Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2022

Fair Value Disclosures [Abstract]

Summary of Financial Assets Recognized at Fair Value on Recurring Basis

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

	Fair Value as of December 31, 2022
	Total		Level 1		Level 2		Level 3
	(In thousands)
Cash equivalents and restricted cash equivalents	$	534,581	$	534,581	$	-	$	-
Marketable securities:
U.S. Treasury and other government 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	$	1,273,035	$	707,520	$	565,515	$	-
	Fair Value as of December 31, 2021
	Total		Level 1		Level 2		Level 3
	(In thousands)
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	$	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 year ended December 31, 2022
Balance at February 2, 2022 (at inception)	$	10,541
Change in fair value		13,485
Balance at December 31, 2022	$	24,026

	As of inception (February 2, 2022)	As of December 31, 2022
Discount rate	7%	10.1%
Probability of achievement	50%	100%
Projected year of achievement	2024	2023