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Fair value of financial instruments and marketable securities - (Tables)

3 Months Ended

Mar. 31, 2021

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities that are required to be measured at fair value on a recurring basis

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2021

​

​

​

Quoted prices

Significant

​

​

​

​

​

​

in active

other

Significant

​

​

​

​

markets for

observable

unobservable

​

​

​

​

identical assets

inputs

inputs

​

Total

(level 1)

(level 2)

(level 3)

Marketable securities - available for sale

​

$

642,077

​

$

—

​

$

642,077

​

$

—

Marketable securities - equity investments

​

$

199,697

​

$

199,697

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

27,367

​

$

27,367

​

$

—

​

$

—

ClearPoint convertible debt security

​

$

37,109

​

$

—

​

$

37,109

​

$

—

Contingent consideration payable- development and regulatory milestones

​

$

139,300

​

$

—

​

$

—

​

$

139,300

Contingent consideration payable- net sales milestones and royalties

​

$

101,200

​

$

—

​

$

—

​

$

101,200

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 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 - available for sale

​

$

894,838

​

$

—

​

$

894,838

​

$

—

ClearPoint Equity Investments

​

$

20,503

​

$

20,503

​

$

—

​

$

—

ClearPoint convertible debt security

​

$

29,252

​

$

—

​

$

29,252

​

$

—

Contingent consideration payable- development and regulatory milestones

​

$

139,200

​

$

—

​

$

—

​

$

139,200

Contingent consideration payable- net sales milestones and royalties

​

$

101,200

​

$

—

​

$

—

​

$

101,200

Summary of marketable securities accounted for as available-for-sale debt securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2021

​

Amortized

Gross Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

Commercial paper

​

$

252,778

​

$

25

​

$

(1)

​

$

252,802

Corporate debt securities

​

330,781

​

591

​

(139)

​

331,233

Asset-backed securities

​

19,216

​

104

​

—

​

19,320

Government obligations

​

​

38,696

​

​

30

​

(4)

​

​

38,722

Total

​

$

641,471

​

$

750

​

$

(144)

​

$

642,077

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2020

​

Amortized

Gross Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

Commercial paper

​

$

276,855

​

$

19

​

$

(37)

​

$

276,837

Corporate debt securities

​

474,030

​

1,658

​

(29)

​

475,659

Asset-backed securities

​

28,681

​

210

​

(3)

​

28,888

Government obligations

​

​

113,372

​

​

88

​

​

(6)

​

​

113,454

Total ​ $ 892,938 ​ $ 1,975 ​ $ (75) ​ $ 894,838

Summary of unrealized losses and fair values of available-for-sale debt securities in a continuous unrealized loss position

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2021

​

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

​

$

(1)

​

​

69,096

​

​

—

​

​

—

​

​

(1)

​

​

69,096

Corporate debt securities

​

​

(139)

​

​

177,817

​

​

—

​

​

—

​

​

(139)

​

​

177,817

Asset-backed securities

​

—

​

—

​

—

​

—

​

—

​

—

Government obligations

​

​

(4)

​

​

19,137

​

​

—

​

​

—

​

​

(4)

​

​

19,137

Total

​

$

(144)

​

$

266,050

​

$

—

​

$

—

​

$

(144)

​

$

266,050

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 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

​

$

(37)

​

​

129,630

​

​

—

​

​

—

​

​

(37)

​

​

129,630

Corporate debt securities

​

​

(29)

​

​

102,426

​

​

—

​

​

—

​

​

(29)

​

​

102,426

Asset-backed securities

​

(3)

​

1,830

​

—

​

—

​

(3)

​

1,830

Government obligations

​

​

(6)

​

​

27,084

​

​

—

​

​

—

​

​

(6)

​

​

27,084

Total

​

$

(75)

​

$

260,970

​

$

—

​

$

—

​

$

(75)

​

$

260,970

Schedule of marketable securities on the balance sheet

​

​	​	​	​	​	​	​
​	​	March 31, 2021
​		Less Than			More Than
​		12 Months			12 Months
Commercial paper	​	$	252,802	​	$	—
Corporate debt securities	​		164,640	​		166,593
Asset-backed securities	​		5,321	​		13,999
Government obligations	​	​	28,160	​	​	10,562
Total	​	$	450,923	​	$	191,154

​

​	​	​	​	​	​	​
​	​	December 31, 2020
​		Less Than			More Than
​		12 Months			12 Months
Commercial paper	​	$	276,837	​	$	—
Corporate debt securities	​		240,139	​		235,520
Asset-backed securities	​		6,363	​		22,525
Government obligations	​	​	65,524	​	​	47,930
Total	​	$	588,863	​	$	305,975

Summary of changes in the fair value of the Company's Level 3 valuation for contingent consideration payable

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Level 3 liabilities
​	​	​	​	​	Contingent consideration payable-		​	Contingent consideration payable-
​	​	​	​	​	development and regulatory		​	net sales milestones and royalties
​		​		​	milestones			​
Beginning balance as of December 31, 2020	​	​	​	​	$	139,200	​	$	101,200
Additions	​	​	​	​		—	​		—
Change in fair value	​	​	​	​		100	​		—
Payments	​	​	​	​	​	—	​	​	—
Ending balance as of March 31, 2021	​	​	​	​	$	139,300	​	$	101,200

​

​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	Level 3 liabilities
​	​	​	​	​	Contingent consideration payable-		​	Contingent consideration payable-
​	​	​	​	​	development and regulatory		​	net sales milestones and royalties
​		​			milestones			​
Beginning balance as of December 31, 2019	​	​	​	​	$	290,500	​	$	65,800
Additions	​	​	​	​		—	​		—
Change in fair value	​	​	​	​		(16,600)	​		17,500
Payments	​	​	​	​	​	—	​	​	—
Ending balance as of March 31, 2020	​	​	​	​	$	273,900	​	$	83,300

​

Fair Value Measurement Inputs and Valuation Techniques

​

​

​	​	​	​	​	​	​	​	​
​	​	March 31, 2021
​		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones	​	$139,300		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments	​	$0 - $381 million 25% - 94% 1.5% - 4.9% 2021 - 2028
Contingent considerable payable- net sales milestones and royalties	​	$101,200		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% 12.5% 2022 - 2040

​

​	​	​	​	​	​	​	​	​
​	​	December 31, 2020
​		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones	​	$139,200		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments	​	$0 - $381 million 25% - 94% 2.2% - 4.5% 2021 - 2028
Contingent considerable payable- net sales milestones and royalties	​	$101,200		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% 11.5% 2022 - 2040

X

- 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

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-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
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-URI http://asc.fasb.org/extlink&oid=121645371&loc=d3e27290-111563

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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

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-Publisher FASB
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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.

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Tabular disclosure of marketable securities. This may consist of investments in certain debt and equity securities, short-term investments and other assets.

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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

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-Publisher FASB
-Name Accounting Standards Codification
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