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Assets and Liabilities Measured at Fair Value (Tables)
3 Months Ended
Mar. 31, 2023
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, 2023 are identified in the following tables:
(in thousands) Level 2Total
Assets:  
Commercial paper$106,106 $106,106 
Money market6,631 6,631 
 $112,737 $112,737 
(in thousands) Level 2Level 3Total
Liabilities:   
Contingent consideration payable$— $12,668 $12,668 
Deferred compensation plan liability6,281 — 6,281 
 $6,281 $12,668 $18,949 
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, 2022 are identified in the following tables:
(in thousands)Level 2Total
Assets:
Commercial paper$144,381 $144,381 
Money market5,808 5,808 
 $150,189 $150,189 
(in thousands)Level 2Level 3Total
Liabilities:   
Contingent consideration payable$— $21,417 $21,417 
Deferred compensation plan liability5,458 — 5,458 
 $5,458 $21,417 $26,875 
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, 2023Valuation TechniqueUnobservable InputRange
(in thousands)
     
  Discount rate11.2%
  
Clinical and regulatory milestones$12,668 Probability weighted discounted cash flowProbability of achievement of milestones
88%
  
  Projected year of payments
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, 2023 and 2022, respectively:
Three Months Ended March 31,
(in thousands)20232022
Balance, beginning of the period$21,417 $20,339 
Changes in fair value during the period, included in the Consolidated Statements of Operations251 (1,188)
Milestone payment payable in cash(9,000)— 
Balance, end of the period (1)
$12,668 $19,151 
______________________________
(1) As certain milestones are expected to be reached within the next twelve months, the March 31, 2023 balance was recorded as a current liability in the Company's Consolidated Balance Sheets.