FAIR VALUE (Tables)

3 Months Ended

Mar. 31, 2024

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, 2024 and December 31, 2023 (in thousands):


March 31, 2024	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:

U.S. Treasuries	Cash and cash equivalents	$	—	$	36,518	$	—	$	36,518
U.S. Government agencies	Cash and cash equivalents	—		2,750		—		2,750
Money market funds	Cash and cash equivalents	40,168		—		—		40,168
Total		$	40,168	$	39,268	$	—	$	79,436
Liabilities:
Short-term contingent consideration	Contingent consideration, current portion	$	—	$	—	$	2,700	$	2,700

Derivative liability	Long-term debt	—		—		308		308
Total		$	—	$	—	$	3,008	$	3,008


December 31, 2023	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets:

U.S. Treasuries	Cash and cash equivalents	$	—	$	35,458	$	—	$	35,458
U.S. Government agencies	Cash and cash equivalents	—		3,294		—		3,294
Money market funds	Cash and cash equivalents	32,534		—		—		32,534
Total		$	32,534	$	38,752	$	—	$	71,286
Liabilities:
Short-term contingent consideration	Contingent consideration, current portion	$	—	$	—	$	2,700	$	2,700

Derivative liability	Long-term debt	—		—		308		308
Total		$	—	$	—	$	3,008	$	3,008

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 months ended March 31, 2024 and 2023 (in thousands):


	Three Months Ended March 31,
	2024		2023
Fair value, beginning of the period	$	2,700	$	48,500

Change in fair value of contingent consideration recorded within costs and expenses	—		9,167
Cash payment related to contingent consideration	—		(6,609)
Fair value, end of the period	$	2,700	$	51,058