v3.23.3

Investments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
Fair Value Disclosures [Abstract] |
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 September 30, 2023 and December 31, 2022:
| September 30, 2023
| Total Fair Value and Carrying Value on Balance Sheet |  | Fair Value Measurement Category
|  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Commercial paper | $ | 3,488,000 |  |  | $ | — |  |  | $ | 3,488,000 |  |  | $ | — |
Corporate notes/bonds | 23,533,000 |  |  |  |  | 23,533,000 |  |  | — |
Securities of government sponsored entities | 1,993,000 |  |  | — |  |  | 1,993,000 |  |  | — |
Total investments: | $ | 29,014,000 |  |  | $ | — |  |  | $ | 29,014,000 |  |  | $ | — |
Money market funds | $ | 31,151,000 |  |  | $ | 31,151,000 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 24,880,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 24,880,000 |
| December 31, 2022
| Total Fair Value and Carrying Value on Balance Sheet |  | Fair Value Measurement Category
|  | Level 1 |  | Level 2 |  | Level 3
Assets: |  |  |  |  |  |  |
Commercial paper | $ | 20,020,000 |  |  | $ | — |  |  | $ | 20,020,000 |  |  | $ | — |
Corporate notes/bonds | 86,094,000 |  |  | — |  |  | 86,094,000 |  |  | — |
Securities of government sponsored entities | 1,981,000 |  |  |  |  | 1,981,000 |  |  |
Total investments: | $ | 108,095,000 |  |  | $ | — |  |  | $ | 108,095,000 |  |  | $ | — |
Money market funds | $ | 1,868,000 |  |  | $ | 1,868,000 |  |  | $ | — |  |  | $ | — |
Liabilities: |  |  |  |  |  |  |
Contingent consideration | $ | 22,352,000 |  |  | $ | — |  |  | $ | — |  |  | $ | 22,352,000 |
Schedule of Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | Changes in estimated fair value of contingent consideration liability in the nine months ended September 30, 2023 is as follows:
| Contingent Consideration Liability (Level 3 Measurement)
Balance as of January 1, 2023 | $ | 22,352,000 |
Liability recorded as a result of current period acquisition | — |
Change in estimated fair value, recorded in selling, general and administrative expenses | 2,528,000 |
Cash payments | — |
Balance as of September 30, 2023 | $ | 24,880,000 |
Changes in estimated fair value of contingent consideration liability in the nine months ended September 30, 2022 is as follows:
| Contingent Consideration Liability (Level 3 Measurement)
Balance as of January 1, 2022 | $ | 9,066,000 |
Liability recorded as a result of current period acquisition | — |
Change in estimated fair value, recorded in selling, general and administrative expenses | 237,000 |
Cash payments | — |
Balance as of September 30, 2022 | $ | 9,303,000 |
Schedule of Marketable Securities | As of September 30, 2023, the following table summarizes the amortized cost and the unrealized gains/losses of the available for sale securities:
| Remaining Contractual Maturity (in years) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Estimated Fair Value
Commercial paper | Less than 1 |  | $ | 3,490,000 |  |  | $ | — |  |  | $ | (2,000) |  |  | $ | 3,488,000 |
Corporate notes/bonds | Less than 1 |  | 23,598,000 |  |  | — |  |  | (65,000) |  |  | 23,533,000 |
Securities of government sponsored entities | Less than 1 |  | 1,999,000 |  |  | — |  |  | (6,000) |  |  | 1,993,000 |
Total maturity less than 1 year |  |  | $ | 29,087,000 |  |  | $ | — |  |  | $ | (73,000) |  |  | $ | 29,014,000 |
Corporate notes/bonds | 1 to 5 |  | — |  |  | — |  |  | — |  |  | — |
Total |  |  | $ | 29,087,000 |  |  | $ | — |  |  | $ | (73,000) |  |  | $ | 29,014,000 |
As of December 31, 2022, the following table summarizes the amortized cost and the unrealized gains/losses of the available for sale securities:
| Remaining Contractual Maturity (in years) |  | Amortized Cost |  | Unrealized Gains |  | Unrealized Losses |  | Aggregate Estimated Fair Value
Commercial paper | Less than 1 |  | $ | 20,093,000 |  |  | $ | — |  |  | $ | (73,000) |  |  | $ | 20,020,000 |
Corporate notes/bonds | Less than 1 |  | 72,823,000 |  |  | 1,000 |  |  | (911,000) |  |  | 71,913,000 |
Securities of government sponsored entities | Less than 1 |  | 1,998,000 |  |  | — |  |  | (16,000) |  |  | 1,982,000 |
Total maturity less than 1 year |  |  | $ | 94,914,000 |  |  | $ | 1,000 |  |  | $ | (1,000,000) |  |  | $ | 93,915,000 |
Corporate notes/bonds | 1 to 5 |  | 14,268,000 |  |  | — |  |  | (88,000) |  |  | 14,180,000 |
Total |  |  | $ | 109,182,000 |  |  | $ | 1,000 |  |  | $ | (1,088,000) |  |  | $ | 108,095,000 |
As of September 30, 2023, the following table summarizes available-for-sale securities in an unrealized loss position with no credit losses reported:
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
Commercial paper | $ | 3,488,000 |  |  | $ | (2,000) |  |  | $ | — |  |  | $ | — |  |  | $ | 3,488,000 |  |  | $ | (2,000) |
Corporate Notes/Bonds | 5,315,000 |  |  | (17,000) |  |  | 18,218,000 |  |  | (48,000) |  |  | 23,533,000 |  |  | (65,000) |
Securities of Government Sponsored Entities | — |  |  | — |  |  | 1,993,000 |  |  | (6,000) |  |  | 1,993,000 |  |  | (6,000) |
Total | $ | 8,803,000 |  |  | $ | (19,000) |  |  | $ | 20,211,000 |  |  | $ | (54,000) |  |  | $ | 29,014,000 |  |  | $ | (73,000) |
As of December 31, 2022, the following table summarizes available-for-sale securities in an unrealized loss position with no credit losses reported:
| Less Than 12 Months |  | 12 Months or Greater |  | Total
| Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss |  | Fair Value |  | Gross Unrealized Loss
Commercial paper | $ | 20,020,000 |  |  | $ | (73,000) |  |  | $ | — |  |  | $ | — |  |  | $ | 20,020,000 |  |  | $ | (73,000) |
Corporate Notes/Bonds | 9,661,000 |  |  | (27,000) |  |  | 74,452,000 |  |  | (972,000) |  |  | 84,113,000 |  |  | (999,000) |
Securities of Government Sponsored Entities | 1,981,000 |  |  | (16,000) |  |  | — |  |  | — |  |  | 1,981,000 |  |  | (16,000) |
Total | $ | 31,662,000 |  |  | $ | (116,000) |  |  | $ | 74,452,000 |  |  | $ | (972,000) |  |  | $ | 106,114,000 |  |  | $ | (1,088,000) |

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- 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 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 marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + 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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