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FAIR VALUE (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
Schedule of Fair Value Hierarchy for Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | The following table reflects the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of September 30, 2023 and December 31, 2022 (in thousands):
September 30, 2023 |  | Financial Statement Classification |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
U.S. Treasuries |  | Cash and cash equivalents |  | $ | — |  |  | $ | 38,204 |  |  | $ | — |  |  | $ | 38,204 |
Money market funds |  | Cash and cash equivalents |  | 22,797 |  |  | — |  |  | — |  |  | 22,797 |
Total |  |  |  | $ | 22,797 |  |  | $ | 38,204 |  |  | $ | — |  |  | $ | 61,001 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Short-term contingent consideration |  | Contingent consideration, current portion |  | $ | — |  |  | $ | — |  |  | $ | 12,800 |  |  | $ | 12,800 |
Long-term contingent consideration |  | Contingent consideration |  | — |  |  | — |  |  | 16,100 |  |  | 16,100 |
Derivative liability |  | Long-term debt |  | — |  |  | — |  |  | 764 |  |  | 764 |
Total |  |  |  | $ | — |  |  | $ | — |  |  | $ | 29,664 |  |  | $ | 29,664 |
December 31, 2022 |  | Financial Statement Classification |  | Level 1 |  | Level 2 |  | Level 3 |  | Total
Assets: |  |  |  |  |  |  |  |  |  |
Commercial paper |  | Cash and cash equivalents |  | $ | — |  |  | $ | 4,983 |  |  | $ | — |  |  | $ | 4,983 |
U.S. Treasuries |  | Cash and cash equivalents |  | — |  |  | 3,981 |  |  | — |  |  | 3,981 |
U.S. Government agencies |  | Cash and cash equivalents |  | — |  |  | 10,937 |  |  | — |  |  | 10,937 |
Money market funds |  | Cash and cash equivalents |  | 38,478 |  |  | — |  |  | — |  |  | 38,478 |
Total |  |  |  | $ | 38,478 |  |  | $ | 19,901 |  |  | $ | — |  |  | $ | 58,379 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Short-term contingent consideration |  | Contingent consideration, current portion |  | $ | — |  |  | $ | — |  |  | $ | 26,300 |  |  | $ | 26,300 |
Long-term contingent consideration |  | Contingent consideration |  | — |  |  | — |  |  | 22,200 |  |  | 22,200 |
Derivative liability |  | Long-term debt |  | — |  |  | — |  |  | 252 |  |  | 252 |
Total |  |  |  | $ | — |  |  | $ | — |  |  | $ | 48,752 |  |  | $ | 48,752 |
Schedule of Changes in Fair Value | The following table summarizes changes in fair value of the Company’s contingent consideration obligations that are measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 and 2022 (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2023 |  | 2022 |  | 2023 |  | 2022
Fair value, beginning of the period | $ | 42,500 |  |  | $ | 36,759 |  |  | $ | 48,500 |  |  | $ | 37,659 |
Fair value of contingent consideration incurred in Spectrum Merger | 3,932 |  |  | — |  |  | 3,932 |  |  | — |
Change in fair value of contingent consideration recorded within costs and expenses | (17,532) |  |  | 3,900 |  |  | (8,124) |  |  | 6,845 |
Cash payment related to contingent consideration | — |  |  | (4,000) |  |  | (15,408) |  |  | (7,845) |
Fair value, end of the period | $ | 28,900 |  |  | $ | 36,659 |  |  | $ | 28,900 |  |  | $ | 36,659 |
Fair Value, Net Derivative Asset (Liability) Measured on Recurring Basis, Unobservable Input Reconciliation | The following table summarizes changes in fair value of the derivative liability that is measured on a recurring basis using significant unobservable inputs (Level 3) for the three and nine months ended September 30, 2023 (in thousands):
|  | Three Months Ended September 30, 2023 |  | Nine Months Ended September 30, 2023
Fair value, beginning of the period |  | $ | 252 |  |  | $ | 252 |
Change in fair value of derivative liability recorded within Other (loss) gain |  | 512 |  |  | 512 |
Fair value, end of the period |  | $ | 764 |  |  | $ | 764 |

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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 + Details
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- Definition Tabular disclosure of financial instrument classified as a derivative asset (liability) after deduction of derivative liability (asset) using recurring unobservable inputs that reflect the entity's own assumption about the assumptions market participants would use in pricing. + 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 -Section 50 -Paragraph 3 -Subparagraph (b) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3 + Details
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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 -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -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 + Details
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