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Fair value measurement (Tables)

12 Months Ended

Dec. 31, 2016

Fair value measurement

Schedule of assets and liabilities measured at fair value on recurring basis

Quoted prices in active markets (Level 1)

Significant other observable inputs (Level 2)

Significant unobservable inputs (Level 3)

Total

Classification in consolidated balance sheets

in thousands

At December 31, 2015

Assets:

Cash and cash equivalents

$

221,626

$

—

$

—

$

221,626

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

221,626

—

—

221,626

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

Derivative financial instruments—long-term debt

—

—

259

259

Accrued expenses and other current liabilities

Derivative financial instruments—related party

—

—

578

578

Other non-current liabilities

Contingent consideration

—

—

2,926

2,926

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total liabilities

$

—

$

—

$

3,763

$

3,763

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

At December 31, 2016

Assets:

Cash and cash equivalents

132,496

—

—

132,496

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total assets

132,496

—

—

132,496

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Liabilities:

Derivative financial instruments—long-term debt

—

—

11

11

Accrued expenses and other current liabilities

Derivative financial instruments—related party

—

—

51

51

Other non-current liabilities

Contingent consideration

—

—

1,838

1,838

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Total liabilities

$

—

$

—

$

1,900

$

1,900

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Schedule of changes in Level 3 items

		Contingent consideration			Level 3 Derivative financial instruments			Total
		in thousands
Balance at December 31, 2013		$	—		$	299		$	299
Additions			1,743			—			1,743
(Gains) / losses recognized in profit or loss			195			(14	)		181
Currency translation effects			(171	)		(34	)		(205	)
​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2014			1,767			251			2,018
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
Issuance of financial instruments			—			(10,060	)		(10,060	)
Allocation to shareholders' equity			—			3,614			3,614
(Gains) / losses recognized in profit or loss			1,339			7,162			8,501
Currency translation effects			(180	)		(130	)		(310	)
​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2015			2,926			837			3,763
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​
(Gains) / losses recognized in profit or loss			(1,080	)		(785	)		(1,865	)
Currency translation effects			(8	)		10			2
​	​	​	​	​	​	​	​	​	​	​
Balance at December 31, 2016		$	1,838		$	62		$	1,900
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Schedule of changes in fair value of unobservable inputs

		2016			2015
		in thousands
Change in fair value
Delay in milestones by 6 months		$	(209	)	$	(313	)
Increasing the POS for the first milestone by 20%			367			585
Decreasing the POS for the first milestone by 20%			(367	)		(585	)
Reducing the discount rate from 30% to 20%			638			1,228
Increasing the discount rate from 30% to 40%			(309	)		(560	)

Schedule of changes in fair value of unobservable inputs related to collaboration arrangement

		7th warrant			10th warrant			Total
		in thousands
Base case		$	21		$	30		$	51
Increase volatility by 10% to 85%			41			49			90
Extend exercise dates by one year			42			38			80

Schedule of changes in fair value of unobservable inputs related to loan facility

		Share price			Volatility			Time to maturity
		in thousands
–10%		$	8		$	8		$	9
Base Case			11			11			11
+10%			15			15			13

X

- Definition

Tabular disclosure of changes in fair value of unobservable inputs related to contingent consideration.

+ References

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- Definition

Tabular disclosure of changes in fair value of unobservable inputs related to loan facility.

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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/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 3
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19279-110258

Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19207-110258

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- 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/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 1
-URI http://asc.fasb.org/extlink&oid=66048111&loc=d3e19190-110258

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