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FINANCIAL INSTRUMENTS (Tables) | 12 Months Ended
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Dec. 31, 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 as of December 31, 2023 and December 31, 2022, respectively:
| December 31, 2023 |  | December 31, 2022
(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 | $ | 70,172 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,172 |  |  | $ | 137,636 |  |  | $ | — |  |  | $ | — |  |  | $ | 137,636 |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 166,453 |  |  | — |  |  | 166,453 |
U.S. government & agency securities | — |  |  | 109,739 |  |  | — |  |  | 109,739 |  |  | — |  |  | 21,000 |  |  | — |  |  | 21,000 |
Total cash and cash equivalents | 70,172 |  |  | 109,739 |  |  | — |  |  | 179,911 |  |  | 137,636 |  |  | 187,453 |  |  | — |  |  | 325,089 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | — |  |  | 9,947 |  |  | — |  |  | 9,947 |  |  | — |  |  | 127,302 |  |  | — |  |  | 127,302 |
Corporate debt securities | — |  |  | 88,579 |  |  | — |  |  | 88,579 |  |  | — |  |  | 49,491 |  |  | — |  |  | 49,491 |
U.S. government & agency securities | — |  |  | 352,979 |  |  | — |  |  | 352,979 |  |  | — |  |  | 270,436 |  |  | — |  |  | 270,436 |
Total investments | — |  |  | 451,505 |  |  | — |  |  | 451,505 |  |  | — |  |  | 447,229 |  |  | — |  |  | 447,229 |
Short-term restricted cash | 300 |  |  | — |  |  | — |  |  | 300 |  |  | 300 |  |  | — |  |  | — |  |  | 300 |
Long-term restricted cash | 2,422 |  |  | — |  |  | — |  |  | 2,422 |  |  | 2,922 |  |  | — |  |  | — |  |  | 2,922 |
Total assets measured at fair value | $ | 72,894 |  |  | $ | 561,244 |  |  | $ | — |  |  | $ | 634,138 |  |  | $ | 140,858 |  |  | $ | 634,682 |  |  | $ | — |  |  | $ | 775,540 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration - Omniome acquisition | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | 172,094 |  |  | $ | 172,094 |
Contingent consideration - Apton acquisition | $ | — |  |  | $ | — |  |  | $ | 19,550 |  |  | $ | 19,550 |  |  | $ | — |  |  | $ | — |  |  | $ | — |  |  | $ | — |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 19,550 |  |  | $ | 19,550 |  |  | $ | — |  |  | $ | — |  |  | $ | 172,094 |  |  | $ | 172,094 |
Changes in The Estimated Fair Value of Contingent Consideration Liabilities | Changes in the estimated fair value of the contingent consideration liability for the year ended December 31, 2023 were as follows:
(in thousands) | Level 3
Beginning balance as of December 31, 2022 | $ | 172,094 |
Additions | 18,450 |
Change in estimated fair value | 15,060 |
Achievement of milestone | (186,054) |
Ending balance as of December 31, 2023 | $ | 19,550 |
Summary of Cash, Cash Equivalents and Investments | The following table summarizes our cash, cash equivalents, restricted cash, and investments:
| December 31, 2023
(in thousands) | Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value
Cash and cash equivalents: |  |  |  |  |  |  |
Cash and money market funds | $ | 70,172 |  |  | $ | — |  |  | $ | — |  |  | $ | 70,172 |
U.S. government & agency securities | 109,786 |  |  | 13 |  |  | (60) |  |  | 109,739 |
Total cash and cash equivalents | 179,958 |  |  | 13 |  |  | (60) |  |  | 179,911 |
Investments: |  |  |  |  |  |  |
Commercial paper | 9,947 |  |  | — |  |  | — |  |  | 9,947 |
Corporate debt securities | 88,263 |  |  | 373 |  |  | (57) |  |  | 88,579 |
U.S. government & agency securities | 353,029 |  |  | 478 |  |  | (528) |  |  | 352,979 |
Total investments | 451,239 |  |  | 851 |  |  | (585) |  |  | 451,505 |
Total cash, cash equivalents, and investments | $ | 631,197 |  |  | $ | 864 |  |  | $ | (645) |  |  | $ | 631,416 |
Short-term restricted cash | $ | 300 |  |  | $ | — |  |  | $ | — |  |  | $ | 300 |
Long-term restricted cash | $ | 2,422 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,422 |
| December 31, 2022
(in thousands) | Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair 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 |
Summary of Contractual Maturities of Cash Equivalents and Available-for-Sale Investments | The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of December 31, 2023:
(in thousands) | Fair Value
Due in one year or less | $ | 465,181 |
Due after one year through 5 years | 96,063 |
Total investments | $ | 561,244 |

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