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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Carrying Value

The following table shows assets and liabilities that are measured at fair value on a recurring basis and their carrying value (in millions):

			As of June 30, 2024
									Fair Value
			Carrying Value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	1,246.8					$	1,246.8					$	—					$	—
Collateral for interest rate swap			$	6.0					$	6.0					$	—					$	—
Liabilities
Interest rate swap			$	(1.5)					$	—					$	(1.5)					$	—
Deferred consideration			$	12.4					$	—					$	12.4					$	—
Contingent consideration			$	169.7					$	—					$	—					$	169.7

			As of December 31, 2023
									Fair Value
			Carrying Value						Level 1						Level 2						Level 3
Assets
Cash and cash equivalents			$	482.4					$	482.4					$	—					$	—
Marketable securities			$	298.1					$	298.1					$	—					$	—
Collateral for interest rate swap			$	6.0					$	6.0					$	—					$	—
Liabilities
Interest rate swap			$	1.2					$	—					$	1.2					$	—
Deferred consideration			$	5.7					$	—					$	5.7					$	—
Contingent consideration			$	84.6					$	—					$	—					$	84.6

Schedule of Observable Inputs in Valuation of Deferred Consideration, Development and Regulatory Milestones and Priority Review Voucher Milestone and Changes in Fair Value of Valuations for Deferred and Contingent Consideration Liabilities

The following observable input was used in the valuation of the deferred consideration as of June 30, 2024:

			Fair Value as of June 30, 2024 (in millions)			Observable Input			Input Value
Deferred consideration			$12.4			Insmed share price as of June 30, 2024			$67.00

The following significant unobservable inputs were used in the valuation of the development and regulatory milestones and the priority review voucher milestone as of June 30, 2024:

Fair Value as of June 30, 2024 (in millions)

Valuation Technique

Unobservable Inputs

Values

Development and regulatory milestones

$161.8

Probability-adjusted

Probabilities of success

14% - 97%

Priority review voucher milestone

$5.2

Probability-adjusted discounted cash flow

Probability of success

16.4%

Discount rate

16.4%

The following table is a summary of the changes in the fair value of the Company's valuations for the deferred and contingent consideration liabilities for the six months ended June 30, 2024 and 2023 (in thousands):

			Deferred  Consideration (Level 2 Liabilities)						Contingent Consideration  (Level 3 Liabilities)
Balance as of December 31, 2022			$	7,400					$	58,100
Additions			—						—
Change in Fair Value			400						3,600
Payments			—						—
Balance as of June 30, 2023			$	7,800					$	61,700
Balance as of December 31, 2023			$	5,700					$	84,600
Additions			—						—
Change in Fair Value			6,700						85,100
Payments			—						—
Balance as of June 30, 2024			$	12,400					$	169,700

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

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 103
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-103

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(2)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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/2009/role/commonPracticeRef
-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

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-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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