Financial Instruments

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Financial Instruments

Financial Instruments

A summary of financial instruments measured at fair value was as follows (in thousands):

December 31, 2024	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	18,182	$	—	$	—	$	18,182
Certificates of deposit	5,069		—		—		5,069
Endospan Loans	—		—		9,535		9,535
Total assets	$	23,251	$	—	$	9,535	$	32,786
Long-term liabilities:
Contingent consideration	$	—	$	—	$	52,880	$	52,880
Total liabilities	$	—	$	—	$	52,880	$	52,880

December 31, 2023	Level 1		Level 2		Level 3		Total
Cash equivalents:
Money market funds	$	22,802	$	—	$	—	$	22,802
Certificates of deposit	3,968		—		—		3,968
Total assets	$	26,770	$	—	$	—	$	26,770
Long-term liabilities:
Contingent consideration	$	—	$	—	$	63,890	$	63,890
Total liabilities	$	—	$	—	$	63,890	$	63,890

We used prices quoted from our investment advisors to determine the Level 1 valuation of our investments in money market funds. The estimated market value of all cash equivalents is equal to cost basis as there were no gross realized gains or losses on cash equivalents for the years ended December 31, 2024, 2023 and 2022.

The fair value of the contingent consideration component of the Ascyrus acquisition and Endospan Loans were updated using Level 3 inputs. We recorded the Endospan Loans, classified as Level 3, as a result of the Endospan Option Amendment in July 2024. See Note 4 for further discussion of the Endospan Option Amendment. Changes in fair value of Level 3 assets and liabilities are listed in the tables below (in thousands):

	Endospan Loans
Balance as of December 31, 2023	$	—
Initial value of Additional Endospan Loan	8,912
Change in valuation of Endospan Loans	623
Balance as of December 31, 2024	$	9,535

	Contingent Consideration
Balance as of December 31, 2023	$	63,890
Change in valuation	(11,010)
Balance as of December 31, 2024	$	52,880