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Fair Value Measurement (Tables)

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Fair Value, by Balance Sheet Grouping

The following tables summarize financial assets and liabilities measured and recorded at fair value on a recurring basis in the accompanying consolidated balance sheets as of September 30, 2024 and December 31, 2023, segregated by the level of the valuation inputs within the fair value hierarchy utilized to measure fair value:

			September 30, 2024
			Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)						Significant Other Observable Inputs (Level 2 Inputs)						Significant Unobservable Inputs (Level 3 Inputs)						Total
Assets:
Money market funds			$	1,509					$	—					$	—					$	1,509
U.S. treasury securities			—						187,796						—						187,796
Commercial paper			—						9,920						—						9,920
Convertible debt securities (See Note 7)			—						—						3,112						3,112
Investment loan receivable (See Note 7)			—						—						7,676						7,676
Total assets			$	1,509					$	197,716					$	10,788					$	210,013
Liabilities:
Contingent consideration			$	—					$	—					$	—					$	—
Total liabilities			$	—					$	—					$	—					$	—

			December 31, 2023
			Quoted Prices in Active Markets for Identical Assets (Level 1 Inputs)						Significant Other Observable Inputs (Level 2 Inputs)						Significant Unobservable Inputs (Level 3 Inputs)						Total
Assets:
Money market funds			$	54,269					$	—					$	—					$	54,269
U.S. treasury securities			—						179,721						—						179,721
Total assets			$	54,269					$	179,721					$	—					$	233,990
Liabilities:
Contingent consideration			$	—					$	—					$	597					$	597
Total liabilities			$	—					$	—					$	597					$	597

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation

A rollforward of the fair value measurements of the convertible debt securities for the three months ended September 30, 2024 is as follows:

Balance as of June 30, 2024						$	—
Investment in convertible debt security						3,000
Change in fair value included in other income, net						112
Balance as of September 30, 2024						$	3,112

A rollforward of the fair value measurements of the investment loan receivable for the nine months ended September 30, 2024 is as follows:

Balance as of December 31, 2023			$	—
Initial funding of investment loan receivable			7,000
Balance as of March 31, 2024			7,000
Change in fair value included in other income, net			83
Balance as of June 30, 2024			7,083
Additional funding of investment loan receivable			757
Change in fair value included in other income, net			(164)
Balance as of September 30, 2024			$	7,676

Schedule of Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

A rollforward of the fair value measurements of the contingent consideration liability for the nine months ended September 30, 2024 is as follows:

Balance as of December 31, 2023			$	597
Change in fair value included in other income, net			21
Balance as of March 31, 2024			618
Change in fair value included in other income, net			133
Balance as of June 30, 2024			751
Change in fair value included in other income, net			(751)
Balance as of September 30, 2024			$	—

X

- Definition

Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period 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 asset.

+ References

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-Topic 820
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-Name Accounting Standards Codification
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- Definition

Tabular disclosure of the fair value of financial instruments, including financial assets and financial liabilities, and the measurements of those instruments, assets, and liabilities.

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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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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