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Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements of Cash Equivalents, Available-For-Sale Investment Securities and Equity Securities

The recurring fair value measurements of the Company’s financial assets and liabilities measured at September 30, 2023 and December 31, 2022 consisted of the following (in thousands):

						Fair Value Measurements at Reporting Date Using
		September 30, 2023				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Money market fund		$	43,908			$	43,908			$	—			$	—
U.S. Treasury notes			42,090				42,090				—				—
Government sponsored enterprise securities			205,637				—				205,637				—
Total		$	291,635			$	85,998			$	205,637			$	—
Liabilities
Cash awards		$	1,114			$	—			$	—			$	1,114
Total		$	1,114			$	—			$	—			$	1,114

						Fair Value Measurements at Reporting Date Using
		December 31, 2022				Quoted Prices in Active Markets for Identical Assets (Level 1)				Significant Other Observable Inputs (Level 2)				Significant Unobservable Inputs (Level 3)
Assets
Money market fund		$	72,578			$	72,578			$	—			$	—
U.S. Treasury notes			15,945				15,945				—				—
Equity securities			7,180				7,180				—				—
Government sponsored enterprise securities			94,803				—				94,803				—
Municipal bonds			20,775				—				20,775				—
Commercial paper			184,316				—				184,316				—
Total		$	395,597			$	95,703			$	299,894			$	—
Liabilities
Cash awards		$	898			$	—			$	—			$	898
Total		$	898			$	—			$	—			$	898

Schedule of Changes in Estimated Fair Value of Contingent Cash Awards

Changes in estimated fair value of contingent cash awards during the nine months ended September 30, 2023 are as follows (in thousands):

Balance as of December 31, 2022		$	898
Vesting of awards			508
Expense forfeited			(117	)
Change in fair value			(175	)
Balance as of September 30, 2023		$	1,114

X

- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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- References

No definition available.

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-3

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