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8. Fair Value Measurement
The following tables present the Company’s financial instruments that are measured at fair value on a recurring basis:
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As of September 30, 2022 |
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Quoted Market |
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Prices in Active |
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Significant |
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(in thousands) |
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Markets for |
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Significant Other |
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Unobservable |
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Identical Assets |
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Observable Inputs |
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Inputs |
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Total Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Measurements |
Assets: |
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Cash equivalents |
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$ |
10,446 |
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$ |
— |
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$ |
— |
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$ |
10,446 |
Liabilities: |
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Contingent consideration current |
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— |
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— |
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— |
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— |
Contingent consideration non-current |
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— |
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— |
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— |
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— |
Total contingent consideration |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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As of December 31, 2021 |
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Quoted Market |
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Prices in Active |
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Significant |
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(in thousands) |
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Markets for |
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Significant Other |
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Unobservable |
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Identical Assets |
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Observable Inputs |
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Inputs |
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Tota1 Fair Value |
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(Level 1) |
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(Level 2) |
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(Level 3) |
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Measurements |
Assets: |
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Cash equivalents |
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$ |
12,324 |
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$ |
— |
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$ |
— |
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$ |
12,324 |
Liabilities: |
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Contingent consideration current |
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— |
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— |
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1,717 |
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1,717 |
Contingent consideration non-current |
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— |
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— |
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— |
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— |
Total contingent consideration |
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$ |
— |
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$ |
— |
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$ |
1,717 |
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$ |
1,717 |
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Cash equivalents consisting of money market funds of $10.4 million and money market funds and time deposits of $12.3 million as of September 30, 2022 and December 31, 2021, respectively, were classified as Level 1 of the fair value hierarchy and valued using quoted market prices in active markets.
As described in Note 4, Business Combinations, on February 16, 2022, pursuant to the terms of the Zentrick Early Termination Agreement, the Company paid the remaining balance of the contingent consideration referred to as the Zentrick Deferred Payment Terms.
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