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Fair Value Measurements (Tables) | 9 Months Ended
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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.

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