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Fair Value Measurement (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Schedule of Assets and Liabilities Measured at Fair Value | The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in thousands):
Fair Value Measurements at Reporting Date Using
December 31, 2024 |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Short-term investments, excluding Viking(1) | $ | 143,618 |  |  | $ | 81,807 |  |  | $ | 61,811 |  |  | $ | — |
Investment in Viking common stock | 40,240 |  |  | 40,240 |  |  | — |  |  | — |
Derivative assets(2) | 10,583 |  |  | — |  |  | — |  |  | 10,583 |
Total assets | $ | 194,441 |  |  | $ | 122,047 |  |  | $ | 61,811 |  |  | $ | 10,583 |
Liabilities: |  |  |  |  |  |  |
Contingent liabilities - CyDex | $ | 383 |  |  | $ | — |  |  | $ | — |  |  | $ | 383 |
Contingent liabilities - Metabasis(3) | 3,298 |  |  | — |  |  | 3,298 |  |  | — |
Total liabilities | $ | 3,681 |  |  | $ | — |  |  | $ | 3,298 |  |  | $ | 383 |
Fair Value Measurements at Reporting Date Using
December 31, 2023 |  |  | Quoted Prices in Active Markets for Identical Assets |  | Significant Other Observable Inputs |  | Significant Unobservable Inputs
| Total |  | (Level 1) |  | (Level 2) |  | (Level 3)
Assets: |  |  |  |  |  |  |
Short-term investments, excluding Viking (1) | $ | 115,170 |  |  | $ | 7,291 |  |  | $ | 107,879 |  |  | $ | — |
Investment in Viking common stock | 32,185 |  |  | 32,185 |  |  | — |  |  | — |
Derivative assets(2) | 3,531 |  |  | — |  |  | — |  |  | 3,531 |
Total assets | $ | 150,886 |  |  | $ | 39,476 |  |  | $ | 107,879 |  |  | $ | 3,531 |
Liabilities: |  |  |  |  |  |  |
Contingent liabilities - CyDex | $ | 320 |  |  | $ | — |  |  | $ | — |  |  | $ | 320 |
Contingent liabilities - Metabasis(3) | 2,878 |  |  | — |  |  | 2,878 |  |  | — |
Total liabilities | $ | 3,198 |  |  | $ | — |  |  | $ | 2,878 |  |  | $ | 320 |
(1) Excluding our investment in Viking, corporate equity securities, and US government securities, our short-term investments in marketable debt and equity securities are classified as available-for-sale securities based on management's intentions and are at level 2 of the fair value hierarchy, as these investment securities are valued based upon quoted prices for identical or similar instruments in markets that are not active, and model-based valuation techniques for which all significant assumptions are observable in the market. Short-term investments in bond funds are valued at their net asset value (NAV) on the last day of the period. We have classified marketable securities with original maturities of greater than one year as short-term investments based upon our ability and intent to use any and all of those marketable securities to satisfy the liquidity needs of our current operations. In addition, we had investment in warrants resulting from Seelos Therapeutics Inc. milestone payments that were settled in shares during the first quarter of 2019 and were at level 3 of the fair value hierarchy, based on Black-Scholes value estimated by management on the last day of the period. This investment in warrants expired in January 2024. (2) Derivative assets include instruments used for risk-management purposes, and other instruments. Derivative assets which are not used for risk management purposes include: (a) acquired rights in future milestone and royalty payments from Agenus Partnered Programs, (b) Agenus Warrant, (c) Upsize Option, (d) Viking Share Collar (e) and rights to receive from Primrose Bio 50% of milestones on two contracts previously entered into by Primordial Genetics. The considerations were recognized as derivative assets included under current derivative assets and noncurrent derivative assets in our consolidated balance sheet. They are recognized as derivative assets under ASC 815, Derivatives and Hedging. The fair value of the Agenus Partnered Programs and the Primrose Bio derivative assets was determined using a discounted cash flow approach, utilizing the mostly-likely cash flows which considered the probability of success for the underlying clinical programs. The discount rate used contemplates the underlying credit and business risk of the partnered programs. At December 31, 2024, the discount rates used range between 15% and 28%. At December 31, 2023, the discount rate used was 25%. The fair value of the Agenus Warrant was determined using a Black-Scholes-Merton model. The fair value of the Upsize Option was determined using a binomial option pricing model. (3) In connection with our acquisition of Metabasis in January 2010, we issued Metabasis stockholders four tradable CVRs, one CVR from each of four respective series of CVR, for each Metabasis share. The CVRs entitle Metabasis stockholders to cash payments as frequently as every six months as cash is received by us from proceeds from the sale or partnering of any of the Metabasis drug development programs, among other triggering events. The liability for the CVRs is determined using quoted prices in a market that is not active for the underlying CVR. The carrying amount of the liability may fluctuate significantly based upon quoted market prices and actual amounts paid under the agreements may be materially different than the carrying amount of the liability. Several of the Metabasis drug development programs have been outlicensed to Viking, including VK2809. VK2809 is a novel selective TR-β agonist with potential in multiple indications, including hypercholesterolemia, dyslipidemia, NASH, and X-ALD. Under the terms of the agreement with Viking, we may be entitled to up to $375 million of development, regulatory and commercial milestones and tiered royalties on potential future sales including a $10 million payment upon initiation of a Phase 3 clinical trial.
Schedule of Reconciliation of Level 3 Financial Instruments, Assets | A reconciliation of the level 3 financial instruments as of December 31, 2024 is as follows (in thousands):
Assets |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 3,531 |
Additions to derivative assets | 35,888 |
Fair value adjustments to derivative assets | (20,010) |
Exercise of derivative assets | (8,826) |
Fair value of level 3 financial instruments as of December 31, 2024 | $ | 10,583 |
Liabilities |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 320 |
Payments to CVR holders and other contingent payments | (200) |
Fair value adjustments to contingent liabilities | 263 |
Fair value of level 3 financial instruments as of December 31, 2024 | $ | 383 |
A reconciliation of the level 3 financial instruments as of December 31, 2023 is as follows (in thousands):
Assets |
Fair value of level 3 financial instruments as of December 31, 2022 | $ | 135 |
Fair value adjustments to equity security warrants | (135) |
Additions to derivative assets | 3,281 |
Fair value adjustments to derivative assets | 250 |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 3,531 |
Liabilities |
Fair value of level 3 financial instruments as of December 31, 2022 | $ | 84 |
Payments to CVR holders and other contingency payments | (50) |
Fair value adjustments to contingent liabilities | 286 |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 320 |
Schedule of Reconciliation of Level 3 Financial Instruments, Liabilities | A reconciliation of the level 3 financial instruments as of December 31, 2024 is as follows (in thousands):
Assets |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 3,531 |
Additions to derivative assets | 35,888 |
Fair value adjustments to derivative assets | (20,010) |
Exercise of derivative assets | (8,826) |
Fair value of level 3 financial instruments as of December 31, 2024 | $ | 10,583 |
Liabilities |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 320 |
Payments to CVR holders and other contingent payments | (200) |
Fair value adjustments to contingent liabilities | 263 |
Fair value of level 3 financial instruments as of December 31, 2024 | $ | 383 |
A reconciliation of the level 3 financial instruments as of December 31, 2023 is as follows (in thousands):
Assets |
Fair value of level 3 financial instruments as of December 31, 2022 | $ | 135 |
Fair value adjustments to equity security warrants | (135) |
Additions to derivative assets | 3,281 |
Fair value adjustments to derivative assets | 250 |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 3,531 |
Liabilities |
Fair value of level 3 financial instruments as of December 31, 2022 | $ | 84 |
Payments to CVR holders and other contingency payments | (50) |
Fair value adjustments to contingent liabilities | 286 |
Fair value of level 3 financial instruments as of December 31, 2023 | $ | 320 |

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