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Fair value of financial instruments and investments - (Tables)
12 Months Ended
Dec. 31, 2023
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, 2023 and 2022:

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

Ending

Foreign

Ending

Balance at

Currency

Balance at

December 31,

Unrealized

Unrealized

Investments

December 31,

   

2021

   

Gain/(Loss)

   

Gain/(Loss)

   

Purchased

   

Redemptions

   

2022

Marketable securities - equity investments

$

206,973

(7,992)

(549)

22,787

(112,958)

$

108,261

ClearPoint Equity Investments

14,525

(3,560)

10,965

ClearPoint Convertible Debt Security

20,971

(5,740)

15,231

Total Fair Value

$

242,469

$

(17,292)

$

(549)

$

22,787

$

(112,958)

$

134,457

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, 2023 and 2022:

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

$

9,700

$

$

$

9,700

December 31, 2022

 

 

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

$

22,610

$

$

22,610

$

Marketable securities - equity investments

$

108,261

$

108,261

$

$

ClearPoint Equity Investments

$

10,965

$

10,965

$

$

ClearPoint convertible debt security

$

15,231

$

$

15,231

$

Contingent consideration payable- development and regulatory milestones

$

82,500

$

$

$

82,500

Contingent consideration payable- net sales milestones and royalties

$

81,500

$

$

$

81,500

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, 2023 and 2022:

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

December 31, 2022

 

Amortized

 

Gross Unrealized

    

Cost

    

Gains

    

Losses

    

Fair Value

Commercial paper

$

12,419

$

5

$

$

12,424

Corporate debt securities

 

10,685

(499)

10,186

Total

$

23,104

$

5

$

(499)

$

22,610

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, 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

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, 2022 are as follows:

December 31, 2022

 

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

Corporate debt securities

$

(499)

10,186

(499)

$

10,186

Total

$

$

$

(499)

$

10,186

$

(499)

$

10,186

Schedule of available-for-sale debt securities

Available for sale debt securities on the balance sheet at December 31, 2023 and 2022 mature as follows:

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

$

December 31, 2022

 

Less Than

 

More Than

    

12 Months

    

12 Months

Commercial paper

$

12,424

$

Corporate debt securities

 

 

10,186

Total

$

12,424

$

10,186

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, 2023, and 2022:

Contingent consideration payable-

Contingent consideration payable-

development and regulatory

net sales milestones and royalties

    

milestones - Agilis

    

- Agilis

Beginning balance as of December 31, 2021

$

139,300

$

100,600

Additions

 

 

Change in fair value

 

(6,800)

 

(19,100)

Payments

(50,000)

 

Ending 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

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, 2023 and 2022:

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 and royalties

$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

December 31, 2022

    

Fair Value

    

Valuation Technique

    

Unobservable Input

    

Range

Contingent consideration payable-
development and regulatory milestones

$82,500

 

 Probability-adjusted discounted cash flow 

 

Potential development and regulatory milestones
Probabilities of success
Discount rates
Projected years of payments

$0 - $331 million
25% - 92%
6.2% - 8.3%
2023 - 2029

Contingent considerable payable- net sales
milestones and royalties

$81,500

 

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 - $150 million
25% - 100%
2% - 6%
11.5%
2025 - 2041