Fair Value Measurements, Cash Equivalents and Marketable Securities (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Fair Value Disclosures [Abstract] |
|
| Schedule of Fair Value Measurements, Recurring and Nonrecurring |
The Company’s financial assets and liabilities subject to fair value measurements on a recurring basis and the level of inputs used in such measurements were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | (unaudited) | | (in thousands) | Financial Assets: | | | | | | | | Money market funds | $ | 564,274 | | | $ | 564,274 | | | $ | — | | | $ | — | | | Income deposit funds | 105,686 | | | — | | | 105,686 | | | — | | | | | | | | | | | | | | | | | | Total cash equivalents and restricted cash | $ | 669,960 | | | $ | 564,274 | | | $ | 105,686 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Financial Liabilities: | | | | | | | | Contingent consideration | $ | 4,770 | | | $ | — | | | $ | — | | | $ | 4,770 | | Total | $ | 4,770 | | | $ | — | | | $ | — | | | $ | 4,770 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Fair Value | | Level 1 | | Level 2 | | Level 3 | | | | | | | | | | (in thousands) | Financial Assets: | | | | | | | | Money market funds | $ | 57,151 | | | $ | 57,151 | | | $ | — | | | $ | — | | | Income deposit funds | 103,581 | | | — | | | 103,581 | | | — | | U.S. government debt securities | 429,294 | | | — | | | 429,294 | | | — | | Total cash equivalents and restricted cash | $ | 590,026 | | | $ | 57,151 | | | $ | 532,875 | | | $ | — | | | | | | | | | | | | | | | | | | U.S. government debt securities | $ | 314,438 | | | $ | — | | | $ | 314,438 | | | $ | — | | Total short-term marketable debt securities | $ | 314,438 | | | $ | — | | | $ | 314,438 | | | $ | — | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 904,464 | | | $ | 57,151 | | | $ | 847,313 | | | $ | — | | | | | | | | | | Financial Liabilities: | | | | | | | | Contingent consideration | $ | 6,050 | | | $ | — | | | $ | — | | | $ | 6,050 | | Total | $ | 6,050 | | | $ | — | | | $ | — | | | $ | 6,050 | |
|
| Schedule of Level 3 Activity |
The following table summarizes the activities for the Level 3 financial instruments: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Contingent Consideration | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | | | | | 2025 | | 2024 | | 2025 | | 2024 | | | | | | | (unaudited) | | | | | | | (in thousands) | | Fair value — beginning of period | | | | | | $ | 6,540 | | | $ | 6,660 | | | $ | 6,050 | | | $ | 6,540 | | | | | | | | | | | | | | | | Increase in fair value | | | | | | 230 | | | 300 | | | 720 | | | 420 | | | | | | | | | | | | | | | | Settlement | | | | | | (2,000) | | | — | | | (2,000) | | | — | | | Fair value — end of period | | | | | | $ | 4,770 | | | $ | 6,960 | | | $ | 4,770 | | | $ | 6,960 | |
|
| Schedule of Cash Equivalents and Marketable Securities' |
The following tables summarize the Company’s cash equivalents, restricted cash and marketable debt securities’ amortized costs, gross unrealized gains, gross unrealized losses and estimated fair values by significant investment category: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2025 | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Estimated Fair Value | | | | | | | | | | (unaudited) | | (in thousands) | Money market funds | $ | 564,274 | | | $ | — | | | $ | — | | | $ | 564,274 | | | Income deposit funds | 105,686 | | | — | | | — | | | 105,686 | | | | | | | | | | | | | | | | | | | | | | | | | | Total | $ | 669,960 | | | $ | — | | | $ | — | | | $ | 669,960 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2024 | | Amortized Cost | | Gross Unrealized Gain | | Gross Unrealized Loss | | Estimated Fair Value | | | | | | | | | | (in thousands) | Money market funds | $ | 57,151 | | | $ | — | | | $ | — | | | $ | 57,151 | | Income deposit funds | 103,581 | | | — | | | — | | | 103,581 | | | | | | | | | | U.S. government debt securities | 743,500 | | | 232 | | | — | | | 743,732 | | Total | $ | 904,232 | | | $ | 232 | | | $ | — | | | $ | 904,464 | |
|