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

6 Months Ended

Jun. 30, 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:

	June 30, 2024
	Fair Value		Level 1		Level 2		Level 3
	(unaudited)
	(in thousands)
Financial Assets:
Money market funds	$	15,061	$	15,061	$	—	$	—
Fixed income bond funds	101,115		—		101,115		—
U.S. government debt securities	884,891		—		884,891		—
Total cash equivalents and restricted cash	$	1,001,067	$	15,061	$	986,006	$	—
Short-term marketable equity securities	$	52,463	$	52,463	$	—	$	—
Total	$	1,053,530	$	67,524	$	986,006	$	—
Financial Liabilities:
Contingent consideration	$	6,960	$	—	$	—	$	6,960
Total	$	6,960	$	—	$	—	$	6,960

	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 June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(unaudited)
	(in thousands)
Fair value — beginning of period	$	6,660	$	6,130	$	6,540	$	6,430
Increase in fair value	300		310		420		10
Fair value — end of period	$	6,960	$	6,440	$	6,960	$	6,440

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:

	June 30, 2024
	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss		Estimated Fair Value
	(unaudited)
	(in thousands)
Money market funds	$	15,061	$	—	$	—	$	15,061
Fixed income bond funds	101,115		—		—		101,115
U.S. government debt securities	884,892		2		(3)		884,891
Total	$	1,001,068	$	2	$	(3)	$	1,001,067

	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