Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Summary of Cash, Cash Equivalents and Marketable Securities Held to Maturity

The following table summarizes the Company's cash, cash equivalents and marketable securities held to maturity as of September 30, 2023 and December 31, 2022 (amounts in thousands):

	As of September 30, 2023
	Amortized  Costs		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash and cash equivalents:
Cash and money market funds	$	630,779	$	—	$	—	$	630,779
Total cash and cash equivalents	$	630,779	$	—	$	—	$	630,779
	As of December 31, 2022
	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash and cash equivalents:
Cash and money market funds	$	523,458	$	—	$	—	$	523,458
Total cash and cash equivalents		523,458		—		—		523,458
Marketable securities held to maturity:
U.S. treasury bills – short-term		100,299		24		—		100,323
Total cash, cash equivalents and marketable securities	$	623,757	$	24	$	—	$	623,781

Schedule of Amortized Cost and Fair Value Held to Maturity Securities by Contractual Maturity

The amortized cost and the fair value of the Company's held to maturity securities by contractual maturity at December 31, 2022 is summarized below:

	December 31, 2022
	Amortized  Costs		Estimated Fair Value
Maturity of one year or less	$	100,299	$	100,323
Total	$	100,299	$	100,323

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

Financial assets and financial liabilities measured at fair value on a recurring basis consist of the following as of September 30, 2023 and December 31, 2022 (amounts in thousands):

	As of September 30, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market accounts	$	389,473	$	—	$	—	$	389,473
Liabilities:
Short-term contingent consideration	$	—	$	—	$	12,589	$	12,589
Long-term contingent consideration	$	—	$	—	$	13,759	$	13,759
	As of December 31, 2022
	Level 1		Level 2		Level 3		Total
Assets:
Money market accounts	$	343,929	$	—	$	—	$	343,929
Liabilities:
Short-term contingent consideration	$	—	$	—	$	13,950	$	13,950
Long-term contingent consideration	$	—	$	—	$	51,559	$	51,559

Schedule of Reconciliation of the Change in the Fair Value of Contingent Consideration - Earnout

A reconciliation of the change in the fair value of contingent consideration – earnouts is included in the following table (amounts in thousands):

Balance at December 31, 2022	$	65,509
Acquisition date fair value of contingent consideration earnout		6,632
Payment of contingent consideration earnout		(14,527	)
Decrease in fair value of contingent consideration earnouts		(31,266	)
Balance at September 30, 2023	$	26,348

Schedule of Contingent Consideration Earnout Expect to be Required to Settle Include Significant Unobservable Inputs

The recurring Level 3 fair value measurement of our contingent consideration earnout that we expect to be required to settle our 2023, 2024 and 2025 contingent consideration obligations for Avitide and FlexBiosys include the following significant unobservable inputs (amounts in thousands, except percent data):

Contingent Consideration Earnout	Fair Value as of  September 30, 2023		Valuation Technique	Unobservable Input	Range	Weighted Average(1)
				Probability of
				Success	100%	100%
Commercialization-based payments	$	19,383	Monte Carlo Simulation	Earnout Discount Rate	7.1%	7.1%
				Volatility	13.1%-24.6%	21.7%
Revenue and Volume- based payments	$	1,460	Monte Carlo Simulation	Revenue & Volume Discount Rate	5.1%-9.3%	8.2%
				Earnout Discount Rate	6.1%-7.1%	6.5%
				Probability of  Success	100%	100%
Manufacturing line expansions	$	5,505	Probability-weighted present value	Earnout Discount Rate	6.1%-6.4%	6.3%

Unobservable inputs were weighted by the relative fair value of the contingent consideration liability.