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Financial Instruments (Tables)

6 Months Ended

Jun. 30, 2022

Financial Instruments [Abstract]

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

	June 30, 2022												December 31, 2021
(in thousands)	Level 1			Level 2			Level 3			Total			Level 1			Level 2			Level 3			Total
Assets
Cash and cash equivalents		102,612			207,833			—			310,445			327,315			133,410			—			460,725
Investments:
Commercial paper		—			120,495			—			120,495			—			187,632			—			187,632
Corporate debt securities		—			46,810			—			46,810			—			8,968			—			8,968
U.S. government & agency securities		—			421,401			—			421,401			—			387,075			—			387,075
Total investments		—			588,706			—			588,706			—			583,675			—			583,675
Short-term restricted cash		300			—			—			300			500			—			—			500
Long-term restricted cash		2,922			—			—			2,922			4,592			—			—			4,592
Total assets measured at fair value	$	105,834		$	796,539		$	—		$	902,373		$	332,407		$	717,085		$	—		$	1,049,492
Liabilities
Contingent consideration	$	—		$	—		$	163,216		$	163,216		$	—		$	—		$	169,717		$	169,717
Total liabilities measured at fair value	$	—		$	—		$	163,216		$	163,216		$	—		$	—		$	169,717		$	169,717

Changes in the estimated fair value of contingent consideration liabilities [Table Text Block]

(in thousands)		Level 3
Beginning balance as of December 31, 2021	$	169,717
Change in estimated fair value		(6,501)
Ending balance as of June 30, 2022	$	163,216

Summary of Cash, Cash Equivalents and Investments

	As of June 30, 2022
				Gross			Gross
	Amortized			unrealized			unrealized			Fair
(in thousands)	Cost			gains			losses			Value
Cash and cash equivalents		310,508			8			(71)			310,445
Investments:
Commercial paper		120,899			—			(404)			120,495
Corporate debt securities		47,083			—			(273)			46,810
U.S. government & agency securities		426,118			70			(4,787)			421,401
Total investments		594,100			70			(5,464)			588,706
Total cash, cash equivalents and investments	$	904,608		$	78		$	(5,535)		$	899,151
Short-term restricted cash	$	300		$	—		$	—		$	300
Long-term restricted cash	$	2,922		$	—		$	—		$	2,922
	As of December 31, 2021
				Gross			Gross
	Amortized			unrealized			unrealized			Fair
(in thousands)	Cost			gains			losses			Value
Cash and cash equivalents		460,731			—			(5)			460,725
Investments:
Commercial paper		187,705			—			(73)			187,632
Corporate debt securities		8,964			9			(5)			8,968
U.S. government & agency securities		388,088			1			(1,014)			387,075
Total investments		584,757			10			(1,092)			583,675
Total cash, cash equivalents and investments	$	1,045,488		$	10		$	(1,097)		$	1,044,400
Short-term restricted cash	$	500		$	—		$	—		$	500
Long-term restricted cash	$	4,592		$	—		$	—		$	4,592

Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments

(in thousands)	Fair Value
Due in one year or less	$	687,193
Due after one year through five years		109,346
Total investments	$	796,539

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