Fair Value Measurements

6 Months Ended

Jun. 30, 2024

The Company complies with ASC 820 Fair Value Measurements for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. In general, fair values are determined by:

•Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities.

•Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves.

•Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability.

The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis:


	June 30, 2024
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	848,189	$	—	$	—	$	848,189

Other investments(i)	3,168		—		—		3,168
Derivative liabilities	—		—		21		21


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Cash and cash equivalents	$	669,291	$	—	$	—	$	669,291
Short-term investments	192,237		—		—		192,237
Other investments(i)	9,601		—		—		9,601
Derivative liabilities	—		—		102		102

(i)As of June 30, 2024 and December 31, 2023, the Company’s influence on Vitura is deemed non-significant and the investment is considered an equity security with a readily determinable fair value. See Note 4 “Investments” for additional information.

There were no transfers between fair value categories during the periods presented.

The following tables present information about the Company’s assets that are measured at fair value on a non-recurring basis and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value:

As of June 30, 2024

Level 1

Level 2

Level 3

Total

Other investments(i)

—


	As of December 31, 2023
	Level 1		Level 2		Level 3		Total
Other investments(i)	$	—	$	—	$	25,650	$	25,650

(i)On June 14, 2021, the Company purchased an option to acquire 473,787 shares of Class A Common Stock of PharmaCann, a vertically integrated cannabis company in the United States, at an exercise price of $0.0001 per share, representing approximately 10.5% of PharmaCann’s issued and outstanding capital stock on a fully diluted basis as of the date of the PharmaCann Option, for an aggregate purchase price of approximately $110,392. As of June 30, 2024 and December 31, 2023, based on updated information provided by PharmaCann in the first quarter, the Company’s ownership percentage in PharmaCann on a fully diluted basis was approximately 6.2% and 6.6%. In the three and six months ended June 30, 2024, the PharmaCann Option was impaired to zero. See Note 4 “Investments.”

There were no transfers between fair value categories during the periods presented.