Fair value of financial instruments and investments - (Tables)
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12 Months Ended |
Dec. 31, 2023 |
Fair Value Disclosures [Abstract] |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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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 |
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