FAIR VALUE (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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 September 30, 2023 and December 31, 2022 (in thousands):

September 30, 2023	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:
U.S. Treasuries	Cash and cash equivalents	$	—	$	38,204	$	—	$	38,204
Money market funds	Cash and cash equivalents	22,797		—		—		22,797
Total		$	22,797	$	38,204	$	—	$	61,001
Liabilities:
Short-term contingent consideration	Contingent consideration, current portion	$	—	$	—	$	12,800	$	12,800
Long-term contingent consideration	Contingent consideration	—		—		16,100		16,100
Derivative liability	Long-term debt	—		—		764		764
Total		$	—	$	—	$	29,664	$	29,664

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 Company’s contingent consideration obligations that are measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 and 2022 (in thousands):

	Three Months Ended September 30,				Nine Months Ended September 30,
	2023		2022		2023		2022
Fair value, beginning of the period	$	42,500	$	36,759	$	48,500	$	37,659
Fair value of contingent consideration incurred in Spectrum Merger	3,932		—		3,932		—
Change in fair value of contingent consideration recorded within costs and expenses	(17,532)		3,900		(8,124)		6,845
Cash payment related to contingent consideration	—		(4,000)		(15,408)		(7,845)
Fair value, end of the period	$	28,900	$	36,659	$	28,900	$	36,659

Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation

The following table summarizes changes in fair value of the derivative liability that is measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 (in thousands):

	Three Months Ended September 30, 2023		Nine Months Ended September 30, 2023
Fair value, beginning of the period	$	252	$	252
Change in fair value of derivative liability recorded within Other (loss) gain	512		512
Fair value, end of the period	$	764	$	764