FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2023 and December 31, 2022 (in thousands):


June 30, 2023	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:

U.S. Treasuries	Cash and cash equivalents	$	—	$	30,928	$	—	$	30,928
U.S. Government agencies	Cash and cash equivalents	—		15,699		—		15,699
Money market funds	Cash and cash equivalents	19,635		—		—		19,635
Total		$	19,635	$	46,627	$	—	$	66,262
Liabilities:
Short-term contingent consideration	Contingent consideration, current portion	$	—	$	—	$	14,900	$	14,900
Long-term contingent consideration	Contingent consideration	—		—		27,600		27,600
Derivative liability	Long-term debt	—		—		252		252
Total		$	—	$	—	$	42,752	$	42,752


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 and six months ended June 30, 2023 and 2022 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fair value, beginning of the period	$	51,058	$	37,459	$	48,500	$	37,659
Change in fair value of contingent consideration recorded within costs and expenses	241		1,300		9,408		2,945
Cash payment related to contingent consideration	(8,799)		(2,000)		(15,408)		(3,845)
Fair value, end of the period	$	42,500	$	36,759	$	42,500	$	36,759