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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 2023
Investments, All Other Investments [Abstract]  
Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis
The following table sets forth the fair value of our financial assets and liabilities that were measured on a recurring basis (in thousands):
June 30, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents $93,902 $115,385 $— $209,287 $137,636 $187,453 $— $325,089 
Investments:
Commercial paper — 94,124 — 94,124 — 127,302 — 127,302 
Corporate debt securities — 74,584 — 74,584 — 49,491 — 49,491 
U.S. government & agency securities— 451,867 — 451,867 — 270,436 — 270,436 
Total investments — 620,575 — 620,575 — 447,229 — 447,229 
Short-term restricted cash300 — — 300 300 — — 300 
Long-term restricted cash2,422 — — 2,422 2,922 — — 2,922 
Total assets measured at fair value $96,624 $735,960 $— $832,584 $140,858 $634,682 $— $775,540 
Liabilities
Contingent consideration$— $— $186,325 $186,325 $— $— $172,094 $172,094 
Total liabilities measured at fair value $— $— $186,325 $186,325 $— $— $172,094 $172,094 
Changes in the Estimated Fair Value of Contingent Consideration Liability
Changes in the estimated fair value of the contingent consideration liability for the six months ended June 30, 2023 were as follows (in thousands):
Level 3
Beginning balance as of December 31, 2022$172,094 
Change in estimated fair value14,231 
Ending balance as of June 30, 2023$186,325 
Summary of Cash, Cash Equivalents and Investments
The following tables summarize our cash, cash equivalents and investments (in thousands):
As of June 30, 2023
Amortized
Cost 		Gross
unrealized
gains		Gross
unrealized
losses		Fair
Value
Cash and cash equivalents209,279 17 (9)209,287 
Investments:
Commercial paper 94,247 — (123)94,124 
Corporate debt securities 74,930 6 (352)74,584 
U.S. government & agency securities454,092 57 (2,282)451,867 
Total investments 623,269 63 (2,757)620,575 
Total cash, cash equivalents and investments $832,548 $80 $(2,766)$829,862 
Short-term restricted cash$300 $— $— $300 
Long-term restricted cash$2,422 $— $— $2,422 
As of December 31, 2022
Amortized
Cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
Value
Cash and cash equivalents325,144 6 (61)325,089 
Investments:
Commercial paper127,626 9 (333)127,302 
Corporate debt securities49,998 — (507)49,491 
U.S. government & agency securities274,315 1 (3,880)270,436 
Total investments451,939 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 

The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of June 30, 2023 (in thousands):
Fair Value
Due in one year or less $652,574 
Due after one year through five years 83,386 
Total$735,960