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

6 Months Ended

Jun. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of marketable securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

March 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

2024

Gain/(Loss)

Loss

Purchased

Sale

2024

Marketable securities - equity investments

​

$

30,379

​

​

401

​

​

(2,864)

​

​

8,340

​

​

(19,367)

​

$

16,889

ClearPoint Equity Investments

​

​

6,083

​

​

(1,261)

​

​

—

​

​

—

​

​

—

​

​

4,822

ClearPoint convertible debt security

​

​

12,719

​

​

(2,097)

​

​

—

​

​

—

​

​

—

​

​

10,622

Total Fair Value

​

$

49,181

​

$

(2,957)

​

$

(2,864)

​

$

8,340

​

$

(19,367)

​

$

32,333

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

March 31,

​

Unrealized

​

Realized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

2023

Gain/(Loss)

Loss

​

Gain

Purchased

Sale

2023

Marketable securities - equity investments

​

$

108,559

​

​

2,256

​

​

—

​

​

1,177

​

​

18,159

​

​

(2,206)

​

$

127,945

ClearPoint Equity Investments

​

​

10,926

​

​

(1,073)

​

​

(782)

​

​

—

​

​

—

​

​

(2,594)

​

​

6,477

ClearPoint convertible debt security

​

​

15,290

​

​

(1,597)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

13,693

Total Fair Value

​

$

134,775

​

$

(414)

​

$

(782)

​

$

1,177

​

$

18,159

​

$

(4,800)

​

$

148,115

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

2023

Gain/(Loss)

Loss

Purchased

Sale

2024

Marketable securities - equity investments

​

$

22,634

​

​

1,111

​

​

(3,689)

​

​

17,406

​

​

(20,573)

​

$

16,889

ClearPoint Equity Investments

​

​

6,074

​

​

(1,252)

​

​

—

​

​

—

​

​

—

​

​

4,822

ClearPoint convertible debt security

​

​

12,553

​

​

(1,931)

​

​

—

​

​

—

​

​

—

​

​

10,622

Total Fair Value

​

$

41,261

​

$

(2,072)

​

$

(3,689)

​

$

17,406

​

$

(20,573)

​

$

32,333

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Realized

​

Unrealized

​

Investments

​

Redemptions/

​

June 30,

​

2022

Gain/(Loss)

Loss

​

Gain

Purchased

Sale

2023

Marketable securities - equity investments

​

$

108,261

​

​

4,364

​

​

—

​

​

1,410

​

​

18,159

​

​

(4,249)

​

$

127,945

ClearPoint Equity Investments

​

​

10,965

​

​

(1,112)

​

​

(782)

​

​

—

​

​

—

​

​

(2,594)

​

​

6,477

ClearPoint convertible debt security

​

​

15,231

​

​

(1,538)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

13,693

Total Fair Value

​

$

134,457

​

$

1,714

​

$

(782)

​

$

1,410

​

$

18,159

​

$

(6,843)

​

$

148,115

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 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

​

$

421,625

​

$

—

​

$

421,625

​

$

—

Marketable securities - equity investments

​

$

16,889

​

$

16,889

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

4,822

​

$

4,822

​

$

—

​

$

—

ClearPoint convertible debt security

​

$

10,622

​

$

—

​

$

10,622

​

$

—

Contingent consideration payable- development and regulatory milestones

​

$

9,800

​

$

—

​

$

—

​

$

9,800

Contingent consideration payable- net sales milestones

​

$

11,500

​

$

—

​

$

—

​

$

11,500

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 2024

​

Amortized

Gross Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

Commercial paper

​

$

133,081

​

$

—

​

$

(113)

​

$

132,968

Corporate debt securities

​

​

14,906

​

​

—

​

​

(7)

​

​

14,899

Government obligations

​

​

273,868

​

​

39

​

​

(149)

​

​

273,758

Total

​

$

421,855

​

$

39

​

$

(269)

​

$

421,625

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

June 30, 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

​

$

(113)

​

​

103,505

​

​

—

​

​

—

​

​

(113)

​

$

103,505

Corporate debt securities

​

$

(7)

​

​

14,899

​

​

—

​

​

—

​

​

(7)

​

$

14,899

Government obligations

​

$

(149)

​

​

175,487

​

​

—

​

​

—

​

​

(149)

​

$

175,487

Total

​

$

(269)

​

$

293,891

​

$

—

​

$

—

​

$

(269)

​

$

293,891

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​	​	​	​	​	​	​
​	​	June 30, 2024
​		Less Than			More Than
​		12 Months			12 Months
Commercial paper	​	$	132,968	​	$	—
Corporate debt securities	​	​	14,899	​	​	—
Government obligations	​	​	273,758	​	​	—
Total	​	$	421,625	​	$	—

​

​	​	​	​	​	​	​
​	​	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	​		3,200	​		1,800
Reclassification to accounts payable and accrued expenses	​	​	(20,000)	​	​	—
Payments	​	​	—	​	​	—
Ending balance as of June 30, 2024	​	$	9,800	​	$	11,500

​

​	​	​	​	​	​	​
​	​	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)	​		(70,400)
Payments	​	​	—	​	​	—
Ending balance as of June 30, 2023	​	$	26,400	​	$	11,100

Fair value measurement inputs and valuation techniques

​

​	​	​	​	​	​	​	​	​
​	​	June 30, 2024
​		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones	​	$9,800		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments	​	$0 - $11 million 95% 6.0% - 6.2% 2024 - 2026
Contingent considerable payable- net sales milestones and royalties	​	$11,500		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 - $50 million 95% - 100% 0% 12% 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

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

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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
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 55
-Paragraph 8
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147479081/326-30-55-8

Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Topic 320
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-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-6

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
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-Publisher FASB
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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://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
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-Publisher FASB
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-Topic 820
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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

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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 the reconciliation of available-for-sale securities from cost basis to fair value.

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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).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Subparagraph (b)
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-Paragraph 2
-Subparagraph (a)
-Publisher FASB
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