| Summary of Financial Assets and Liablilities Recognized at Fair Value on Recurring Basis |
The Company’s financial assets and liabilities recognized at fair value on a recurring basis consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of December 31, 2023 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets |
|
(In thousands) |
|
Cash equivalents and restricted cash equivalents |
|
$ |
136,254 |
|
|
$ |
136,254 |
|
|
$ |
- |
|
|
$ |
- |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and other government-backed securities |
|
|
382,308 |
|
|
|
120,556 |
|
|
|
261,752 |
|
|
|
- |
|
Financial institution debt securities |
|
|
246,119 |
|
|
|
- |
|
|
|
246,119 |
|
|
|
- |
|
Corporate debt securities |
|
|
97,408 |
|
|
|
- |
|
|
|
97,408 |
|
|
|
- |
|
Other asset-backed securities |
|
|
59,504 |
|
|
|
- |
|
|
|
59,504 |
|
|
|
- |
|
Total marketable securities |
|
|
785,339 |
|
|
|
120,556 |
|
|
|
664,783 |
|
|
|
- |
|
Total |
|
$ |
921,593 |
|
|
$ |
256,810 |
|
|
$ |
664,783 |
|
|
$ |
- |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fair Value as of December 31, 2022 |
|
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
Assets |
|
(In thousands) |
|
Cash equivalents and restricted cash equivalents |
|
$ |
534,581 |
|
|
$ |
534,581 |
|
|
$ |
- |
|
|
$ |
- |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury and other government-backed securities |
|
|
242,686 |
|
|
|
172,939 |
|
|
|
69,747 |
|
|
|
- |
|
Financial institution debt securities |
|
|
379,861 |
|
|
|
- |
|
|
|
379,861 |
|
|
|
- |
|
Corporate debt securities |
|
|
101,550 |
|
|
|
- |
|
|
|
101,550 |
|
|
|
- |
|
Other asset-backed securities |
|
|
14,357 |
|
|
|
- |
|
|
|
14,357 |
|
|
|
- |
|
Total marketable securities |
|
|
738,454 |
|
|
|
172,939 |
|
|
|
565,515 |
|
|
|
- |
|
Total |
|
$ |
1,273,035 |
|
|
$ |
707,520 |
|
|
$ |
565,515 |
|
|
$ |
- |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Contingent consideration |
|
$ |
24,026 |
|
|
$ |
- |
|
|
$ |
- |
|
|
$ |
24,026 |
|
|
| Schedule of Change in Fair Value of the Contingent Consideration Liabilities |
The following table reconciles the change in fair value of the contingent consideration liability based on the level 3 inputs listed below for the years ended December 31, 2023 and 2022 (in thousands):
|
|
|
|
Balance at February 2, 2022 (at inception) |
$ |
10,541 |
|
Change in fair value |
|
13,485 |
|
Balance at December 31, 2022 |
|
24,026 |
|
Change in fair value |
|
100 |
|
Payment of contingent consideration |
|
(24,126 |
) |
Balance at December 31, 2023 |
$ |
- |
|
|
|
|
|
As of inception (February 2, 2022) |
As of December 31, 2022 |
Discount rate |
7% |
10.1% |
Probability of achievement |
50% |
100% |
Projected year of achievement |
2024 |
2023 |
|