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Fair value of financial instruments and investments - (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Schedule of marketable securities

The table presented below is a summary of changes in the fair value for the Company’s marketable securities – equity investments, ClearPoint Equity Investments, and ClearPoint convertible debt security for the years ended December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Realized

​

Unrealized

​

Investments

​

Redemptions/

​

December 31,

​

2023

Gain/(Loss)

Loss

​

Loss

Purchased

Sale

2024

Marketable securities - equity investments

​

$

22,634

​

​

2,572

​

​

—

​

​

(7,422)

​

​

59,377

​

​

(48,127)

​

​

29,034

ClearPoint Equity Investments

​

​

6,074

​

​

7,685

​

​

—

​

​

—

​

​

—

​

​

—

​

​

13,759

ClearPoint convertible debt security

​

​

12,553

​

​

(1,931)

​

​

(622)

​

​

—

​

​

—

​

​

(10,000)

​

​

—

Total Fair Value

​

$

41,261

​

$

8,326

​

$

(622)

​

$

(7,422)

​

$

59,377

​

$

(58,127)

​

$

42,793

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Ending

​

​

​

​

​

​

​

Foreign

​

​

​

​

​

​

​

Ending

​

​

Balance at

​

​

​

​

​

​

​

Currency

​

​

​

​

​

​

​

Balance at

​

​

December 31,

​

Unrealized

​

Realized

​

Unrealized

​

Investments

​

Redemptions/

​

December 31,

​

2022

Gain/(Loss)

Gain/(Loss)

​

Gain

Purchased

Sale

2023

Marketable securities - equity investments	​	$	108,261	​	​	2,517	​	​	4,383	​	​	1,384	​	​	38,432	​	​	(132,343)	​	$	22,634
ClearPoint Equity Investments	​	​	10,965	​	​	(1,515)	​	​	(782)	​	​	—	​	​	—	​	​	(2,594)	​	​	6,074
ClearPoint convertible debt security	​	​	15,231	​	​	(2,678)	​	​	—	​	​	—	​	​	—	​	​	—	​	​	12,553
Total Fair Value	​	$	134,457	​	$	(1,676)	​	$	3,601	​	$	1,384	​	$	38,432	​	$	(134,937)	​	$	41,261

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

The following represents the fair value using the hierarchy described in Note 2 for the Company’s financial assets and liabilities that are required to be measured at fair value on a recurring basis as of December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 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

​

$

330,953

​

$

—

​

$

330,953

​

$

—

Marketable securities - equity investments

​

$

29,034

​

$

29,034

​

$

—

​

$

—

ClearPoint Equity Investments

​

$

13,759

​

$

13,759

​

$

—

​

$

—

Contingent consideration payable- development and regulatory milestones

​

$

—

​

$

—

​

$

—

​

$

—

Contingent consideration payable- net sales milestones

​

$

800

​

$

—

​

$

—

​

$

800

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

The following is a summary of marketable securities accounted for as available for sale debt securities at December 31, 2024 and 2023:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2024

​

Amortized

Gross Unrealized

​

​

​

​

Cost

Gains

Losses

Fair Value

Commercial paper

​

$

44,780

​

$

—

​

$

(1)

​

$

44,779

Corporate debt securities

​

​

89,320

​

​

76

​

​

(75)

​

​

89,321

Government obligations

​

​

196,584

​

​

269

​

​

—

​

​

196,853

Total

​

$

330,684

​

$

345

​

$

(76)

​

$

330,953

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

The unrealized losses and fair values of available for sale debt securities that have been in an unrealized loss position for a period of less than and greater than or equal to 12 months as of December 31, 2024 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 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

​

$

(1)

​

​

29,810

​

​

—

​

​

—

​

​

(1)

​

$

29,810

Corporate debt securities

​

$

(75)

​

​

59,550

​

​

—

​

​

—

​

​

(75)

​

$

59,550

Total

​

$

(76)

​

$

89,360

​

$

—

​

$

—

​

$

(76)

​

$

89,360

​

The unrealized losses and fair values of available for sale debt securities that have been in an unrealized loss position for a period of less than and greater than or equal to 12 months as of December 31, 2023 are as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

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

Available for sale debt securities on the balance sheet at December 31, 2024 and 2023 mature as follows:

​

​	​	​	​	​	​	​
​	​	December 31, 2024
​		Less Than			More Than
​		12 Months			12 Months
Commercial paper	​	$	44,779	​	$	—
Corporate debt securities	​	​	89,321	​	​	—
Government obligations	​	​	196,853	​	​	—
Total	​	$	330,953	​	$	—

​

​	​	​	​	​	​	​
​	​	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

The table presented below is a summary of changes in the fair value of the Company’s Level 3 valuation for the contingent consideration payables for the years ended December 31, 2024, and 2023:

​	​	​	​	​	​	​
​	​	​	​	​	​	​
​	​	Contingent consideration payable-		​	Contingent consideration payable-
​	​	development and regulatory		​	net sales milestones and royalties
​		milestones - Agilis			- Agilis
Beginning balance as of December 31, 2022	​	$	82,500	​	$	81,500
Additions	​		—	​		—
Change in fair value	​		(55,900)	​		(71,800)
Payments	​	​	—	​		—
Ending balance as of December 31, 2023	​	$	26,600	​	$	9,700
Additions	​		—	​		—
Change in fair value	​		4,425	​	​	(8,900)
Reclassification to accounts payable and accrued expenses	​	​	(11,025)	​	​	​
Payments	​		(20,000)	​		—
Ending balance as of December 31, 2024	​	$	—	​	$	800

Fair value measurement inputs and valuation techniques

The following significant unobservable inputs were used in the valuation of the contingent consideration payables for the years ended December 31, 2024 and 2023:

​

​	​	​	​	​	​	​	​	​
​	​	December 31, 2024
​		Fair Value		Valuation Technique		Unobservable Input		Range
Contingent consideration payable- development and regulatory milestones	​	$0		Probability-adjusted discounted cash flow		Potential development and regulatory milestones Probabilities of success Discount rates Projected years of payments	​	$0 N/A N/A N/A
Contingent considerable payable- net sales milestones	​	$800		Option-pricing model with Monte Carlo simulation		Potential net sales milestones Probabilities of success Discount rate Projected years of payments	​	$0 - $50 million 100% 15% 2026 - 2036

​

​	​	​	​	​	​	​	​	​
​	​	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 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).

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-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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