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FAIR VALUE MEASUREMENTS (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of fair value measurements along with the level within the fair value hierarchy in which the fair value measurements fall | The following table presents the Company’s fair value measurements as of September 30, 2023 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
(In thousands) |  | Fair Value at September 30, 2023 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash, cash equivalents, and restricted cash |  |  |  |  |  |  |  |
Cash and money market |  | $ | 543,316 |  |  | $ | 543,316 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 49,806 |  |  | — |  |  | 49,806 |  |  | — |
U.S. government agency securities |  | 1,490 |  |  | — |  |  | 1,490 |  |  | — |
Restricted cash |  | 297 |  |  | 297 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 55,110 |  |  | $ | — |  |  | $ | 55,110 |  |  | $ | — |
U.S. government agency securities |  | 42,932 |  |  | — |  |  | 42,932 |  |  | — |
Asset backed securities |  | 30,105 |  |  | — |  |  | 30,105 |  |  | — |
Commercial paper |  | 8,902 |  |  | — |  |  | 8,902 |  |  | — |
Equity securities |  | 2,745 |  |  | 2,745 |  |  | — |  |  | — |
Non-marketable securities |  | $ | 9,057 |  |  | $ | — |  |  | $ | — |  |  | $ | 9,057 |
Liabilities |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (293,777) |  |  | $ | — |  |  | $ | — |  |  | $ | (293,777) |
Total |  | $ | 449,983 |  |  | $ | 546,358 |  |  | $ | 188,345 |  |  | $ | (284,720) |
The following table presents the Company’s fair value measurements as of December 31, 2022 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
(In thousands) |  | Fair Value at December 31, 2022 |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  | Significant Other Observable Inputs (Level 2) |  | Significant Unobservable Inputs (Level 3)
Cash and cash equivalents |  |  |  |  |  |  |  |
Cash and money market |  | $ | 178,168 |  |  | $ | 178,168 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 63,021 |  |  | — |  |  | 63,021 |  |  | — |
U.S. government agency securities |  | 1,304 |  |  | — |  |  | 1,304 |  |  | — |
Restricted cash |  | 297 |  |  | 297 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 225,223 |  |  | $ | — |  |  | $ | 225,223 |  |  | $ | — |
Corporate bonds |  | 114,671 |  |  | — |  |  | 114,671 |  |  | — |
Asset backed securities |  | 44,521 |  |  | — |  |  | 44,521 |  |  | — |
Equity securities |  | 5,149 |  |  | 5,149 |  |  | — |  |  | — |
Non-marketable securities |  | $ | 10,065 |  |  | $ | — |  |  | $ | — |  |  | $ | 10,065 |
Liabilities |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (306,927) |  |  | $ | — |  |  | $ | — |  |  | $ | (306,927) |
Total |  | $ | 335,492 |  |  | $ | 183,614 |  |  | $ | 448,740 |  |  | $ | (296,862) |
Schedule of fair value of contingent consideration | The following table provides a reconciliation of the beginning and ending balances of contingent consideration:
(In thousands) |  | Contingent Consideration
Beginning balance, January 1, 2023 |  | $ | 306,927 |
Changes in fair value (1) |  | (13,051) |
Payments |  | (99) |
Ending balance, September 30, 2023 |  | $ | 293,777 |
______________ (1)The change in fair value of the contingent consideration liability was a reduction of $5.9 million and $57.6 million for the three and nine months ended September 30, 2022, respectively, which is included in general and administrative expenses in the condensed consolidated statement of operations.
Securities Owned Not Readily Marketable | The Company has elected the fair value option under the income approach to measure its non-marketable securities categorized as Level 3 measurements. Gains and losses recorded on non-marketable securities are included in investment income (loss), net in the condensed consolidated statement of operations. The following table provides a reconciliation of the beginning and ending balances of non-marketable securities valued using the fair value option:
(In thousands) |  | Non-Marketable Securities
Beginning balance, January 1, 2023 |  | $ | 10,065 |
Purchases of non-marketable securities |  | 6,957 |
Changes in fair value |  | (7,965) |
Ending balance, September 30, 2023 |  | $ | 9,057 |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments. + References No definition available. + Details
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- Definition Tabular disclosure of not readily marketable securities and investments including, but not limited to, description of security or investment, fair value and value as measured by quoted price. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 940 -SubTopic 820 -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481753/940-820-50-1 + Details
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