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FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 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 September 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 September 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						$	582,741					$	582,741					$	—					$	—
U.S. government agency securities						6,089						—						6,089						—
Restricted cash (1)						5,837						5,837						—						—
Marketable securities
Corporate bonds						$	214,615					$	—					$	214,615					$	—
U.S. government agency securities						127,093						—						127,093						—
Asset backed securities						85,364						—						85,364						—
Equity securities						5,229						5,229						—						—
Non-marketable securities						$	686					$	—					$	—					$	686
Liabilities
Contingent consideration						$	(283,231)					$	—					$	—					$	(283,231)
Total						$	744,423					$	593,807					$	433,161					$	(282,545)

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:

						Three Months Ended September 30,												Nine Months Ended September 30,
(In thousands)						2024						2023						2024						2023
Beginning balance						$	277,921					$	302,141					$	288,657					$	306,927
Changes in fair value (1)						5,310						(8,364)						(2,326)						(13,051)
Payments (2)						—						—						(3,100)						(99)
Ending balance						$	283,231					$	293,777					$	283,231					$	293,777

______________

(1)The change in fair value of the contingent consideration liability is included in general and administrative expenses in the condensed consolidated statement of operations for the three and nine months ended September 30, 2024 and 2023.

(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						(714)
Settlement of non-marketable securities						(6,250)
Ending balance, September 30, 2024						$	686

Other Investments Not Readily Marketable

Non-Marketable Equity Securities

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)						September 30, 2024						September 30, 2023
Cumulative upward adjustments (1)						$	5,102					$	779
Cumulative downward adjustments and impairments (2)						15,071						15,071
Aggregate carrying value (3)						52,227						31,654

_________________________________

(1)    There were no material upward adjustments recorded on non-marketable equity securities held for the three and nine months ended September 30, 2024 and 2023.

(2)    There were no material downward adjustments or impairments recorded on non-marketable equity securities held for the three and nine months ended September 30, 2024 and 2023, respectively.

(3)    The aggregate carrying value of non-marketable equity securities was $46.0 million as of December 31, 2023.

X

- 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

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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.

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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

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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://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

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