Investments and Fair Value Measurements (Tables)
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6 Months Ended |
Jun. 30, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis |
The following table presents the Company’s financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2022 and December 31, 2021: | | | | | | | | | | | | | | | | | | | | | | | | | June 30, 2022 | | Total Fair Value and Carrying Value on Balance Sheet | | Fair Value Measurement Category | | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Commercial Paper | $ | 56,809,000 | | | $ | — | | | $ | 56,809,000 | | | $ | — | | | Corporate Notes/Bonds | 100,384,000 | | | — | | | 100,384,000 | | | — | | | Securities of Government Sponsored Entities | 2,985,000 | | | $ | — | | | 2,985,000 | | | $ | — | | | Total Investments: | $ | 160,178,000 | | | $ | — | | | $ | 160,178,000 | | | $ | — | | | Money Market Funds | $ | 15,923,000 | | | $ | 15,923,000 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Contingent consideration | $ | 9,224,000 | | | $ | — | | | $ | — | | | $ | 9,224,000 | |
| | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | Total Fair Value and Carrying Value on Balance Sheet | | Fair Value Measurement Category | | | Level 1 | | Level 2 | | Level 3 | | Assets: | | | | | | | | | Commercial Paper | $ | 100,860,000 | | | $ | — | | | $ | 100,860,000 | | | $ | — | | | Corporate Notes/Bonds | 125,181,000 | | | — | | | 125,181,000 | | | — | | | Total Investments: | $ | 226,041,000 | | | $ | — | | | $ | 226,041,000 | | | $ | — | | | Money Market Funds | $ | 11,126,000 | | | $ | 11,126,000 | | | $ | — | | | $ | — | | | Liabilities: | | | | | | | | | Contingent consideration | $ | 9,066,000 | | | | | | | $ | 9,066,000 | |
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| Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation |
Changes in estimated fair value of contingent consideration liability in the six months ended June 30, 2022 is as follows: | | | | | | | Contingent Consideration Liability (Level 3 Measurement) | | Balance as of January 1, 2021 | $ | 9,066,000 | | | Liability recorded as a result of current period acquisition | — | | | Change in estimated fair value, recorded in selling, general and administrative expenses | 158,000 | | | Cash payments | — | | Balance as of June 30, 2022 | $ | 9,224,000 | | | |
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| Marketable Securities |
As of June 30, 2022, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial Paper | | Corporate Notes/Bonds | | Securities of Government Sponsored Entities | | Amortized Cost | | Unrealized gains (losses) | | Amortized Cost | | Unrealized gains (losses) | | Amortized Cost | | Unrealized gains (losses) | | Less than 1 year | $ | 57,070,000 | | | $ | (261,000) | | | $ | 65,045,000 | | | $ | (909,000) | | | $ | 2,986,000 | | | $ | (1,000) | | | Due after one year through five years | — | | | — | | | 36,997,000 | | | (749,000) | | | — | | | — | | | Total | $ | 57,070,000 | | | $ | (261,000) | | | $ | 102,042,000 | | | $ | (1,658,000) | | | $ | 2,986,000 | | | $ | (1,000) | | | | | | | | | | | | | |
As of December 31, 2021, the following table summarizes the amortized cost and the unrealized gains (losses) of the available for sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Commercial Paper | | Corporate Notes/Bonds | | Securities of Government Sponsored Entities | | Amortized Cost | | Unrealized loss | | Amortized Cost | | Unrealized loss | | Amortized Cost | | Unrealized gains (losses) | | Less than 1 year | $ | 100,929,000 | | | $ | (69,000) | | | $ | 41,173,000 | | | $ | (61,000) | | | $ | — | | | $ | — | | | Due after one year through five years | — | | | — | | | 84,478,000 | | | (409,000) | | | — | | | — | | | Total | $ | 100,929,000 | | | $ | (69,000) | | | $ | 125,651,000 | | | $ | (470,000) | | | $ | — | | | $ | — | | | | | | | | | | | | | |
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