Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities

The recurring fair value measurements of the Company’s financial assets and liabilities measured at June 30, 2023 and December 31, 2022 consisted of the following (in thousands):

			Fair Value Measurements at Reporting Date Using
	June 30, 2023		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market fund	$	81,485	$	81,485	$	—	$	—
U.S. Treasury notes		38,673		38,673		—		—
Equity securities		10,781		10,781		—		—
Government sponsored enterprise securities		226,351		—		226,351		—
Municipal bonds		7,383		—		7,383		—
Total	$	364,673	$	130,939	$	233,734	$	—
Liabilities
Cash awards	$	2,129	$	—	$	—	$	2,129
Total	$	2,129	$	—	$	—	$	2,129

			Fair Value Measurements at Reporting Date Using
	December 31, 2022		Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
Assets
Money market fund	$	72,578	$	72,578	$	—	$	—
U.S. Treasury notes		15,945		15,945		—		—
Equity securities		7,180		7,180		—		—
Government sponsored enterprise securities		94,803		—		94,803		—
Municipal bonds		20,775		—		20,775		—
Commercial paper		184,316		—		184,316		—
Total	$	395,597	$	95,703	$	299,894	$	—
Liabilities
Cash awards	$	898	$	—	$	—	$	898
Total	$	898	$	—	$	—	$	898

Schedule of Changes in Estimated Fair Value of Contingent Cash Awards

Changes in estimated fair value of contingent cash awards during the six months ended June 30, 2023 are as follows (in thousands):

Balance as of December 31, 2022	$	898
Vesting of awards		444
Expense forfeited		(104	)
Change in fair value		891
Balance as of June 30, 2023	$	2,129