Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Measurements

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The Company’s assets and liabilities measured at fair value on a recurring basis at March 31, 2022 consisted of the following (in thousands):

	Fair Value Measurement at March 31, 2022
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	65,641	$	65,641	$	—	$	—
Total		65,641		65,641		—		—
Liabilities:
Contingent consideration liability (see Note 8)		4,310		—		—		4,310
Total	$	4,310	$	—	$	—	$	4,310

The Company’s assets and liabilities measured at fair value on a recurring basis at December 31, 2021 consisted of the following (in thousands):

	Fair Value Measurement at December 31, 2021
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	65,634	$	65,634	$	—	$	—
Total		65,634		65,634		—		—
Liabilities:
Contingent consideration liability (see Note 8)		6,090		—		—		6,090
Total	$	6,090	$	—	$	—	$	6,090

Summary of Assumptions Used to Estimate Fair Value of Contingent Payments

The assumptions used to estimate the fair value of contingent payments that are classified as a liability at March 31, 2022 include the following significant unobservable inputs:

Unobservable input	Value or Range	Weighted-Average
Expected volatility	84.4%	84.4%
Risk-free interest rate	0.90%	0.90%
Cost of capital	30%	30%
Discount for lack of marketability	10%‑13%	12%
Probability of payment	94%	94%
Projected year of payment	2022	2022