Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 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 December 31, 2023:

	As of December 31, 2023
	Amortized  Costs		Gross Unrealized Gains		Gross Unrealized Losses		Estimated Fair Value
Cash and cash equivalents:
Cash and money market funds	$	751,323	$	—	$	—	$	751,323
Total cash and cash equivalents	$	751,323	$	—	$	—	$	751,323
	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 fair value of the Company's held to maturity securities by contractual maturity at December 31, 2022 are summarized below. There were no comparable investments as of December 31, 2023:

	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 December 31, 2023 and 2022:

	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Money market accounts	$	658,574	$	—	$	—	$	658,574
Liabilities:
Short-term contingent consideration	$	—	$	—	$	12,983	$	12,983
Long-term contingent consideration	$	—	$	—	$	14,070	$	14,070
	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 fair value of contingent consideration – earnout is included in the following table (amounts in thousands):

Balance at December 31, 2022	$	65,509
Acquisition date fair value of contingent consideration earnouts		6,640
Payment of contingent consideration earnouts		(14,527	)
Decrease in fair value of contingent consideration earnouts		(30,569	)
Balance at December 31, 2023	$	27,053

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 obligation for Avitide, FlexBiosys and Metenova include the following significant unobservable inputs (amounts in thousands, except percent data):

Contingent Consideration Earnout	Fair Value as of  December 31, 2023		Valuation Technique	Unobservable Input	Range	Weighted Average(1)
				Probability of
				Success	100%	100%
Commercialization-based payments	$	20,094	Monte Carlo Simulation	Earnout Discount Rate	5.8%-5.9%	5.9%
				Volatility	12.5%-24.6%	21.9%
Revenue and Volume- based payments	$	1,454	Monte Carlo Simulation	Revenue & Volume Discount Rate	2.5%-9.3%	8.3%
				Earnout Discount Rate	5.8%-7.2%	6.1%
				Probability of  Success	100%	100%
Manufacturing line expansions	$	5,505	Probability-weighted present value	Earnout Discount Rate	6.1%-6.4%	6.3%

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