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FINANCIAL INSTRUMENTS (Tables)
 6 Months Ended
Jun. 30, 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:
June 30, 2024December 31, 2023
(in thousands)Level 1Level 2Level 3TotalLevel 1Level 2Level 3Total
Assets
Cash and cash equivalents $63,173 $36,353 $— $99,526 $70,172 $109,739 $— $179,911 
Investments:
Commercial paper — — — — — 9,947 — 9,947 
Corporate debt securities — 84,239 — 84,239 — 88,579 — 88,579 
U.S. government & agency securities— 326,037 — 326,037 — 352,979 — 352,979 
Total investments — 410,276 — 410,276 — 451,505 — 451,505 
Short-term restricted cash342 — — 342 300 — — 300 
Long-term restricted cash1,922 — — 1,922 2,422 — — 2,422 
Total assets measured at fair value $65,437 $446,629 $— $512,066 $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 six months ended June 30, 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 June 30, 2024$19,480 
Summary of Cash, Cash Equivalents and Investments
The following tables summarize our cash, cash equivalents, restricted cash, and investments:
As of June 30, 2024
(in thousands)Amortized
Cost 		Gross
unrealized
gains		Gross
unrealized
losses		Fair
Value
Cash and cash equivalents$99,531 $— $(5)$99,526 
Investments:
Corporate debt securities 84,326 59 (146)84,239 
U.S. government & agency securities326,468 15 (446)326,037 
Total investments 410,794 74 (592)410,276 
Total cash, cash equivalents and investments $510,325 $74 $(597)$509,802 
Short-term restricted cash$342 $— $— $342 
Long-term restricted cash$1,922 $— $— $1,922 
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 June 30, 2024:
(in thousands)Fair Value
Due in one year or less $347,533 
Due after one year through five years 99,096 
Total$446,629