v3.22.1

FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2022

Fair Value Disclosures [Abstract]

Schedule of fair value, assets and liabilities measured on recurring basis

The following table summarize the assets and liabilities measured at fair value on a recurring basis as of March 31, 2022 and December 31, 2021.

			March 31, 2022
			Level 1						Level 2						Level 3						Total
Financial Assets
Short term investments
Corporate Bonds			$	13,776					$	—					$	—					$	13,776
Treasury Bonds			$	7,445					$	—					$	—					$	7,445
Asset Backed Securities			$	—					$	5,261					$	—					$	5,261
Other			$	586					$	—					$	—					$	586
Financial Liabilities
Contingent Consideration			$	—					$	—					$	31,480					$	31,480
			December 31, 2021
			Level 1						Level 2						Level 3						Total
Financial Assets
Short term investments
Corporate Bonds			$	22,476					$	—					$	—					$	22,476
Treasury Bonds			$	14,317					$	—					$	—					$	14,317
Asset Backed Securities			$	—					$	8,272					$	—					$	8,272
Other			$	837					$	—					$	—					$	837
Financial Liabilities
Contingent Consideration			$	—					$	—					$	28,910					$	28,910

Schedule of fair value, liabilities measured on recurring basis, unobservable input reconciliation

The following table summarizes the change in fair value of Level 3 instruments in 2022:

						Total
Balance at January 1, 2022						$	28,910
Change in fair value of contingent consideration						2,570
Balance at March 31, 2022						$	31,480

Schedule of fair value measurement inputs and valuation techniques

The recurring Level 3 fair value measurements of contingent consideration liabilities associated with commercial sales milestones include the following significant unobservable inputs as of March 31, 2022 and December 31, 2021:

			March 31, 2022						December 31, 2021
Valuation techniques			Discounted cash flow, Monte Carlo
Present value discount rate(1)			19.3		%				18.4		%
Volatility factor			46.5		%				50.3		%
Expected years			2.1 years						2.4 years

(1) The present value discount rate includes estimated risk premium.

X

- Definition

Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis.

+ References

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-Publisher FASB
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-Section 50
-Paragraph 2
-Subparagraph (bbb)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
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- Definition

Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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://www.xbrl.org/2003/role/disclosureRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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