Investments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021:

	June 30, 2022
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
			Level 1		Level 2		Level 3
Assets:
Commercial Paper	$	56,809,000	$	—	$	56,809,000	$	—
Corporate Notes/Bonds	100,384,000		—		100,384,000		—
Securities of Government Sponsored Entities	2,985,000		$	—	2,985,000		$	—
Total Investments:	$	160,178,000	$	—	$	160,178,000	$	—
Money Market Funds	$	15,923,000	$	15,923,000	$	—	$	—
Liabilities:
Contingent consideration	$	9,224,000	$	—	$	—	$	9,224,000

	December 31, 2021
	Total Fair Value and Carrying Value on Balance Sheet		Fair Value Measurement Category
			Level 1		Level 2		Level 3
Assets:
Commercial Paper	$	100,860,000	$	—	$	100,860,000	$	—
Corporate Notes/Bonds	125,181,000		—		125,181,000		—
Total Investments:	$	226,041,000	$	—	$	226,041,000	$	—
Money Market Funds	$	11,126,000	$	11,126,000	$	—	$	—
Liabilities:
Contingent consideration	$	9,066,000					$	9,066,000

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

Changes in estimated fair value of contingent consideration liability in the six months ended June 30, 2022 is as follows:

	Contingent Consideration Liability (Level 3 Measurement)
Balance as of January 1, 2021	$	9,066,000
Liability recorded as a result of current period acquisition	—
Change in estimated fair value, recorded in selling, general and administrative expenses	158,000
Cash payments	—
Balance as of June 30, 2022	$	9,224,000

Marketable Securities

As of June 30, 2022, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities:

	Commercial Paper				Corporate Notes/Bonds				Securities of Government Sponsored Entities
	Amortized Cost		Unrealized gains (losses)		Amortized Cost		Unrealized gains (losses)		Amortized Cost		Unrealized gains (losses)
Less than 1 year	$	57,070,000	$	(261,000)	$	65,045,000	$	(909,000)	$	2,986,000	$	(1,000)
Due after one year through five years	—		—		36,997,000		(749,000)		—		—
Total	$	57,070,000	$	(261,000)	$	102,042,000	$	(1,658,000)	$	2,986,000	$	(1,000)

As of December 31, 2021, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities:

	Commercial Paper				Corporate Notes/Bonds				Securities of Government Sponsored Entities
	Amortized Cost		Unrealized loss		Amortized Cost		Unrealized loss		Amortized Cost		Unrealized gains (losses)
Less than 1 year	$	100,929,000	$	(69,000)	$	41,173,000	$	(61,000)	$	—	$	—
Due after one year through five years	—		—		84,478,000		(409,000)		—		—
Total	$	100,929,000	$	(69,000)	$	125,651,000	$	(470,000)	$	—	$	—