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Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities | The recurring fair value measurements of the Company’s financial assets and liabilities measured at September 30, 2023 and December 31, 2022 consisted of the following (in thousands):
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | September 30, 2023 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 43,908 |  |  | $ | 43,908 |  |  | $ | — |  |  | $ | — |
U.S. Treasury notes |  |  | 42,090 |  |  |  | 42,090 |  |  |  | — |  |  |  | — |
Government sponsored enterprise securities |  |  | 205,637 |  |  |  | — |  |  |  | 205,637 |  |  |  | — |
Total |  | $ | 291,635 |  |  | $ | 85,998 |  |  | $ | 205,637 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Cash awards |  | $ | 1,114 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,114 |
Total |  | $ | 1,114 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,114 |
|  |  |  |  | Fair Value Measurements at Reporting Date Using |
|  | December 31, 2022 |  |  | Quoted Prices in Active Markets for Identical Assets (Level 1) |  |  | Significant Other Observable Inputs (Level 2) |  |  | Significant Unobservable Inputs (Level 3) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market fund |  | $ | 72,578 |  |  | $ | 72,578 |  |  | $ | — |  |  | $ | — |
U.S. Treasury notes |  |  | 15,945 |  |  |  | 15,945 |  |  |  | — |  |  |  | — |
Equity securities |  |  | 7,180 |  |  |  | 7,180 |  |  |  | — |  |  |  | — |
Government sponsored enterprise securities |  |  | 94,803 |  |  |  | — |  |  |  | 94,803 |  |  |  | — |
Municipal bonds |  |  | 20,775 |  |  |  | — |  |  |  | 20,775 |  |  |  | — |
Commercial paper |  |  | 184,316 |  |  |  | — |  |  |  | 184,316 |  |  |  | — |
Total |  | $ | 395,597 |  |  | $ | 95,703 |  |  | $ | 299,894 |  |  | $ | — |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Cash awards |  | $ | 898 |  |  | $ | — |  |  | $ | — |  |  | $ | 898 |
Total |  | $ | 898 |  |  | $ | — |  |  | $ | — |  |  | $ | 898 |
Schedule of Changes in Estimated Fair Value of Contingent Cash Awards | Changes in estimated fair value of contingent cash awards during the nine months ended September 30, 2023 are as follows (in thousands):
Balance as of December 31, 2022 |  | $ | 898 |
Vesting of awards |  |  | 508 |
Expense forfeited |  |  | (117 | )
Change in fair value |  |  | (175 | )
Balance as of September 30, 2023 |  | $ | 1,114 |

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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 the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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