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Fair Value Measurements (Tables)

6 Months Ended

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