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

3 Months Ended

Mar. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of marketable securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

March 31,

​

2023

Gain

Loss

Purchased

Sale

2024

Marketable securities - equity investments

​

$

22,634

​

​

710

​

​

(823)

​

​

9,065

​

​

(1,207)

​

$

30,379

ClearPoint Equity Investments

​

​

6,074

​

​

9

​

​

—

​

​

—

​

​

—

​

​

6,083

ClearPoint convertible debt security

​

​

12,553

​

​

166

​

​

—

​

​

—

​

​

—

​

​

12,719

Total Fair Value

​

$

41,261

​

$

885

​

$

(823)

​

$

9,065

​

$

(1,207)

​

$

49,181

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

March 31,

​

2022

Gain/(Loss)

Gain

Purchased

Sale

2023

Marketable securities - equity investments

​

$

108,261

​

​

2,166

​

​

328

​

​

—

​

​

(2,196)

​

$

108,559

ClearPoint Equity Investments

​

​

10,965

​

​

(39)

​

​

—

​

​

—

​

​

—

​

​

10,926

ClearPoint convertible debt security

​

​

15,231

​

​

59

​

​

—

​

​

—

​

​

—

​

​

15,290

Total Fair Value

​

$

134,457

​

$

2,186

​

$

328

​

$

—

​

$

(2,196)

​

$

134,775

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

​

​

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

​

$

306,079

​

$

—

​

$

306,079

​

$

—

Marketable securities - equity investments

​

$

30,379

​

$

30,379

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

6,083

​

$

6,083

​

$

—

​

$

—

ClearPoint convertible debt security

​

$

12,719

​

$

—

​

$

12,719

​

$

—

Contingent consideration payable- development and regulatory milestones

​

$

26,900

​

$

—

​

$

—

​

$

26,900

Contingent consideration payable- net sales milestones

​

$

9,300

​

$

—

​

$

—

​

$

9,300

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 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

​

$

260,104

​

$

—

​

$

260,104

​

$

—

Marketable securities - equity investments

​

$

22,634

​

$

22,634

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

6,074

​

$

6,074

​

$

—

​

$

—

ClearPoint convertible debt security

​

$

12,553

​

$

—

​

$

12,553

​

$

—

Contingent consideration payable- development and regulatory milestones

​

$

26,600

​

$

—

​

$

—

​

$

26,600

Contingent consideration payable- net sales milestones and royalties

​

$

9,700

​

$

—

​

$

—

​

$

9,700

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

Amortized

Gross Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

Commercial paper

​

$

132,080

​

$

26

​

$

(121)

​

$

131,985

Government Obligations

​

​

174,118

​

​

41

​

​

(65)

​

​

174,094

Total

​

$

306,198

​

$

67

​

$

(186)

​

$

306,079

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2023

​

Amortized

Gross Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

Commercial paper

​

$

117,044

​

$

128

​

$

(12)

​

$

117,160

Corporate debt securities

​

1,650

​

​

—

​

​

(2)

​

​

1,648

Government Obligations

​

​

141,084

​

​

212

​

​

—

​

​

141,296

Total

​

$

259,778

​

$

340

​

$

(14)

​

$

260,104

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2024

​

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

Commercial paper

​

$

(121)

​

​

73,250

​

​

—

​

​

—

​

​

(121)

​

​

73,250

Government bonds

​

$

(65)

​

​

40,302

​

​

—

​

​

—

​

​

(65)

​

$

40,302

Total

​

$

(186)

​

$

113,552

​

$

—

​

$

—

​

$

(186)

​

$

113,552

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 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

Commercial paper

​

$

(12)

​

​

44,446

​

​

—

​

​

—

​

​

(12)

​

​

44,446

Corporate debt securities

​

$

—

​

​

—

​

​

(2)

​

​

1,648

​

​

(2)

​

$

1,648

Total

​

$

(12)

​

$

44,446

​

$

(2)

​

$

1,648

​

$

(14)

​

$

46,094

Schedule of available-for-sale debt securities

​

​	​	​	​	​	​	​
​	​	March 31, 2024
​		Less Than			More Than
​		12 Months			12 Months
Commercial paper	​	$	131,985	​	$	—
Government obligations	​	​	174,094	​	​	—
Total	​	$	306,079	​	$	—

​

​	​	​	​	​	​	​
​	​	December 31, 2023
​		Less Than			More Than
​		12 Months			12 Months
Commercial paper	​	$	117,160	​	$	—
Corporate debt securities	​		1,648	​		—
Government obligations	​	​	141,296	​	​	—
Total	​	$	260,104	​	$	—

​

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, 2023	​	$	26,600	​	$	9,700
Additions	​		—	​		—
Change in fair value	​		300	​		(400)
Payments	​	​	—	​	​	—
Ending balance as of March 31, 2024	​	$	26,900	​	$	9,300

​

​	​	​	​	​	​	​
​	​	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	​		3,000	​		(600)
Payments	​	​	—	​	​	—
Ending balance as of March 31, 2023	​	$	85,500	​	$	80,900

Fair value measurement inputs and valuation techniques

​

​	​	​	​	​	​	​	​	​
​	​	March 31, 2024
​		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones	​	$26,900		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments	​	$0 - $31 million 85% - 92% 5.9% - 6.2% 2024 - 2026
Contingent considerable payable- net sales milestones and royalties	​	$9,300		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% 13.5% 2026 - 2034

​

​	​	​	​	​	​	​	​	​
​	​	December 31, 2023
​		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones	​	$26,600		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments	​	$0 - $31 million 85% - 92% 5.8% - 6.1% 2024 - 2026
Contingent considerable payable- net sales milestones and royalties	​	$9,700		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% 11% 2026 - 2034

X

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

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-Topic 320
-SubTopic 10
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