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

9 Months Ended

Sep. 30, 2024

Fair Value Disclosures [Abstract]

Schedule of marketable securities

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

June 30,

​

Unrealized

​

Realized

​

Unrealized

​

Investments

​

Redemptions/

​

September 30,

​

2024

Gain

Loss

​

Gain

Purchased

Sale

2024

Marketable securities - equity investments

​

$

16,889

​

​

812

​

​

—

​

​

400

​

​

32,208

​

​

(21,051)

​

$

29,258

ClearPoint Equity Investments

​

​

4,822

​

​

5,206

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10,028

ClearPoint convertible debt security

​

​

10,622

​

​

—

​

​

(622)

​

​

—

​

​

—

​

​

(10,000)

​

​

—

Total Fair Value

​

$

32,333

​

$

6,018

​

$

(622)

​

$

400

​

$

32,208

​

$

(31,051)

​

$

39,286

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

June 30,

​

Unrealized

​

Unrealized

​

Investments

​

Redemptions/

​

September 30,

​

2023

Gain/(Loss)

Loss

Purchased

Sale

2023

Marketable securities - equity investments

​

$

127,945

​

​

1,120

​

​

(1,426)

​

​

8,219

​

​

(7,830)

​

$

128,028

ClearPoint Equity Investments

​

​

6,477

​

​

(1,995)

​

​

—

​

​

—

​

​

—

​

​

4,482

ClearPoint convertible debt security

​

​

13,693

​

​

(3,056)

​

​

—

​

​

—

​

​

—

​

​

10,637

Total Fair Value

​

$

148,115

​

$

(3,931)

​

$

(1,426)

​

$

8,219

​

$

(7,830)

​

$

143,147

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Realized

​

Unrealized

​

Investments

​

Redemptions/

​

September 30,

​

2023

Gain/(Loss)

Loss

​

Loss

Purchased

Sale

2024

Marketable securities - equity investments

​

$

22,634

​

​

1,923

​

​

—

​

​

(3,289)

​

​

49,614

​

​

(41,624)

​

$

29,258

ClearPoint Equity Investments	​	​	6,074	​	​	3,954	​	​	—	​	​	—	​	​	—	​	​	—	​	​	10,028
ClearPoint convertible debt security	​	​	12,553	​	​	(1,931)	​	​	(622)	​	​	—	​	​	—	​	​	(10,000)	​	​	—
Total Fair Value	​	$	41,261	​	$	3,946	​	$	(622)	​	$	(3,289)	​	$	49,614	​	$	(51,624)	​	$	39,286

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Realized

​

Unrealized

​

Investments

​

Redemptions/

​

September 30,

​

2022

Gain/(Loss)

Loss

​

Loss

Purchased

Sale

2023

Marketable securities - equity investments

​

$

108,261

​

​

5,484

​

​

—

​

​

(17)

​

​

26,378

​

​

(12,078)

​

$

128,028

ClearPoint Equity Investments

​

​

10,965

​

​

(3,107)

​

​

(782)

​

​

—

​

​

—

​

​

(2,594)

​

​

4,482

ClearPoint convertible debt security

​

​

15,231

​

​

(4,594)

​

​

—

​

​

—

​

​

—

​

​

—

​

​

10,637

Total Fair Value

​

$

134,457

​

$

(2,217)

​

$

(782)

​

$

(17)

​

$

26,378

​

$

(14,672)

​

$

143,147

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 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

​

$

458,098

​

$

—

​

$

458,098

​

$

—

Marketable securities - equity investments

​

$

29,258

​

$

29,258

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

10,028

​

$

10,028

​

$

—

​

$

—

Contingent consideration payable- development and regulatory milestones

​

$

9,900

​

$

—

​

$

—

​

$

9,900

Contingent consideration payable- net sales milestones

​

$

12,100

​

$

—

​

$

—

​

$

12,100

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 30, 2024

​

Amortized

Gross Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

Commercial paper

​

$

118,783

​

$

636

​

$

—

​

$

119,419

Corporate debt securities

​

​

44,494

​

​

156

​

​

(8)

​

​

44,642

Government obligations

​

​

292,291

​

​

1,746

​

​

—

​

​

294,037

Total

​

$

455,568

​

$

2,538

​

$

(8)

​

$

458,098

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

September 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

Corporate debt securities

​

$

(8)

​

​

14,984

​

​

—

​

​

—

​

​

(8)

​

$

14,984

Total

​

$

(8)

​

$

14,984

​

$

—

​

$

—

​

$

(8)

​

$

14,984

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

​

​	​	​	​	​	​	​
​	​	September 30, 2024
​		Less Than			More Than
​		12 Months			12 Months
Commercial paper	​	$	119,419	​	$	—
Corporate debt securities	​	​	44,642	​	​	—
Government obligations	​	​	294,037	​	​	—
Total	​	$	458,098	​	$	—

​

​	​	​	​	​	​	​
​	​	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	​		3,300	​		2,400
Reclassification to accounts payable and accrued expenses	​	​	—	​	​	—
Payments	​	​	(20,000)	​	​	—
Ending balance as of September 30, 2024	​	$	9,900	​	$	12,100

​

​	​	​	​	​	​	​
​	​	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

Fair value measurement inputs and valuation techniques

​

​	​	​	​	​	​	​	​	​
​	​	September 30, 2024
​		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones	​	$9,900		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments	​	$0 - $11 million 95% 5.4% - 5.5% 2024 - 2026
Contingent considerable payable- net sales milestones	​	$12,100		Option-pricing model with Monte Carlo simulation		Potential net sales milestones Probabilities of success Discount rate Projected years of payments	​	$0 - $50 million 95% - 100% 13% 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	​	$9,700		Option-pricing model with Monte Carlo simulation		Potential net sales milestones Probabilities of success Discount rate Projected years of payments	​	$0 - $50 million 85% - 100% 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
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-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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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
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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
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-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-SubTopic 10
-Name Accounting Standards Codification
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-Publisher FASB
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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://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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

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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X

- 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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X

- Definition

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

+ References

No definition available.

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X

- 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/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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