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Fair Value Measurements (Tables) | 6 Months Ended
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Jun. 30, 2023
Fair Value Disclosures [Abstract] |
Summary of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis and Level of the Fair Value Hierarchy | The following tables present information about the Company’s financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:
|  | Fair Value Measurements as of June 30, 2023: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 113,936 |  |  | $ | — |  |  | $ | — |  |  | $ | 113,936 |
U.S. treasury bills |  |  | — |  |  |  | 9,979 |  |  |  | — |  |  |  | 9,979 |
Total cash equivalents |  |  | 113,936 |  |  |  | 9,979 |  |  |  | — |  |  |  | 123,915 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  |  | — |  |  |  | 378,391 |  |  |  | — |  |  |  | 378,391 |
U.S. agency securities |  |  | — |  |  |  | 347,280 |  |  |  | — |  |  |  | 347,280 |
Total investments |  |  | — |  |  |  | 725,671 |  |  |  | — |  |  |  | 725,671 |
Total assets |  | $ | 113,936 |  |  | $ | 735,650 |  |  | $ | — |  |  | $ | 849,586 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Contingent Milestone Payments |  | $ | — |  |  | $ | — |  |  | $ | 24,223 |  |  | $ | 24,223 |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 24,223 |  |  | $ | 24,223 |
|  | Fair Value Measurements as of December 31, 2022: |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
|  | (in thousands) |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 118,446 |  |  | $ | — |  |  | $ | — |  |  | $ | 118,446 |
U.S. treasury bills |  |  | — |  |  |  | 9,950 |  |  |  | — |  |  |  | 9,950 |
Total cash equivalents |  |  | 118,446 |  |  |  | 9,950 |  |  |  | — |  |  |  | 128,396 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |
U.S. treasury bills |  |  | — |  |  |  | 466,603 |  |  |  | — |  |  |  | 466,603 |
U.S. agency securities |  |  | — |  |  |  | 380,520 |  |  |  | — |  |  |  | 380,520 |
Total investments |  |  | — |  |  |  | 847,123 |  |  |  | — |  |  |  | 847,123 |
Total assets |  | $ | 118,446 |  |  | $ | 857,073 |  |  | $ | — |  |  | $ | 975,519 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Contingent Milestone Payments |  | $ | — |  |  | $ | — |  |  | $ | 27,378 |  |  | $ | 27,378 |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 27,378 |  |  | $ | 27,378 |
Schedule of Changes in Contingent Consideration Liability | The following table reconciles the change in the contingent consideration liability:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Balance at beginning of period |  | $ | 31,375 |  |  | $ | 45,663 |  |  | $ | 32,378 |  |  | $ | 50,258 |
Change in fair value of Contingent Milestone Payments |  |  | (2,152 | ) |  |  | 200 |  |  |  | (3,155 | ) |  |  | (4,395 | )
|  | $ | 29,223 |  |  | $ | 45,863 |  |  | $ | 29,223 |  |  | $ | 45,863 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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/2003/role/disclosureRef -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 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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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