FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2023

Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2023 and December 31, 2022 (in thousands):


March 31, 2023	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Commercial paper	Cash and cash equivalents	$	—	$	8,973	$	—	$	8,973

U.S. Government agencies	Cash and cash equivalents	—		38,341		—		38,341
Money market funds	Cash and cash equivalents	15,982		—		—		15,982
Total		$	15,982	$	47,314	$	—	$	63,296
Liabilities:
Short-term contingent consideration	Contingent consideration, current portion	$	—	$	—	$	24,458	$	24,458
Long-term contingent consideration	Contingent consideration	—		—		26,600		26,600
Derivative liability	Long-term debt	—		—		252		252
Total		$	—	$	—	$	51,310	$	51,310


December 31, 2022	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
Commercial paper	Cash and cash equivalents	$	—	$	4,983	$	—	$	4,983
U.S. Treasuries	Cash and cash equivalents	—		3,981		—		3,981
U.S. Government agencies	Cash and cash equivalents	—		10,937		—		10,937
Money market funds	Cash and cash equivalents	38,478		—		—		38,478
Total		$	38,478	$	19,901	$	—	$	58,379
Liabilities:
Short-term contingent consideration	Contingent consideration, current portion	$	—	$	—	$	26,300	$	26,300
Long-term contingent consideration	Contingent consideration	—		—		22,200		22,200
Derivative liability	Long-term debt	—		—		252		252
Total		$	—	$	—	$	48,752	$	48,752

Schedule of Changes in Fair Value

The following table summarizes changes in fair value of the contingent consideration that is measured on a recurring basis using significant unobservable inputs (Level 3) for the three months ended March 31, 2023 and 2022 (in thousands):


	Three Months Ended March 31,
	2023		2022
Fair value, beginning of the period	$	48,500	$	37,659
Change in fair value of contingent consideration recorded within costs and expenses	9,167		1,645
Cash payment related to contingent consideration	(6,609)		(1,845)
Fair value, end of the period	$	51,058	$	37,459