XML 36 R25.htm IDEA: XBRL DOCUMENT

FAIR VALUE MEASUREMENTS (Tables)

9 Months Ended

Sep. 30, 2024

Schedule of Fair Value of Company's Financial Assets and Liabilities

The following tables present the fair value of the Company’s financial assets determined using the inputs defined above (in thousands):


	September 30, 2024
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	28,048	$	—	$	—	$	28,048
U.S. government securities	—		137,415		—		137,415
Strategic investments	—		—		59,059		59,059
Total	$	28,048	$	137,415	$	59,059	$	224,522
Liabilities
Contingent consideration	$	—	$	—	$	17,069	$	17,069
Total	$	—	$	—	$	17,069	$	17,069


	December 31, 2023
	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	12,594	$	—	$	—	$	12,594
U.S. government securities	—		97,591		—		97,591
Strategic investments	—		—		3,000		3,000
Total	$	12,594	$	97,591	$	3,000	$	113,185

Schedule of The Recurring Level 3 Fair Value Measurements of Contingent Consideration Liabilities

The recurring Level 3 fair value measurements of the loan investment include the following significant unobservable inputs as of September 30, 2024:


	September 30, 2024
Discount rate	12.0	%
Equity volatility	67.0	%
Expected years (range)	2025 - 2029

The recurring Level 3 fair value measurements of contingent consideration liabilities associated with the development agreement milestones include the following significant unobservable inputs as of September 30, 2024:


			September 30, 2024
Probability of achievement (range)			75.0%- 90.0%
Expected years			2025 - 2026

Schedule of Changes in Estimated Fair Value of Strategic Investments Measured on Recurring Basis

The following table sets forth the changes in the estimated fair value of the Company's strategic investments measured on a recurring basis (in thousands):


	Nine Months Ended September 30, 2024		Year Ended December 31, 2023
Balance, beginning of period	$	3,000	$	—
Additions during the period	55,000		3,000
Changes in estimated fair value	1,059		—
Balance, end of period	$	59,059	$	3,000

Schedule of Changes in Estimated Fair Value of Contingent Consideration Liabilities Measured on a Recurring Basis Using Significant Unobservable Inputs Level 3

The following table sets forth the changes in the estimated fair value of the Company’s contingent consideration liabilities measured on a recurring basis (Level 3) (in thousands):


	Nine Months Ended September 30, 2024
Balance, beginning of period	$	—
Additions during the period	16,970
Changes in estimated fair value	99
Balance at end of period	$	17,069

Schedule of Fair Value of Senior Convertible Notes

The fair value, based on a quoted market price (Level 1), of the Company’s senior convertible notes due 2029 (the "2029 Notes") is as follows (in thousands):


	September 30, 2024		December 31, 2023
Senior Convertible Notes due 2029	$	601,804	$	—

- 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 + Details