Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Recognized at Fair Value on Recurring Basis

As of June 30, 2022 and December 31, 2021, the Company’s financial assets and liabilities recognized at fair value on a recurring basis consisted of the following:

	Fair Value as of June 30, 2022
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	156,323	$	156,323	$	-	$	-
Marketable securities:
U.S. Treasury and other government securities		291,288		276,278		15,010		-
Financial institution debt securities		300,998		-		300,998		-
Corporate debt securities		51,851		-		51,851		-
Other asset-backed securities		114,961		-		114,961		-
Total marketable securities		759,098		276,278		482,820		-
Total Assets	$	915,421	$	432,601	$	482,820	$	-
Liabilities
Contingent consideration liability - research	$	10,790	$	-	$	-	$	10,790
Total Liabilities	$	10,790	$	-	$	-	$	10,790
	Fair Value as of December 31, 2021
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	124,636	$	124,636	$	-	$	-
Marketable securities:
U.S. Treasury and other government securities		300,477		280,085		20,392		-
Financial institution debt securities		440,416		-		440,416		-
Corporate debt securities		62,349		-		62,349		-
Other asset-backed securities		159,401		-		159,401		-
Total marketable securities		962,643		280,085		682,558		-
Total Assets	$	1,087,279	$	404,721	$	682,558	$	-

Schedule of change in fair value of the contingent consideration liabilities

The following table reconciles the change in fair value of the contingent consideration liability based on the level 3 inputs listed below (in thousands):

	For the six months ended June 30, 2022
Balance at February 2, 2022 (at inception)	$	10,541
Change in fair value		249
Balance at June 30, 2022	$	10,790

	As of inception (February 2, 2022)	As of June 30, 2022
Discount rate	7%	11%
Probability of achievement	50%	50%
Projected year of achievement	2023-2024	2023-2024