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FINANCIAL INSTRUMENTS (Tables)
 12 Months Ended
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, 2023December 31, 2022
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
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 cash300 — — 300 300 — — 300 
Long-term restricted cash2,422 — — 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 
Additions18,450 
Change in estimated fair value15,060 
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 securities109,786 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 securities353,029 478 (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 securities20,994 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 securities274,315 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