Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Recognized at Fair Value on Recurring Basis

As of September 30, 2023 and December 31, 2022, the Company’s financial assets recognized at fair value on a recurring basis consisted of the following:

	Fair Value as of September 30, 2023
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	139,880	$	139,880	$	-	$	-
Marketable securities:
U.S. Treasury and other government-backed securities		329,943		77,781		252,162		-
Financial institution debt securities		318,578		-		318,578		-
Corporate debt securities		115,042		-		115,042		-
Other asset-backed securities		60,950		-		60,950		-
Total marketable securities		824,513		77,781		746,732		-
Total Assets	$	964,393	$	217,661	$	746,732	$	-
	Fair Value as of December 31, 2022
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	534,581	$	534,581	$	-	$	-
Marketable securities:
U.S. Treasury and other government-backed securities		242,686		172,939		69,747		-
Financial institution debt securities		379,861		-		379,861		-
Corporate debt securities		101,550		-		101,550		-
Other asset-backed securities		14,357		-		14,357		-
Total marketable securities		738,454		172,939		565,515		-
Total Assets	$	1,273,035	$	707,520	$	565,515	$	-

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, 2023
Balance at December 31, 2022	$	24,026
Change in fair value		100
Payment of contingent consideration		(24,126	)
Balance at September 30, 2023	$	-

	December 31, 2022
Discount rate	10.1%
Probability of achievement	100%
Projected year of achievement	2023