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Assets and Liabilities Measured at Fair Value (Tables)

9 Months Ended

Sep. 30, 2021

Fair Value Disclosures [Abstract]

Summary of Assets and Liabilities Subject to Fair Value Measurements

A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of September 30, 2021 are identified in the following tables:

(in thousands)						Level 2						Total
Assets:
Commercial paper						$	127,957					$	127,957
Asset-backed securities						20,549						20,549
Corporate debt securities						12,141						12,141
U.S. government agency bonds						10,009						10,009
Money market funds						4,764						4,764
						$	175,420					$	175,420

(in thousands)						Level 2						Level 3						Total
Liabilities:
Contingent consideration payable						$	—					$	24,605					$	24,605
Deferred compensation plan liability						4,388						—						4,388
						$	4,388					$	24,605					$	28,993

A summary of the fair value of the Company's recurring assets and liabilities aggregated by the level in the fair value hierarchy within which those measurements fall as of December 31, 2020 are identified in the following tables:

(in thousands)						Level 2						Total
Assets:
Commercial paper						$	217,095					$	217,095
Asset-backed securities						9,438						9,438
Corporate debt securities						39,513						39,513
U.S. government agency bonds						53,582						53,582
Money market funds						4,427						4,427
						$	324,055					$	324,055

(in thousands)						Level 2						Level 3						Total
Liabilities:
Contingent consideration payable						$	—					$	25,825					$	25,825
Deferred compensation plan liability						4,078						—						4,078
						$	4,078					$	25,825					$	29,903

Schedule of Significant Unobservable Inputs Used in the Valuation of the Contingent Consideration Payable

The following significant unobservable inputs were used in the valuation of the contingent consideration payable of Callidus for the ATB-200 Pompe disease program:

Contingent Consideration Liability

Fair Value as of September 30, 2021

Valuation Technique

Unobservable Input

Range

(in thousands)

Discount rate

7.5%

Clinical and regulatory milestones

$

23,175

Probability weighted discounted cash flow

Probability of achievement of milestones

75% - 88%

Projected year of payments

2021 - 2022

Schedule of Changes in Continent Consideration Payable

The following table shows the change in the balance of contingent consideration payable for the three and nine months ended September 30, 2021 and 2020, respectively:

						Three Months Ended September 30,												Nine Months Ended September 30,
(in thousands)						2021						2020						2021						2020
Balance, beginning of the period						$	27,317					$	24,327					$	25,825					$	22,681
Changes in fair value during the period, included in the Consolidated Statements of Operations						3,288						1,034						4,780						2,680
Milestone payment payable in cash						$	(6,000)					$	—					$	(6,000)					$	—
Balance, end of the period (1)						$	24,605					$	25,361					$	24,605					$	25,361

______________________________

(1) As of September 30, 2021, based on certain milestones that are expected to be reached within the next twelve months, $17.0 million was recorded as a current liability in the Consolidated Balance Sheets

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- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (b)
-URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258

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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

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-Publisher FASB
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-Topic 820
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of contingent payment arrangements including the terms that will result in payment and the accounting treatment that will be followed if such contingencies occur, including the potential impact on earnings per share if contingencies are to be settled in common stock of the entity. The description also may include the period over which amounts are expected to be paid, and changes in the amount since the previous reporting period. This also includes contingent options and commitments.

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