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FAIR VALUE OF FINANCIAL INSTRUMENTS (Tables)

3 Months Ended

Mar. 31, 2024

FAIR VALUE OF FINANCIAL INSTRUMENTS

Schedule of assets and liabilities measured at fair value on a recurring basis

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March 31, 2024

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Fair Value

Level 1

Level 2

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

$

41,898

​

$

41,898

​

$

—

​

$

—

Total Assets

​

$

41,898

​

$

41,898

​

$

—

​

$

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Contingent consideration

​

$

4,268

​

$

—

​

$

—

​

$

4,268

Total Liabilities

​

$

4,268

​

$

—

​

$

—

​

$

4,268

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​

​

​

​

​

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​

​

​

​

​

​

​

​

​

December 31, 2023

​

Fair Value

Level 1

Level 2

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

$

44,639

​

$

44,639

​

$

—

​

$

—

Total Assets

​

$

44,639

​

$

44,639

​

$

—

​

$

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Contingent consideration

​

$

4,110

​

$

—

​

$

—

​

$

4,110

Total Liabilities

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$

4,110

​

$

—

​

$

—

​

$

4,110

Schedule of fair values of warrants, using the Black Scholes option pricing model

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​	​	​	​	​	​	​	​	​	​
​	​	Fair Value at		​	​	​	​	​	​
​	​	March 31,		​	​	​	​	​	Range
Financial Instrument		2024			Valuation Technique		Unobservable Input		(Average)
Contingent consideration	​	$	4,268	​	Probability-adjusted	​	Period of expected milestone achievement	​	2025 - 2028 (2027)
​	​	​	​	​	discounted cash flow model	​	Probabilities of achievement	​	16.6% - 35.5% (23.4%)
​	​	​	​	​	​	​	Discount rate	​	16.0%

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​	​	​	​	​	​	​	​	​	​
​	​	Fair Value at		​	​	​	​	​	​
​	​	December 31,		​	​	​	​	​	Range
Financial Instrument		2023			Valuation Technique		Unobservable Input		(Average)
Contingent consideration	​	$	4,110	​	Probability-adjusted	​	Period of expected milestone achievement	​	2025 - 2028 (2027)
​	​	​	​	​	discounted cash flow model	​	Probabilities of achievement	​	16.6% - 35.5% (23.4%)
​	​	​	​	​	​	​	Discount rate	​	16.3%

Schedule of changes in Level 3 fair value measurements

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​	​	​	​
Contingent consideration	​	​	​
Balance at January 1, 2024	​	$	4,110
Fair value adjustments	​	​	158
Balance at March 31, 2024	​	$	4,268
​	​	​	​
Contingent consideration	​	​	​
Balance at January 1, 2023	​	$	8,370
Fair value adjustments	​	​	1,847
Settlements	​	​	(4,854)
Reclassification to accrued expenses and other current liabilities	​	​	(129)
Balance at March 31, 2023	​	$	5,234
​	​	​	​
Deferred purchase consideration	​	​	​
Balance at January 1, 2023	​	$	595
Fair value adjustments	​	​	(230)
Settlements	​	​	(365)
Balance at March 31, 2023	​	$	—

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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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)
-SubTopic 10
-Topic 820
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482106/820-10-50-2

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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

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-Name Accounting Standards Codification
-Topic 820
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-Section 50
-Paragraph 3
-Publisher FASB
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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

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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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