XML 33 R21.htm IDEA: XBRL DOCUMENT v3.24.1.u1
FINANCIAL INSTRUMENTS (Tables)
 3 Months Ended
Mar. 31, 2024
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:
March 31, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents $71,652 $4,994 $— $76,646 $70,172 $109,739 $— $179,911 
Investments:
Commercial paper — 10,078 — 10,078 — 9,947 — 9,947 
Corporate debt securities — 88,802 — 88,802 — 88,579 — 88,579 
U.S. government & agency securities— 386,388 — 386,388 — 352,979 — 352,979 
Total investments — 485,268 — 485,268 — 451,505 — 451,505 
Short-term restricted cash300 — — 300 300 — — 300 
Long-term restricted cash2,422 — — 2,422 2,422 — — 2,422 
Total assets measured at fair value $74,374 $490,262 $— $564,636 $72,894 $561,244 $— $634,138 
Liabilities
Contingent consideration$— $— $19,480 $19,480 $— $— $19,550 $19,550 
Total liabilities measured at fair value $— $— $19,480 $19,480 $— $— $19,550 $19,550 
Changes in the Estimated Fair Value of Contingent Consideration Liability
Changes in the estimated fair value of the contingent consideration liability for the three months ended March 31, 2024 were as follows:
(in thousands)Level 3
Beginning balance as of December 31, 2023$19,550 
Change in estimated fair value(70)
Ending balance as of March 31, 2024$19,480 
Summary of Cash, Cash Equivalents and Investments
The following tables summarize our cash, cash equivalents and investments:
As of March 31, 2024
(in thousands)Amortized
Cost 		Gross
unrealized
gains		Gross
unrealized
losses		Fair
Value
Cash and cash equivalents$76,646 $— $— $76,646 
Investments:
Commercial paper 10,078 — — 10,078 
Corporate debt securities 88,755 133 (86)88,802 
U.S. government & agency securities386,741 75 (428)386,388 
Total investments 485,574 208 (514)485,268 
Total cash, cash equivalents and investments $562,220 $208 $(514)$561,914 
Short-term restricted cash$300 $— $— $300 
Long-term restricted cash$2,422 $— $— $2,422 
As of December 31, 2023
(in thousands)Amortized
Cost		Gross
unrealized
gains		Gross
unrealized
losses		Fair
Value
Cash and cash equivalents$179,958 $13 $(60)$179,911 
Investments:
Commercial paper9,947 — — 9,947 
Corporate debt securities88,263 373 (57)88,579 
U.S. government & agency securities353,029 478 (528)352,979 
Total investments451,239 851 (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 
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of March 31, 2024:
(in thousands)Fair Value
Due in one year or less $380,422 
Due after one year through five years 109,840 
Total$490,262