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Fair value of financial instruments and marketable securities - (Tables) | 9 Months Ended
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Sep. 30, 2020
Fair Value Disclosures [Abstract] |
Schedule of financial assets and liabilities that are required to be measured at fair value on a recurring basis | The following represents the fair value using the hierarchy described above for the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of September 30, 2020 and December 31, 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ |  | ​ | ​ |  | Quoted prices |  | Significant |  | ​ | ​
​ | ​ | ​ | ​ |  | in active |  | other |  | Significant
​ | ​ | ​ | ​ |  | markets for |  | observable |  | unobservable
​ | ​ | ​ | ​ |  | identical assets |  | inputs |  | inputs
​ |  | Total |  | (level 1) |  | (level 2) |  | (level 3)
Marketable securities | ​ | $ | 707,049 | ​ | $ | — | ​ | $ | 707,049 | ​ | $ | —
Equity investment in ClearPoint | ​ | $ | 7,045 | ​ | $ | 7,045 | ​ | $ | — | ​ | $ | —
ClearPoint convertible debt security | ​ | $ | 10,633 | ​ | $ | — | ​ | $ | 10,633 | ​ | $ | —
Contingent consideration payable- development and regulatory milestones | ​ | $ | 138,200 | ​ | $ | — | ​ | $ | — | ​ | $ | 138,200
Contingent consideration payable- net sales milestones and royalties | ​ | $ | 95,900 | ​ | $ | — | ​ | $ | — | ​ | $ | 95,900
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | ​ | ​ |  | Quoted prices |  | Significant |  | ​ | ​
​ | ​ | ​ | ​ |  | in active |  | other |  | Significant
​ | ​ | ​ | ​ |  | markets for |  | observable |  | unobservable
​ | ​ | ​ | ​ |  | identical assets |  | inputs |  | inputs
​ |  | Total |  | (level 1) |  | (level 2) |  | (level 3)
Marketable securities | ​ | $ | 398,535 | ​ | $ | — | ​ | $ | 398,535 | ​ | $ | —
Equity investment in ClearPoint | ​ | $ | 6,194 | ​ | $ | 6,194 | ​ | $ | — | ​ | $ | —
Stock appreciation rights liability | ​ | $ | 3,186 | ​ | $ | — | ​ | $ | — | ​ | $ | 3,186
Deferred consideration payable | ​ | $ | 40,000 | ​ | $ | — | ​ | $ | 40,000 | ​ | $ | —
Contingent consideration payable- development and regulatory milestones | ​ | $ | 290,500 | ​ | $ | — | ​ | $ | — | ​ | $ | 290,500
Contingent consideration payable- net sales milestones and royalties | ​ | $ | 65,800 | ​ | $ | — | ​ | $ | — | ​ | $ | 65,800
Summary of marketable securities accounted for as available-for-sale securities | The following is a summary of marketable securities accounted for as available-for-sale securities at September 30, 2020 and December 31, 2019:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ |  | Amortized |  | Gross Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
Commercial paper | ​ | $ | 260,392 | ​ | $ | 74 | ​ | $ | (16) | ​ | $ | 260,450
Corporate debt securities | ​ |  | 316,198 | ​ |  | 2,082 | ​ |  | (19) | ​ |  | 318,261
Asset-backed securities | ​ |  | 35,461 | ​ |  | 232 | ​ |  | (2) | ​ |  | 35,691
Government obligations | ​ | ​ | 92,602 | ​ | ​ | 61 | ​ | ​ | (16) | ​ | ​ | 92,647
Total | ​ | $ | 704,653 | ​ | $ | 2,449 | ​ | $ | (53) | ​ | $ | 707,049
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | Amortized |  | Gross Unrealized | ​ | ​ | ​
​ |  | Cost |  | Gains |  | Losses |  | Fair Value
Commercial paper | ​ | $ | 157,936 | ​ | $ | 162 | ​ | $ | — | ​ | $ | 158,098
Corporate debt securities | ​ |  | 188,778 | ​ |  | 576 | ​ |  | (20) | ​ |  | 189,334
Asset-backed securities | ​ | ​ | 51,062 | ​ | ​ | 49 | ​ | ​ | (8) | ​ | ​ | 51,103
Total | ​ | $ | 397,776 | ​ | $ | 787 | ​ | $ | (28) | ​ | $ | 398,535
Summary of unrealized losses and fair values of available-for-sale securities in a continuous unrealized loss position | The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of September 30, 2020 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ |  | Securities in an unrealized loss |  | Securities in an unrealized loss |  | ​ | ​ | ​ | ​ | ​
​ |  | position less than 12 months |  | position greater than 12 months | ​ | Total
​ |  | Unrealized losses |  | Fair Value |  | Unrealized losses |  | Fair Value |  | Unrealized losses |  | Fair Value
Commercial paper | ​ | $ | (16) | ​ | ​ | 53,580 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (16) | ​ | ​ | 53,580
Corporate debt securities | ​ | ​ | (19) | ​ | ​ | 62,811 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (19) | ​ | ​ | 62,811
Asset-backed securities | ​ |  | (2) | ​ |  | 2,899 | ​ |  | — | ​ |  | — | ​ |  | (2) | ​ |  | 2,899
Government obligations | ​ | ​ | (16) | ​ | ​ | 31,955 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (16) | ​ | ​ | 31,955
Total | ​ | $ | (53) | ​ | $ | 151,245 | ​ | $ | — | ​ | $ | — | ​ | $ | (53) | ​ | $ | 151,245
​ The unrealized losses and fair values of available-for-sale securities that have been in an unrealized loss position for a period of less than and greater than 12 months as of December 31, 2019 are as follows:
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | Securities in an unrealized loss |  | Securities in an unrealized loss |  | ​ | ​ | ​ | ​ | ​
​ |  | position less than 12 months |  | position greater than 12 months | ​ | Total
​ |  | Unrealized losses |  | Fair Value |  | Unrealized losses |  | Fair Value |  | Unrealized losses |  | Fair Value
Corporate debt securities | ​ | $ | (20) | ​ | $ | 71,779 | ​ | $ | — | ​ | $ | — | ​ | $ | (20) | ​ | $ | 71,779
Asset-backed securities | ​ | ​ | (8) | ​ | ​ | 24,211 | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8) | ​ | ​ | 24,211
Total | ​ | $ | (28) | ​ | $ | 95,990 | ​ | $ | — | ​ | $ | — | ​ | $ | (28) | ​ | $ | 95,990
Schedule of marketable securities on the balance sheet | Marketable securities on the balance sheet at September 30, 2020 and December 31, 2019 mature as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ |  | Less Than |  | More Than
​ |  | 12 Months |  | 12 Months
Commercial paper | ​ | $ | 260,451 | ​ | $ | —
Corporate debt securities | ​ |  | 260,199 | ​ |  | 58,062
Asset-backed securities | ​ |  | 14,375 | ​ |  | 21,316
Government obligations | ​ | ​ | 39,530 | ​ | ​ | 53,116
Total Marketable securities | ​ | $ | 574,555 | ​ | $ | 132,494
​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | Less Than |  | More Than
​ |  | 12 Months |  | 12 Months
Commercial paper | ​ | $ | 158,098 | ​ | $ | —
Corporate debt securities | ​ |  | 139,596 | ​ |  | 49,738
Asset-backed securities | ​ | ​ | 44,724 | ​ | ​ | 6,379
Total Marketable securities | ​ | $ | 342,418 | ​ | $ | 56,117
Summary of changes in the fair value of the Company's Level 3 valuation for warrant liability and SARs liability | The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuations for the SARs liability, and the contingent consideration payable for the periods ended September 30, 2020 and September 30, 2019. ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 3 liabilities
​ | ​ | ​ | ​ | ​ | Contingent consideration payable- | ​ | Contingent consideration payable-
​ | ​ | ​ | ​ | ​ | development and regulatory | ​ | net sales milestones and royalties
​ |  | SARs |  | milestones |  | ​
Beginning balance as of December 31, 2019 | ​ | $ | 3,186 | ​ | $ | 290,500 | ​ | $ | 65,800
Additions | ​ |  | — | ​ |  | — | ​ |  | —
Change in fair value | ​ |  | — | ​ |  | (13,120) | ​ |  | 30,100
Payments | ​ | ​ | (3,186) | ​ | ​ | — | ​ | ​ | —
Rights Exchange settlement | ​ | ​ | — | ​ | ​ | (139,180) | ​ | ​ | —
Ending balance as of September 30, 2020 | ​ | $ | — | ​ | $ | 138,200 | ​ | $ | 95,900
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Level 3 liabilities
​ | ​ | ​ | ​ | ​ | Contingent consideration payable- | ​ | Contingent consideration payable-
​ | ​ | ​ | ​ | ​ | development and regulatory | ​ | net sales milestones and royalties
​ |  | SARs |  | milestones |  | ​
Beginning balance as of December 31, 2018 | ​ | $ | 3,814 | ​ | $ | 257,040 | ​ | $ | 53,200
Additions | ​ |  | — | ​ |  | — | ​ |  | —
Change in fair value | ​ |  | 2,236 | ​ |  | 28,260 | ​ |  | 6,400
Payments | ​ | ​ | (3,815) | ​ | ​ | — | ​ | ​ | —
Ending balance as of September 30, 2019 | ​ | $ | 2,235 | ​ | $ | 285,300 | ​ | $ | 59,600
Fair Value Measurement Inputs and Valuation Techniques | The following significant unobservable inputs were used in the valuation of the contingent consideration payable for the periods ended September 30, 2020 and December 31, 2019 and of the SARs liability for the period ended December 31, 2019: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | September 30, 2020
​ |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
Contingent consideration payable- development and regulatory milestones | ​ | $138,200 |  | Probability-adjusted discounted cash flow |  | Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments | ​ | $0 - $381 million 25% - 94% 3.1% - 5.3% 2021 - 2027
Contingent considerable payable- net sales milestones and royalties | ​ | $95,900 |  | Option-pricing model with Monte Carlo simulation |  | Potential net sales milestones Probabilities of success Potential percentage of net sales for royalties Discount rate Projected years of payments | ​ | $0 - $150 million 25% - 94% 2% - 6% 12.0% 2022 - 2039
​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31, 2019
​ |  | Fair Value |  | Valuation Technique |  | Unobservable Input |  | Range
SARs | ​ | $3,186 | ​ | Option-pricing model |  | Volatility Risk free interest rate Strike price Fair value of common stock Expected life |  | 28.93% 0.19% $6.76 - $30.86 $48.03 0.01 years
Contingent consideration payable- development and regulatory milestones | ​ | $290,500 | ​ | Probability-adjusted discounted cash flow | ​ | Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments | ​ | $0 - $555 million 25% - 94% 2.2% - 4.7% 2020 - 2026
Contingent considerable payable- net sales milestones and royalties | ​ | $65,800 |  | Option-pricing model with Monte Carlo simulation |  | Potential net sales milestones Probabilities of success Potential percentage of net sales for royalties Discount rate Projected years of payments | ​ | $0 - $150 million 25% - 89% 2% - 6% 14.5% 2021 - 2038

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- Definition Tabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 55 -Paragraph 8 -URI http://asc.fasb.org/extlink&oid=121590138&loc=SL82922954-210456 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -SubTopic 10 -Section 50 -Paragraph 6 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563 Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 326 -SubTopic 30 -Section 50 -Paragraph 4 -URI http://asc.fasb.org/extlink&oid=121582814&loc=SL82922888-210455 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bbb) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19279-110258 + Details
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- Definition Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets. + References No definition available. + Details
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- Definition Tabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value. + References No definition available. + Details
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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/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=117815213&loc=d3e19207-110258 + Details
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