Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Assets measured at fair value on recurring basis

The following tables summarize assets and liabilities recognized or disclosed at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:

	March 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	38,974	$	—	$	—	$	38,974
Certificate of deposits	—		1,500		—		1,500
Commercial paper	—		18,996		—		$	18,996
Marketable securities:
U.S. Treasury securities	—		26,930		—		26,930
Certificate of deposits	—		55,283		—		55,283
Commercial debt securities	—		233,419		—		233,419
Commercial paper	—		27,059		—		27,059
U.S. Government-sponsored enterprises debt securities	—		6,214		—		6,214
Total(1)	$	38,974	$	369,401	$	—	$	408,375
Liabilities:
Contingent consideration	$	—	$	—	$	43,000	$	43,000

	December 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. Treasuries	$	—	$	13,799	$	—	$	13,799
Money market funds	39,536		—		—		39,536
Certificate of deposits	—		3,008		—		3,008
Commercial paper	—		21,648		—		21,648
Marketable securities:
U.S. Treasuries	—		27,896		—		27,896
Commercial paper	—		101,951		—		101,951
U.S. Government-sponsored enterprises debt securities	—		6,219		—		6,219
Corporate debt securities	—		50,357		—		50,357
Certificate of deposits	—		41,284		—		41,284
Total(1)	$	39,536	$	266,162	$	—	$	305,698
Liabilities:
Contingent consideration	$	—	$	—	$	42,400	$	42,400

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(1)Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.

Liabilities measured at fair value on recurring basis

The following tables summarize assets and liabilities recognized or disclosed at fair value on a recurring basis as of March 31, 2021 and December 31, 2020:

	March 31, 2021
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market funds	$	38,974	$	—	$	—	$	38,974
Certificate of deposits	—		1,500		—		1,500
Commercial paper	—		18,996		—		$	18,996
Marketable securities:
U.S. Treasury securities	—		26,930		—		26,930
Certificate of deposits	—		55,283		—		55,283
Commercial debt securities	—		233,419		—		233,419
Commercial paper	—		27,059		—		27,059
U.S. Government-sponsored enterprises debt securities	—		6,214		—		6,214
Total(1)	$	38,974	$	369,401	$	—	$	408,375
Liabilities:
Contingent consideration	$	—	$	—	$	43,000	$	43,000

	December 31, 2020
(In thousands)	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
U.S. Treasuries	$	—	$	13,799	$	—	$	13,799
Money market funds	39,536		—		—		39,536
Certificate of deposits	—		3,008		—		3,008
Commercial paper	—		21,648		—		21,648
Marketable securities:
U.S. Treasuries	—		27,896		—		27,896
Commercial paper	—		101,951		—		101,951
U.S. Government-sponsored enterprises debt securities	—		6,219		—		6,219
Corporate debt securities	—		50,357		—		50,357
Certificate of deposits	—		41,284		—		41,284
Total(1)	$	39,536	$	266,162	$	—	$	305,698
Liabilities:
Contingent consideration	$	—	$	—	$	42,400	$	42,400

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(1)Fair value is determined by taking into consideration valuations obtained from third-party pricing services. The third-party pricing services utilize industry standard valuation models, for which all significant inputs are observable, either directly or indirectly, to estimate fair value. These inputs include reported trades of and broker/dealer quotes on the same or similar securities; issuer credit spreads; benchmark securities; and other observable inputs.

Reconciliation of liabilities measured at fair value using significant unobservable inputs (Level 3)

The following table provides a reconciliation of our contingent consideration liability measured at fair value on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2021 and 2020 (in thousands):

	Three Months Ended March 31,
	2021		2020
Balance at beginning of period	$	42,400	$	63,800
Change in fair value	600		(7,900)
Balance at end of period	$	43,000	$	55,900

Significant inputs used in fair value measurement

The following table summarizes the significant unobservable inputs used in the fair value measurement of our contingent consideration liabilities as of March 31, 2021.

Fair Value as of March 31, 2021 (in thousands)	Valuation Technique	Unobservable Input	Range	Weighted Average(1)
$43,000	Discounted cash flow	Discount rate	1.9% — 3.0%	2.5%
		Probability of payment	100%	100%
		Projected year of payment	2021 — 2030	2022

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(1)Unobservable inputs were weighted by the relative fair value of each sales-based milestone payment.