$	—
Total cash equivalents	$	1,032,500	$	1,032,500	$	—	$	—
U.S. government debt securities	$	35,097	$	—	$	35,097	$	—
Total short-term marketable debt securities	$	35,097	$	—	$	35,097	$	—
Long-term marketable equity securities	$	98,002	$	98,002	$	—	$	—
Total	$	1,165,599	$	1,130,502	$	35,097	$	—
Financial Liabilities:
Contingent consideration	$	6,540	$	—	$	—	$	6,540
Total	$	6,540	$	—	$	—	$	6,540

Schedule of Level 3 Activity

The following table summarizes the activities for the Level 3 financial instruments:

	Contingent Consideration
	Three Months Ended March 31,
	2024		2023
	(unaudited)
	(in thousands)
Fair value — beginning of period	$	6,540	$	6,430
Increase (decrease) in fair value	120		(300)
Fair value — end of period	$	6,660	$	6,130

Schedule of Cash Equivalents and Marketable Securities'

The following tables summarize the Company’s cash equivalents, restricted cash and marketable debt securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category:

	March 31, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
	(unaudited)
	(in thousands)
Money market funds	$	638,715	$	—	$	—	$	638,715
Fixed income bond funds	100,080		—		—		100,080
U.S. government debt securities	328,493		2		—		328,495
Total	$	1,067,288	$	2	$	—	$	1,067,290

	December 31, 2023
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
	(in thousands)
Money market funds	$	1,032,500	$	—	$	—	$	1,032,500
U.S. government debt securities	35,108		—		(11)		35,097
Total	$	1,067,608	$	—	$	(11)	$	1,067,597