Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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



	December 31, 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:
Cash and money market funds	$	137,636	$	—	$	—	$	137,636	$	327,315	$	—	$	—	$	327,315
Commercial paper		—		166,453		—		166,453		—		133,185		—		133,185
U.S. government & agency securities		—		21,000		—		21,000		—		225		—		225
U.S. Treasury security		—		—		—		—		—		—		—		—
Total cash and cash equivalents		137,636		187,453		—		325,089		327,315		133,410		—		460,725
Investments:
Commercial paper		—		127,302		—		127,302		—		187,632		—		187,632
Corporate debt securities		—		49,491		—		49,491		—		8,968		—		8,968
U.S. government & agency securities		—		270,436		—		270,436		—		387,075		—		387,075
Total investments		—		447,229		—		447,229		—		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	$	140,858	$	634,682	$	—	$	775,540	$	332,407	$	717,085	$	—	$	1,049,492

Liabilities
Contingent consideration	$	—	$	—	$	172,094	$	172,094	$	—	$	—	$	169,717	$	169,717
Total liabilities measured at fair value	$	—	$	—	$	172,094	$	172,094	$	—	$	—	$	169,717	$	169,717

Changes in the estimated fair value of contingent consideration liabilities



(in thousands)	Level 3
Beginning balance as of December 31, 2021	$	169,717
Change in estimated fair value		2,377
Ending balance as of December 31, 2022	$	172,094

Summary of Cash, Cash Equivalents and Investments



	December 31, 2022
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
(in thousands)	Cost		gains		losses		Value
Cash and cash equivalents:
Cash and money market funds	$	137,636	$	—	$	—	$	137,636
Commercial paper		166,514		—		(61)		166,453
U.S. government & agency securities		20,994		6		—		21,000
Total cash and cash equivalents		325,144		6		(61)		325,089
Investments:
Commercial paper		127,626		9		(333)		127,302
Corporate debt securities		49,998		—		(507)		49,491
U.S. government & agency securities		274,315		1		(3,880)		270,436
Total investments		451,939		10		(4,720)		447,229
Total cash, cash equivalents, and investments	$	777,083	$	16	$	(4,781)	$	772,318

Short-term restricted cash	$	300	$	—	$	—	$	300
Long-term restricted cash	$	2,922	$	—	$	—	$	2,922

	December 31, 2021
			Gross		Gross
	Amortized		unrealized		unrealized		Fair
(in thousands)	Cost		gains		losses		Value
Cash and cash equivalents:
Cash and money market funds	$	327,316	$	—	$	—	$	327,316
Commercial paper		133,190		—		(5)		133,185
U.S. government & agency securities		225		—		—		224
Total 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	$	564,752
Due after one year through 5 years		69,930
Total investments	$	634,682

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details