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FINANCIAL INSTRUMENTS (Tables)
 9 Months Ended
Sep. 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):
September 30, 2023December 31, 2022
Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents $196,621 $189,027 $— $385,648 $137,636 $187,453 $— $325,089 
Investments:
Commercial paper — 16,771 — 16,771 — 127,302 — 127,302 
Corporate debt securities — 75,853 — 75,853 — 49,491 — 49,491 
U.S. government & agency securities— 289,517 — 289,517 — 270,436 — 270,436 
Total investments — 382,141 — 382,141 — 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 $199,343 $571,168 $— $770,511 $140,858 $634,682 $— $775,540 
Liabilities
Contingent consideration$— $— $18,450 $18,450 $— $— $172,094 $172,094 
Total liabilities measured at fair value $— $— $18,450 $18,450 $— $— $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 nine months ended September 30, 2023 were as follows (in thousands):
Level 3
Beginning balance as of December 31, 2022$172,094 
Additions18,450 
Change in estimated fair value13,960 
Achievement of milestone$(186,054)
Ending balance as of September 30, 2023$18,450 
Summary of Cash, Cash Equivalents and Investments
The following tables summarize our cash, cash equivalents and investments (in thousands):
As of September 30, 2023
Amortized
Cost 		Gross
unrealized
gains		Gross
unrealized
losses		Fair
Value
Cash and cash equivalents385,619 29 — 385,648 
Investments:
Commercial paper 16,771 — — 16,771 
Corporate debt securities 76,161 3 (311)75,853 
U.S. government & agency securities291,078 7 (1,568)289,517 
Total investments 384,010 10 (1,879)382,141 
Total cash, cash equivalents and investments $769,629 $39 $(1,879)$767,789 
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 September 30, 2023 (in thousands):
Fair Value
Due in one year or less $498,366 
Due after one year through five years 72,802 
Total$571,168