Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value hierarchy

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis (in thousands):

	As of June 30, 2022
Description	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market account	$	3,417	$	—	$	—	$	3,417
Marketable securities
US Treasury securities		22,959		—		—		22,959
Corporate debt securities		—		21,967		—		21,967
Commercial paper		—		40,912		—		40,912
Asset backed securities		—		10,530		—		10,530
Total financial assets	$	26,376	$	73,409	$	—	$	99,785
Liabilities:
Contingent consideration	$	—	$	—	$	31,000	$	31,000
Total financial liabilities	$	—	$	—	$	31,000	$	31,000

	As of December 31, 2021
Description	Level 1		Level 2		Level 3		Total
Assets
Cash equivalents:
Money market account	$	100,000	$	—	$	—	$	100,000
Total financial assets	$	100,000	$	—	$	—	$	100,000
Liabilities:
Contingent consideration	$	—	$	—	$	13,700	$	13,700
Total financial liabilities	$	—	$	—	$	13,700	$	13,700

Summary of the Changes In Fair Value of Financial Instruments

The following table presents a summary of the changes in fair value of the Company's Level 3 financial instruments:

in thousands	Contingent Consideration
Fair value as of December 31, 2021	$	13,700
Loss on change in fair value of contingent consideration		17,300
Fair value as of June 30, 2022	$	31,000

Summary of Range of Inputs To Determine The Fair Value of Contingent Consideration

The following table sets forth the range of inputs for the significant assumptions utilized to determine the fair value of contingent consideration as of June 30, 2022 and December 31, 2021:

	As of June 30, 2022			As of December 31, 2021
Risk-free interest rate		2.62	%		0.56	%
Expected revenue volatility		19.0	%		20.0	%
Revenue discount rate		7.50	%		5.50	%
Discount rate		4.80	%		3.25	%

Summary of Available-for-Sale Marketable Securities

The following is a summary of available-for-sale marketable securities as of June 30, 2022 (in thousands):

	As of June 30, 2022
Description	Amortized Cost		Gross Unrealized Loss			Fair Value
U.S. Treasury securities	$	23,006	$	(47	)	$	22,959
Corporate debt securities		22,093		(126	)		21,967
Commercial paper		40,912		-			40,912
Asset backed securities		10,590		(60	)		10,530
Total available-for-sale marketable securities	$	96,601	$	(233	)	$	96,368

Schedule of Breakdown of the Available-for-Sale Marketable Securities in an Unrealized Loss Position

The following table presents the breakdown of the available-for-sale marketable securities in an unrealized loss position as of June 30, 2022 (in thousands).

	June 30, 2022
	Fair Value		Gross Unrealized Loss
U.S. Treasury securities
Less than 12 months	$	22,959	$	47
Total	$	22,959	$	47
Corporate debt securities
Less than 12 months	$	21,967	$	126
Total	$	21,967	$	126
Commercial paper
Less than 12 months	$	40,912	$	-
Total	$	40,912	$	-
Asset backed securities
Less than 12 months	$	2,828	$	25
Greater than 12 months		7,702		35
Total	$	10,530	$	60

Summary of amortized cost and fair value of available-for-sale securities by contractual maturity

	As of June 30, 2022
in thousands	Amortized Cost		Fair Value
Due in 1 year or less	$	88,864	$	88,666
Due in 1-2 years	$	7,737	$	7,702