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Fair value of financial instruments and investments - (Tables)

9 Months Ended

Sep. 30, 2023

Fair Value Disclosures [Abstract]

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


		September 30, 2023
					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		$	1,625		$	—		$	1,625		$	—
Marketable securities - equity investments		$	128,028		$	128,028		$	—		$	—
ClearPoint Equity Investments - available for sale		$	4,482		$	4,482		$	—		$	—
ClearPoint convertible debt security		$	10,637		$	—		$	10,637		$	—
Contingent consideration payable- development and regulatory milestones		$	26,400		$			$			$	26,400
Contingent consideration payable- net sales milestones and royalties		$	12,600		$			$			$	12,600


		December 31, 2022
					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		$	22,610		$	—		$	22,610		$	—
Marketable securities - equity investments		$	108,261		$	108,261		$	—		$	—
ClearPoint Equity Investments		$	10,965		$	10,965		$	—		$	—
ClearPoint convertible debt security		$	15,231		$	—		$	15,231		$	—

Contingent consideration payable- development and regulatory milestones		$	82,500		$	—		$	—		$	82,500
Contingent consideration payable- net sales milestones and royalties		$	81,500		$	—		$	—		$	81,500

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


		September 30, 2023
		Amortized			Gross Unrealized
		Cost			Gains			Losses			Fair Value
Corporate debt securities		$	1,649		$	—		$	(24)		$	1,625
Total		$	1,649		$	—		$	(24)		$	1,625


		December 31, 2022
		Amortized			Gross Unrealized
		Cost			Gains			Losses			Fair Value
Commercial paper		$	12,419		$	5		$	—		$	12,424
Corporate debt securities			10,685			—			(499)			10,186
Total		$	23,104		$	5		$	(499)		$	22,610

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


		September 30, 2023
		Securities in an unrealized loss						Securities in an unrealized loss
		position less than 12 months						position greater than or equal to 12 months						Total
		Unrealized losses			Fair Value			Unrealized losses			Fair Value			Unrealized losses			Fair Value
Corporate debt securities		$	—			—			(24)			1,625			(24)		$	1,625
Total		$	—		$	—		$	(24)		$	1,625		$	(24)		$	1,625


		December 31, 2022
		Securities in an unrealized loss						Securities in an unrealized loss
		position less than 12 months						position greater than or equal to 12 months						Total
		Unrealized losses			Fair Value			Unrealized losses			Fair Value			Unrealized losses			Fair Value
Corporate debt securities		$	—			—			(499)			10,186			(499)		$	10,186
Total		$	—		$	—		$	(499)		$	10,186		$	(499)		$	10,186

Schedule of marketable securities on the balance sheet


		September 30, 2023
		Less Than			More Than
		12 Months			12 Months
Corporate debt securities		$	1,625		$	—
Total		$	1,625		$	—


		December 31, 2022
		Less Than			More Than
		12 Months			12 Months
Commercial paper		$	12,424		$	—
Corporate debt securities			—			10,186
Total		$	12,424		$	10,186

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, 2022		$	82,500		$	81,500
Additions			—			—
Change in fair value			(56,100)			(68,900)
Payments			—			—
Ending balance as of September 30, 2023		$	26,400		$	12,600


		Level 3 liabilities
		Contingent consideration payable-			Contingent consideration payable-
		development and regulatory			net sales milestones and royalties
		milestones
Beginning balance as of December 31, 2021		$	139,300		$	100,600
Additions			—			—
Change in fair value			(10,800)			(21,400)
Reclass to accounts payable and accrued expenses			(50,000)			—
Payments			—			—
Ending balance as of September 30, 2022		$	78,500		$	79,200

Fair Value Measurement Inputs and Valuation Techniques


		September 30, 2023
		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones		$26,400		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments		$0 - $31 million 85% - 92% 6.9% - 7.6% 2023 - 2026
Contingent considerable payable- net sales milestones and royalties		$12,600		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 - $50 million 85% - 100% 0% 12% 2025 - 2034


		December 31, 2022
		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones		$82,500		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments		$0 - $331 million 25% - 92% 6.2% - 8.3% 2023 - 2029
Contingent considerable payable- net sales milestones and royalties		$81,500		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% - 100% 2% - 6% 11.5% 2025 - 2041