v3.23.3

Investments and Fair Value Measurements (Tables)

9 Months Ended

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)

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

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

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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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

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-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

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