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Fair Value Measurement (Tables)

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Assets Measured at Fair Value

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

			Fair Value Measurements as of March 31, 2024
(in thousands)			Level 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	12,589					$	—					$	—					$	12,589
Total cash equivalents			$	12,589					$	—					$	—					$	12,589
Short-term investments:
Government and agency securities			$	48,099					$	—					$	—					$	48,099
Asset-backed securities			—						1,848						—						1,848
Total short-term investments			$	48,099					$	1,848					$	—					$	49,947
Liabilities:
Current contingent liabilities			$	—					$	—					$	891					$	891
Long-term contingent liabilities			—						—						3,178						3,178
Total contingent liabilities			$	—					$	—					$	4,069					$	4,069

			Fair Value Measurements as of December 31, 2023
(in thousands)			Level 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	12,289					$	—					$	—					$	12,289
Total cash equivalents			$	12,289					$	—					$	—					$	12,289
Short-term investments:
Government and agency securities			$	63,109					$	4,998					$	—					$	68,107
Asset-backed securities			—						2,518						—						2,518
Total short-term investments			$	63,109					$	7,516					$	—					$	70,625
Liabilities:
Current contingent liabilities			$	—					$	—					$	1,303					$	1,303
Long-term contingent liabilities			—						—						3,203						3,203
Total contingent liabilities			$	—					$	—					$	4,506					$	4,506

Summary of Liabilities Measured at Fair Value

The following tables provide a summary of the assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2024 and December 31, 2023:

			Fair Value Measurements as of March 31, 2024
(in thousands)			Level 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	12,589					$	—					$	—					$	12,589
Total cash equivalents			$	12,589					$	—					$	—					$	12,589
Short-term investments:
Government and agency securities			$	48,099					$	—					$	—					$	48,099
Asset-backed securities			—						1,848						—						1,848
Total short-term investments			$	48,099					$	1,848					$	—					$	49,947
Liabilities:
Current contingent liabilities			$	—					$	—					$	891					$	891
Long-term contingent liabilities			—						—						3,178						3,178
Total contingent liabilities			$	—					$	—					$	4,069					$	4,069

			Fair Value Measurements as of December 31, 2023
(in thousands)			Level 1						Level 2						Level 3						Total
Cash equivalents:
Money market funds			$	12,289					$	—					$	—					$	12,289
Total cash equivalents			$	12,289					$	—					$	—					$	12,289
Short-term investments:
Government and agency securities			$	63,109					$	4,998					$	—					$	68,107
Asset-backed securities			—						2,518						—						2,518
Total short-term investments			$	63,109					$	7,516					$	—					$	70,625
Liabilities:
Current contingent liabilities			$	—					$	—					$	1,303					$	1,303
Long-term contingent liabilities			—						—						3,203						3,203
Total contingent liabilities			$	—					$	—					$	4,506					$	4,506

Summary of Changes in the Fair Value of the Company's Level 3 Financial Instruments that are Measured at Fair Value

A reconciliation of the Level 3 financial instruments as of March 31, 2024 and December 31, 2023 is as follows:

(in thousands)			Icagen(1)						Taurus(2)						xCella(2)						Total
Balance as of January 1, 2023			$	4,747					$	1,600					$	1,764					$	8,111
Payments to CVR holders			(300)						(1,600)						(2,840)						(4,740)
Fair value adjustments to contingent liabilities			(341)						400						1,076						1,135
Balance as of December 31, 2023			4,106						400						—						4,506
Payments to CVR holders			(75)						(400)						—						(475)
Fair value adjustments to contingent liabilities			38						—						—						38
Balance as of March 31, 2024			$	4,069					$	—					$	—					$	4,069

_____________

(1)Changes in the fair values of contingent liabilities in connection with the acquisition of Icagen are recognized in “Other operating expense, net” in the condensed consolidated statements of operations and in the operating section of the statements of cash flows. Payments to CVR holders are disclosed in the financing section of the statements of cash flows.

(2)Changes in the fair values of contingent liabilities in connection with the acquisitions of Taurus and xCella are recognized in “Intangible assets, net” in the condensed consolidated balance sheets. Payments to CVR holders are disclosed in the investing section of the statement of cash flows.

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- Definition

Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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

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-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
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-Publisher FASB
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Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class 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). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

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-Section 50
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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.

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