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FAIR VALUE MEASUREMENTS (Tables) | 6 Months Ended
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Jun. 30, 2024
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 June 30, 2024 along with the level within the fair value hierarchy in which the fair value measurements, in their entirety, fall.
(In thousands) |  | Fair Value at June 30, 2024 |  | 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 |  | $ | 519,836 |  |  | $ | 519,836 |  |  | $ | — |  |  | $ | — |
U.S. government agency securities |  | 10,344 |  |  | — |  |  | 10,344 |  |  | — |
Restricted cash (1) |  | 5,837 |  |  | 5,837 |  |  | — |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
Corporate bonds |  | $ | 203,288 |  |  | $ | — |  |  | $ | 203,288 |  |  | $ | — |
U.S. government agency securities |  | 118,626 |  |  | — |  |  | 118,626 |  |  | — |
Asset backed securities |  | 87,414 |  |  | — |  |  | 87,414 |  |  | — |
Commercial paper |  | 4,943 |  |  | — |  |  | 4,943 |  |  | — |
Equity securities |  | 2,331 |  |  | 2,331 |  |  | — |  |  | — |
Non-marketable securities |  | $ | 1,057 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,057 |
Liabilities |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (277,921) |  |  | $ | — |  |  | $ | — |  |  | $ | (277,921) |
Total |  | $ | 675,755 |  |  | $ | 528,004 |  |  | $ | 424,615 |  |  | $ | (276,864) |
The following table presents the Company’s fair value measurements as of December 31, 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 December 31, 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 |  | $ | 530,100 |  |  | $ | 530,100 |  |  | $ | — |  |  | $ | — |
Commercial paper |  | 72,243 |  |  | — |  |  | 72,243 |  |  | — |
Restricted cash (1) |  | 4,297 |  |  | 4,297 |  |  | — |  |  | — |
U.S. government agency securities |  | 3,035 |  |  | — |  |  | 3,035 |  |  | — |
Marketable securities |  |  |  |  |  |  |  |
U.S. government agency securities |  | $ | 56,716 |  |  | $ | — |  |  | $ | 56,716 |  |  | $ | — |
Corporate bonds |  | 55,828 |  |  | — |  |  | 55,828 |  |  | — |
Asset backed securities |  | 34,897 |  |  | — |  |  | 34,897 |  |  | — |
Commercial paper |  | 20,984 |  |  | — |  |  | 20,984 |  |  | — |
Equity securities |  | 3,841 |  |  | 3,841 |  |  | — |  |  | — |
Non-marketable securities |  | $ | 7,650 |  |  | $ | — |  |  | $ | — |  |  | $ | 7,650 |
Liabilities |  |  |  |  |  |  |  |
Contingent consideration |  | $ | (288,657) |  |  | $ | — |  |  | $ | — |  |  | $ | (288,657) |
Total |  | $ | 500,934 |  |  | $ | 538,238 |  |  | $ | 243,703 |  |  | $ | (281,007) |
_________________________________ (1)Restricted cash primarily represents cash held by a third-party financial institution as part of a cash collateral agreement related to the Company’s credit card program. The restrictions will lapse upon the termination of the agreements or the removal of the cash collateral requirement by the third-parties.
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, 2024 |  | $ | 288,657 |
Changes in fair value (1) |  | (7,636) |
Payments (2) |  | (3,100) |
Ending balance, June 30, 2024 |  | $ | 277,921 |
______________ (1)The change in fair value of the contingent consideration liability was an increase of $4.2 million and a reduction of $4.7 million for the three and six months ended June 30, 2023, respectively, which is included in general and administrative expenses in the condensed consolidated statement of operations. (2)Payment was made in the second quarter of 2024 to settle the contingent consideration liability previously recorded related to the Company’s acquisition of OmicEra.
Securities Owned Not Readily Marketable | The Company has elected the fair value option under the income approach to measure certain Level 3 non-marketable securities. Gains and losses recorded on non-marketable securities are included in investment income, 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, 2024 |  | $ | 7,650 |
Changes in fair value |  | (343) |
Settlement of non-marketable securities |  | (6,250) |
Ending balance, June 30, 2024 |  | $ | 1,057 |
Other Investments Not Readily Marketable | Non-Marketable Equity Investments Non-marketable equity securities without readily determinable fair values, which are classified as a component of other long-term assets, net, had the following cumulative upward and downward adjustments and aggregate carrying amounts:
(In thousands) |  | June 30, 2024 |  | June 30, 2023
Cumulative upward adjustments (1) |  | $ | 5,102 |  |  | $ | 779 |
Cumulative downward adjustments and impairments (2) |  | 15,071 |  |  | 12,528 |
Aggregate carrying value (3) |  | 52,227 |  |  | 34,197 |
_________________________________ (1) There were no material upward adjustments recorded on non-marketable equity securities held for the three and six months ended June 30, 2024 and 2023. (2) There were no material downward adjustments or impairments recorded on non-marketable equity securities held for the three and six months ended June 30, 2024 and 2023, respectively. (3) The aggregate carrying value of non-marketable equity securities was $46.0 million as of December 31, 2023.

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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://www.xbrl.org/2009/role/commonPracticeRef -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 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -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 other investments not readily marketable, including, but not limited to, description of investment, fair value and value as measured by quoted price. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 940 -SubTopic 820 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147478119/940-820-50-1 + Details
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