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Assets and Liabilities Measured at Fair Value
 12 Months Ended
Dec. 31, 2023
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value Assets and Liabilities Measured at Fair Value
The Company's financial assets and liabilities are measured at fair value and classified within the fair value hierarchy which is defined as follows:
Level 1 — Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date.
Level 2 — Inputs other than quoted prices in active markets that are observable for the asset or liability, either directly or indirectly.
Level 3 — Inputs that are unobservable for the asset or liability.
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2023 are identified in the following tables:
(in thousands)Level 1Level 2Total
Assets:
Commercial paper$— $14,663 $14,663 
Treasury bill— 12,946 12,946 
U.S. government agency bonds— 11,446 11,446 
Money market7,631 — 7,631 
$7,631 $39,055 $46,686 
(in thousands)Level 1Level 2Total
Liabilities:
Deferred compensation plan liability$7,531 $— $7,531 
$7,531 $— $7,531 
A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2022 are identified in the following tables:
(in thousands)Level 2Total
Assets:
Commercial paper$144,381 $144,381 
Money market5,808 5,808 
$150,189 $150,189 
(in thousands)Level 2Level 3Total
Liabilities:
Contingent consideration payable$— $21,417 $21,417 
Deferred compensation plan liability5,458 — 5,458 
$5,458 $21,417 $26,875 
The Company's Senior Secured Term Loan due 2029 falls into the Level 2 category within the fair value level hierarchy and the fair value was determined using a discounted cash flow analysis that factors in current market yields for comparable borrowing arrangements under the Company's credit profile. The carrying value of the Senior Secured Term Loan due 2029 approximates the fair value. Deferred compensation plan liability is recorded as a component of other non-current liabilities on the Company's Consolidated Balance Sheets.
The Company did not have any Level 3 assets as of December 31, 2023 or 2022.
Cash, Money Market Funds and Marketable Securities
The Company classifies its cash and cash equivalents within the fair value hierarchy as Level 1 as these assets are valued using quoted prices in an active market for identical assets at the measurement date. The Company considers its investments in marketable securities as available-for-sale and classifies these assets within the fair value hierarchy as Level 2 primarily utilizing broker quotes in a non-active market for valuation of these securities. No changes in valuation techniques or inputs occurred during the year ended December 31, 2023. No transfers of assets between Level 1 and Level 2 of the fair value measurement hierarchy occurred during the year ended December 31, 2023.
Contingent Consideration Payable
The contingent consideration payable resulted from the acquisition of Callidus in November 2013. The Company reached regulatory milestones of $9.0 million in March 2023 and $15.0 million in September 2023 associated with the approval of Pombiliti™ by the EC and U.S. Food and Drug Administration ("FDA"), respectively. The $9.0 million and $15.0 million payments were paid in the second and fourth quarter of 2023, respectively.
The following table shows the change in the balance of contingent consideration payable for the year ended December 31, 2023 and 2022, respectively:
Years ended December 31,
(in thousands)20232022
Balance, beginning of the period$21,417 $20,339 
Changes in fair value during the period, included in the Consolidated Statements of Operations 2,583 1,078 
Payment of contingent consideration in cash(24,000)— 
Balance, end of the period
$— $21,417