FAIR VALUE (Tables)

6 Months Ended

Jun. 30, 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 June 30, 2024 and December 31, 2023 (in thousands):


June 30, 2024	Financial Statement Classification	Level 1		Level 2		Level 3		Total
Assets

Cash equivalents:
U.S. Treasuries	Cash and cash equivalents	$	—	$	7,761	$	—	$	7,761

Money market funds	Cash and cash equivalents	35,896		—		—		35,896
Short-term investments:
Commercial paper	Short-term investments	—		3,964		—		3,964
U.S. Treasuries	Short-term investments	—		39,680		—		39,680
Total		$	35,896	$	51,405	$	—	$	87,301
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

Cash equivalents:
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 and six months ended June 30, 2024 and 2023 (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
Fair value, beginning of the period	$	2,700	$	51,058	$	2,700	$	48,500

Change in fair value of contingent consideration recorded within costs and expenses	—		241		—		9,408
Cash payment related to contingent consideration	—		(8,799)		—		(15,408)
Fair value, end of the period	$	2,700	$	42,500	$	2,700	$	42,500