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Assets and Liabilities Measured at Fair Value (Tables)

3 Months Ended

Mar. 31, 2022

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 March 31, 2022 are identified in the following tables:

(in thousands)						Level 2						Total
Assets:
Commercial paper						$	131,820					$	131,820
U.S. government agency bonds						35,151						35,151
Asset-backed securities						5,998						5,998
Money market						5,755						5,755
Corporate debt securities						4,508						4,508
						$	183,232					$	183,232

(in thousands)						Level 2						Level 3						Total
Liabilities:
Contingent consideration payable						$	—					$	19,151					$	19,151
Deferred compensation plan liability						5,405						—						5,405
						$	5,405					$	19,151					$	24,556

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, 2021 are identified in the following tables:

(in thousands)						Level 2						Total
Assets:
Corporate debt securities						$	174,531					$	174,531
Commercial paper						32,311						32,311
Asset-backed securities						30,056						30,056
Money market funds						5,150						5,150
						$	242,048					$	242,048

(in thousands)						Level 2						Level 3						Total
Liabilities:
Contingent consideration payable						$	—					$	20,339					$	20,339
Deferred compensation plan liability						4,800						—						4,800
						$	4,800					$	20,339					$	25,139

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 ATB200 Pompe disease program:

Contingent Consideration Liability

Fair Value as of March 31, 2022

Valuation Technique

Unobservable Input

Range

(in thousands)

Discount rate

7.5%

Clinical and regulatory milestones

$

19,151

Probability weighted discounted cash flow

Probability of achievement of milestones

75% - 88%

Projected year of payments

2022 - 2023

Schedule of Changes in Continent Consideration Payable

The following table shows the change in the balance of contingent consideration payable for the three months ended March 31, 2022 and 2021, respectively:

						Three Months Ended March 31,
(in thousands)						2022						2021
Balance, beginning of the period						$	20,339					$	25,825
Changes in fair value during the period, included in the Consolidated Statements of Operations						(1,188)						471
Balance, end of the period (1)						$	19,151					$	26,296

______________________________

(1) As certain milestones are expected to be reached within the next twelve months, the March 31, 2022 balance 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)
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
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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
-Name Accounting Standards Codification
-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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