Fair Value Measurements

6 Months Ended

Jun. 30, 2015

Fair Value Disclosures [Abstract]

Fair Value Measurements

FAIR VALUE MEASUREMENTS

The table below summarizes certain asset and liability fair values that are included within our accompanying Condensed Consolidated Balance Sheets, and their designations among three fair value measurement categories:

	June 30, 2015 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Bank CDs	$	—	$	245	$	—	$	245
Money market currency funds	—		76,994		—		76,994
Equity securities	9,676		—		—		9,676
Mutual funds	—		3,063		—		3,063
Deferred compensation investments, including life insurance cash surrender value	—		8,209		—		8,209
	$	9,676	$	88,511	$	—	$	98,187
Liabilities:
Deferred executive compensation liability	$	—	$	5,989	$	—	$	5,989
Drug development liability	—		—		14,489		14,489
Ligand Contingent Consideration	—		—		5,243		5,243
Talon CVR	—		—		2,683		2,683
Corixa Liability	—		—		62		62
	$	—	$	5,989	$	22,477	$	28,466

	December 31, 2014 Fair Value Measurements
	Level 1		Level 2		Level 3		Total
Assets:
Bank CDs	$	—	$	244	$	—	$	244
Money market currency funds	—		66,945		—		66,945
Equity securities	7,191		—		—		7,191
Mutual funds	—		3,062		—		3,062
Deferred compensation investments, including life insurance cash surrender value	—		6,958		—		6,958
	$	7,191	$	77,209	$	—	$	84,400
Liabilities:
Deferred executive compensation liability	$	—	$	4,694	$	—	$	4,694
Deferred development costs	—		—		15,785		15,785
Ligand Contingent Consideration	—		—		4,901		4,901
Talon CVR	—		—		2,379		2,379
Corixa Liability	—		—		62		62
	$	—	$	4,694	$	23,127	$	27,821

We did not have any transfers between Levels 1 and 2 for all periods presented. The following presents a roll forward of our liabilities for which we utilize Level 3 inputs in determining period-end value. These liabilities are included on our Condensed Consolidated Balance Sheets within “acquisition-related contingent obligations” and “drug development liability”. The basis of the Level 3 inputs utilized are discussed in the referenced Notes to these accompanying Condensed Consolidated Financial Statements for each.

Our carrying amounts of financial instruments such as cash equivalents, accounts receivable, prepaid expenses, accounts payable, and accrued liabilities, excluding acquisition-related contingent obligations, approximate their related fair values due to their short-term nature.

	Fair Value Measurements of Unobservable Inputs (Level 3)
Balance at December 31, 2013	$	26,071
Transfers in (out) of Level 3	—
Deferred development costs	(1,957		)
Ligand Contingent Consideration	901
Talon CVR	(1,950		)
Corixa Liability	62
Balance at December 31, 2014	23,127
Transfers in (out) of Level 3	—
Deferred development costs (see Note 12)	(1,296		)
Ligand Contingent Consideration (see Note 9(b))	342
Talon CVR (see Note 9(a))	304
Corixa Liability (see Note 13(b)(i))	—
Balance at June 30, 2015**	$	22,477

** This amount is comprised of current and long-term portion of “drug development liability” and “acquisition-related contingent obligations” on our accompanying Condensed Consolidated Balance Sheets.