| Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis |
The following table presents the balances of assets and liabilities measured at fair value on a recurring basis, by level within the fair value hierarchy, as of the dates presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
December 31, 2023 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
|
$ |
181,391 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
181,391 |
|
|
$ |
78,661 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
78,661 |
|
Total cash equivalents |
|
|
181,391 |
|
|
|
— |
|
|
|
— |
|
|
|
181,391 |
|
|
|
78,661 |
|
|
|
— |
|
|
|
— |
|
|
|
78,661 |
|
Short-term investments: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. government agency securities |
|
|
— |
|
|
|
3,493 |
|
|
|
— |
|
|
|
3,493 |
|
|
|
— |
|
|
|
11,893 |
|
|
|
— |
|
|
|
11,893 |
|
Yankee bonds |
|
|
— |
|
|
|
1,998 |
|
|
|
— |
|
|
|
1,998 |
|
|
|
— |
|
|
|
1,951 |
|
|
|
— |
|
|
|
1,951 |
|
Agency bonds |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
2,994 |
|
|
|
— |
|
|
|
2,994 |
|
Asset-backed securities |
|
|
— |
|
|
|
72 |
|
|
|
— |
|
|
|
72 |
|
|
|
— |
|
|
|
1,602 |
|
|
|
— |
|
|
|
1,602 |
|
Total short-term investments |
|
|
— |
|
|
|
5,563 |
|
|
|
— |
|
|
|
5,563 |
|
|
|
— |
|
|
|
18,440 |
|
|
|
— |
|
|
|
18,440 |
|
Total |
|
$ |
181,391 |
|
|
$ |
5,563 |
|
|
$ |
— |
|
|
$ |
186,954 |
|
|
$ |
78,661 |
|
|
$ |
18,440 |
|
|
$ |
— |
|
|
$ |
97,101 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisition related contingent consideration liability |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
6,180 |
|
|
|
6,180 |
|
Total liabilities at fair value |
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
6,180 |
|
|
$ |
6,180 |
|
|
| Schedule of Additional Information of Liabilities Measured at Fair Value for Company Utilized Level 3 Inputs to Determine Fair Value |
The following table presents additional information about liabilities measured at fair value for which the Company uses Level 3 inputs to determine fair value as of June 30, 2024 (in thousands):
|
|
|
|
|
|
|
Six Months Ended June 30, |
|
|
|
2024 |
|
Balance as of January 1 |
|
$ |
6,180 |
|
Change in fair value of contingent consideration liability due to remeasurement |
|
|
986 |
|
Contingent consideration payment made |
|
|
(7,166 |
) |
Balance as of June 30 |
|
$ |
— |
|
|
| Schedule of Cost Or Amortized Cost, Gross Unrealized Gains, Gross Unrealized Losses, And Total Estimated Fair Value Of Financial Assets |
The following tables present the cost or amortized cost, gross unrealized gains, gross unrealized losses and total estimated fair value of our financial assets as of the dates presented (in thousands):
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2024 |
|
|
Cost or |
|
|
Gross |
|
|
Gross |
|
|
Total Estimated |
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Description: |
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
$ |
181,391 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
181,391 |
|
U.S. government agency securities |
|
3,496 |
|
|
|
— |
|
|
|
(3 |
) |
|
|
3,493 |
|
Yankee bonds |
|
1,998 |
|
|
|
— |
|
|
|
— |
|
|
|
1,998 |
|
Asset-backed securities |
|
72 |
|
|
|
— |
|
|
|
— |
|
|
|
72 |
|
Total |
$ |
186,957 |
|
|
$ |
— |
|
|
$ |
(3 |
) |
|
$ |
186,954 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2023 |
|
|
Cost or |
|
|
Gross |
|
|
Gross |
|
|
Total Estimated |
|
|
Amortized Cost |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
Description: |
|
|
|
|
|
|
|
|
|
|
|
Money market funds |
$ |
78,661 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
78,661 |
|
U.S. government agency securities |
|
11,932 |
|
|
|
— |
|
|
|
(39 |
) |
|
|
11,893 |
|
Yankee bonds |
|
1,956 |
|
|
|
— |
|
|
|
(5 |
) |
|
|
1,951 |
|
Agency bond |
|
2,998 |
|
|
|
— |
|
|
|
(4 |
) |
|
|
2,994 |
|
Asset-backed securities |
|
1,604 |
|
|
|
— |
|
|
|
(2 |
) |
|
|
1,602 |
|
Total |
$ |
97,151 |
|
|
$ |
— |
|
|
$ |
(50 |
) |
|
$ |
97,101 |
|
|