Fair value measurements (Tables)

6 Months Ended

Jun. 30, 2024

Recorded Amount of Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table sets forth the Company’s assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2024 and December 31, 2023 (in thousands):


	Total		Quoted prices in active markets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)
June 30, 2024
Assets:
Cash and cash equivalents	$	111,864	$	111,864	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	63,331		—		63,331		—
Commercial paper	26,678		—		26,678		—
Restricted cash and cash equivalents	433		433		—		—
Restricted investments	34,168		—		34,168		—
Total assets	$	236,474	$	112,297	$	124,177	$	—
December 31, 2023
Assets:
Cash and cash equivalents	$	74,958	$	74,958	$	—	$	—
Marketable securities:
U.S. government agency securities and treasuries	101,625		—		101,625		—
Commercial paper	45,222		—		45,222		—
Restricted cash and cash equivalents	1,725		1,725		—
Restricted investments	32,774		—		32,774		—
Total assets	$	256,304	$	76,683	$	179,621	$	—
Liabilities:
Contingent consideration	$	2,415	$	—	$	—	$	2,415
Total liabilities	$	2,415	$	—	$	—	$	2,415

Debt Securities, Available-for-sale, Unrealized Loss Position, Fair Value

The following table summarizes available-for-sale debt securities in a continuous unrealized loss position for less than twelve months and twelve months or greater, and for which an allowance for credit losses has not been recorded at June 30, 2024 and December 31, 2023 (in thousands):


	Less than 12 months				12 months or greater				Total
	Fair value		Unrealized losses		Fair value		Unrealized losses		Fair value		Unrealized losses
June 30, 2024
U.S. government agency securities and treasuries	$	49,944	$	(31)	$	13,386	$	(14)	$	63,330	$	(45)
Commercial paper	16,730		(10)		—		—		16,730		(10)
Total	$	66,674	$	(41)	$	13,386	$	(14)	$	80,060	$	(55)
December 31, 2023
U.S. government agency securities and treasuries	$	45,850	$	(60)	$	1,475	$	(25)	$	47,325	$	(85)
Total	$	45,850	$	(60)	$	1,475	$	(25)	$	47,325	$	(85)

The table below provides a roll-forward of fair value of the Company’s contingent consideration obligations that include Level 3 inputs (in thousands):


	For the six months ended June 30, 2024
Beginning balance	$	2,415
Additions	—
Changes in fair value	(2,415)
Payments	—
Ending balance	$	—