Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2020

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]

Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

The following tables summarize the changes in Level 3 Royalty Right Assets and the gains and losses included in earnings for the eight months ended August 31, 2020 under the Going Concern Basis:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) - Royalty Right Assets
(in thousands)				Royalty Rights - At Fair Value
Fair value as of December 31, 2019					$	266,196
	Total net change in fair value for the period
		Change in fair value of royalty rights - at fair value		(8,804)
		Cash received from royalty rights		(35,129)
			Total net change in fair value for the period		(43,933)
	Sale of royalty rights				(4,350)
Fair value as of August 31, 2020					$	217,913

The table above does not include the aggregate remaining estimated cost to sell the royalty right assets of $4.6 million.

Fair Value Measurements Using Significant Unobservable Inputs (Level 3) - Royalty Right Assets
	Fair Value as of		Sale of		Royalty Rights -		Fair Value as of
(in thousands)	December 31, 2019		Royalty Rights (1)		Change in Fair Value		August 31, 2020 (2)
Assertio	$	218,672	$	—	$	(18,209)	$	200,463
VB	13,590		(4,182)		(9,408)		—
U-M	20,398		—		(2,948)		17,450
AcelRx	12,952		—		(12,952)		—
KYBELLA	584		(168)		(416)		—
	$	266,196	$	(4,350)	$	(43,933)	$	217,913

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(1) In August 2020 the Company sold the royalty rights to VB, AcelRx, and KYBELLA to a third-party.

(2) Excludes the aggregate remaining estimated costs to sell of $4.6 million.

Schedule of fair value of financial instruments measured on recurring basis

	December 31, 2019
(in thousands)	Level 1		Level 2		Level 3		Total
Financial assets:
Money market funds	$	131,264	$	—	$	—	$	131,264
Corporate securities (1)	82,267		—		—		82,267
Warrants (2)	—		14,152		—		14,152
Royalty rights - at fair value (3)	—		—		266,196		266,196
Total	$	213,531	$	14,152	$	266,196	$	493,879

Schedule of fair value of assets and liabilities not subject to fair value recognition by level within the valuation hierarchy

	December 31, 2019
(in thousands)	Carrying Value		Fair Value Level 2		Fair Value Level 3
Assets:
Wellstat Diagnostics note receivable	$	50,191	$	—	$	55,389
Hyperion note receivable	1,200		—		1,200
CareView note receivable	690		—		690
Total	$	52,081	$	—	$	57,279
Liabilities:
December 2021 Notes	$	16,950	$	20,978	$	—
December 2024 Notes	10,300		12,953		—
Total	$	27,250	$	33,931	$	—