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FINANCIAL INSTRUMENTS (Tables) | 9 Months Ended
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Sep. 30, 2024
Investments, All Other Investments [Abstract] |
Schedule 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:
| September 30, 2024 |  | December 31, 2023
(in thousands) | Level 1 |  | Level 2 |  | Level 3 |  | Total |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cash and cash equivalents | $ | 58,703 |  |  | $ | 19,279 |  |  | $ | — |  |  | $ | 77,982 |  |  | $ | 70,172 |  |  | $ | 109,739 |  |  | $ | — |  |  | $ | 179,911 |
Investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Commercial paper | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | 9,947 |  |  | — |  |  | 9,947 |
Corporate debt securities | — |  |  | 68,178 |  |  | — |  |  | 68,178 |  |  | — |  |  | 88,579 |  |  | — |  |  | 88,579 |
U.S. government & agency securities | — |  |  | 324,987 |  |  | — |  |  | 324,987 |  |  | — |  |  | 352,979 |  |  | — |  |  | 352,979 |
Total investments | — |  |  | 393,165 |  |  | — |  |  | 393,165 |  |  | — |  |  | 451,505 |  |  | — |  |  | 451,505 |
Short-term restricted cash | 690 |  |  | — |  |  | — |  |  | 690 |  |  | 300 |  |  | — |  |  | — |  |  | 300 |
Long-term restricted cash | 1,532 |  |  | — |  |  | — |  |  | 1,532 |  |  | 2,422 |  |  | — |  |  | — |  |  | 2,422 |
Total assets measured at fair value | $ | 60,925 |  |  | $ | 412,444 |  |  | $ | — |  |  | $ | 473,369 |  |  | $ | 72,894 |  |  | $ | 561,244 |  |  | $ | — |  |  | $ | 634,138 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent consideration | $ | — |  |  | $ | — |  |  | $ | 20,650 |  |  | $ | 20,650 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,550 |  |  | $ | 19,550 |
Total liabilities measured at fair value | $ | — |  |  | $ | — |  |  | $ | 20,650 |  |  | $ | 20,650 |  |  | $ | — |  |  | $ | — |  |  | $ | 19,550 |  |  | $ | 19,550 |
Schedule of 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, 2024 were as follows:
(in thousands) | Level 3
Beginning balance as of December 31, 2023 | $ | 19,550 |
Change in estimated fair value | 1,100 |
Ending balance as of September 30, 2024 | $ | 20,650 |
Schedule of Cash, Cash Equivalents and Investments | The following tables summarize our cash, cash equivalents, restricted cash, and investments:
| As of September 30, 2024
(in thousands) | Amortized Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair Value
Cash and cash equivalents | $ | 77,980 |  |  | $ | 2 |  |  | $ | — |  |  | $ | 77,982 |
Investments: |  |  |  |  |  |  |
Corporate debt securities | 67,563 |  |  | 620 |  |  | (5) |  |  | 68,178 |
U.S. government & agency securities | 324,052 |  |  | 962 |  |  | (27) |  |  | 324,987 |
Total investments | 391,615 |  |  | 1,582 |  |  | (32) |  |  | 393,165 |
Total cash, cash equivalents and investments | $ | 469,595 |  |  | $ | 1,584 |  |  | $ | (32) |  |  | $ | 471,147 |
Short-term restricted cash | $ | 690 |  |  | $ | — |  |  | $ | — |  |  | $ | 690 |
Long-term restricted cash | $ | 1,532 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,532 |
| 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 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 |
The following table summarizes the contractual maturities of our cash equivalents and available-for-sale investments, excluding money market funds, as of September 30, 2024:
(in thousands) | Fair Value
Due in one year or less | $ | 321,789 |
Due after one year through five years | 90,655 |
Total | $ | 412,444 |

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