Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Summary of Financial Assets and Liablilities Recognized at Fair Value on Recurring Basis

The Company’s financial assets and liabilities recognized at fair value on a recurring basis consisted of the following:

	Fair Value as of December 31, 2023
	Total		Level 1		Level 2		Level 3
Assets	(In thousands)
Cash equivalents and restricted cash equivalents	$	136,254	$	136,254	$	-	$	-
Marketable securities:
U.S. Treasury and other government-backed securities		382,308		120,556		261,752		-
Financial institution debt securities		246,119		-		246,119		-
Corporate debt securities		97,408		-		97,408		-
Other asset-backed securities		59,504		-		59,504		-
Total marketable securities		785,339		120,556		664,783		-
Total	$	921,593	$	256,810	$	664,783	$	-
	Fair Value as of December 31, 2022
	Total		Level 1		Level 2		Level 3
Assets	(In thousands)
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	$	1,273,035	$	707,520	$	565,515	$	-
Liabilities
Contingent consideration	$	24,026	$	-	$	-	$	24,026

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 for the years ended December 31, 2023 and 2022 (in thousands):

Balance at February 2, 2022 (at inception)	$	10,541
Change in fair value		13,485
Balance at December 31, 2022		24,026
Change in fair value		100
Payment of contingent consideration		(24,126	)
Balance at December 31, 2023	$	-

	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