Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Recognized at Fair Value on Recurring Basis

As of September 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 September 30, 2022
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	139,471	$	139,471	$	-	$	-
Marketable securities:
U.S. Treasury and other government securities		291,527		276,621		14,906		-
Financial institution debt securities		325,263		-		325,263		-
Corporate debt securities		66,246		-		66,246		-
Other asset-backed securities		24,497		-		24,497		-
Total marketable securities		707,533		276,621		430,912		-
Total Assets	$	847,004	$	416,092	$	430,912	$	-
Liabilities
Contingent consideration liability - research	$	18,600	$	-	$	-	$	18,600
Total Liabilities	$	18,600	$	-	$	-	$	18,600
	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 nine months ended September 30, 2022
Balance at February 2, 2022 (at inception)	$	10,541
Change in fair value		8,059
Balance at September 30, 2022	$	18,600

	As of inception (February 2, 2022)		As of September 30, 2022
Discount rate	7%		12.6%
Probability of achievement	50%		80%
Projected year of achievement		2024		2023