Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets Recognized at Fair Value on Recurring Basis

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

	Fair Value as of June 30, 2023
	Total		Level 1		Level 2		Level 3
	(In thousands)
Assets
Cash equivalents and restricted cash equivalents	$	150,907	$	150,907	$	-	$	-
Marketable securities:
U.S. Treasury and other government securities		368,302		117,973		250,329		-
Financial institution debt securities		417,170		-		417,170		-
Corporate debt securities		78,942		-		78,942		-
Other asset-backed securities		35,867		-		35,867		-
Total marketable securities		900,281		117,973		782,308		-
Total Assets	$	1,051,188	$	268,880	$	782,308	$	-
	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 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 six months ended June 30, 2023
Balance at December 31, 2022	$	24,026
Change in fair value		100
Payment of contingent consideration		(24,126	)
Balance at June 30, 2023	$	-

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