FAIR VALUE OF FINANCIAL INSTRUMENTS

6 Months Ended

Jun. 30, 2024

As of June 30, 2024 and December 31, 2023 the following financial assets and liabilities are measured at fair value on a recurring basis and are categorized using the fair value hierarchy as follows:


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	310,368	$	—	$	—	$	310,368
Marketable securities, current:
Certificates of deposit		—		30,159		—		30,159
Commercial paper		—		15,812		—		15,812
Corporate debt securities		—		46,926		—		46,926
Yankee bonds		—		4,922		—		4,922
U.S. Treasury securities		57,676		—		—		57,676
Mortgage- and asset-backed securities		—		348		—		348
Marketable securities, non-current
Corporate debt securities		—		24,554		—		24,554
Yankee bonds		—		367		—		367
Mortgage- and asset-backed securities		—		21,490		—		21,490
Total	$	368,044	$	144,578	$	—	$	512,622


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents:
Money market accounts	$	121,491	$	—	$	—	$	121,491
Marketable securities, current:
Certificates of deposit		—		24,590		—		24,590
Commercial paper		—		10,484		—		10,484
Corporate debt securities		—		41,871		—		41,871
Yankee bonds		—		2,676		—		2,676
U.S. Treasury securities		2,633		—		—		2,633
Marketable securities, non-current
Corporate debt securities		—		10,968		—		10,968
U.S. Treasury securities		54,900		—		—		54,900
Mortgage- and asset-backed securities		—		13,380		—		13,380
Total	$	179,024	$	103,969	$	—	$	282,993
Liabilities:
Other non-current liabilities:
Contingent consideration	$	—	$	—	$	1,056	$	1,056
Total	$	—	$	—	$	1,056	$	1,056

The estimated fair value amounts shown above are not necessarily indicative of the amounts that the Company would realize upon disposition, nor do they indicate the Company’s intent or ability to dispose of the financial instrument.

There were no transfers between fair value measurement levels during the six months ended June 30, 2024.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

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