Fair value of financial instruments and marketable securities - (Tables)
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9 Months Ended |
Sep. 30, 2022 |
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| Fair Value Disclosures [Abstract] |
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| Schedule of financial assets and liabilities that are required to be measured at fair value on a recurring basis |
| | | | | | | | | | | | | | | September 30, 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 | | $ | 71,000 | | $ | — | | $ | 71,000 | | $ | — | Marketable securities - equity investments | | $ | 113,008 | | $ | 113,008 | | $ | — | | $ | — | ClearPoint Equity Investments | | $ | 13,412 | | $ | 13,412 | | $ | — | | $ | — | ClearPoint convertible debt security | | $ | 18,579 | | $ | — | | $ | 18,579 | | $ | — | Contingent consideration payable- development and regulatory milestones | | $ | 78,500 | | $ | — | | $ | — | | $ | 78,500 | Contingent consideration payable- net sales milestones and royalties | | $ | 79,200 | | $ | — | | $ | — | | $ | 79,200 |
| | | | | | | | | | | | | | | December 31, 2021 | | | | | | 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 | | $ | 376,685 | | $ | — | | $ | 376,685 | | $ | — | Marketable securities - equity investments | | $ | 206,973 | | $ | 206,973 | | $ | — | | $ | — | ClearPoint Equity Investments | | $ | 14,525 | | $ | 14,525 | | $ | — | | $ | — | ClearPoint convertible debt security | | $ | 20,971 | | $ | — | | $ | 20,971 | | $ | — | Contingent consideration payable- development and regulatory milestones | | $ | 139,300 | | $ | — | | $ | — | | $ | 139,300 | Contingent consideration payable- net sales milestones and royalties | | $ | 100,600 | | $ | — | | $ | — | | $ | 100,600 |
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| Summary of marketable securities accounted for as available-for-sale debt securities |
| | | | | | | | | | | | | | | September 30, 2022 | | | Amortized | | Gross Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | Corporate debt securities | | | 68,061 | | | — | | | (2,693) | | | 65,368 | Government obligations | | | 5,873 | | | — | | | (241) | | | 5,632 | Total | | $ | 73,934 | | $ | — | | $ | (2,934) | | $ | 71,000 |
| | | | | | | | | | | | | | | December 31, 2021 | | | Amortized | | Gross Unrealized | | | | | | Cost | | Gains | | Losses | | Fair Value | Commercial paper | | $ | 75,275 | | | 5 | | | (1) | | $ | 75,279 | Corporate debt securities | | | 268,246 | | | 81 | | | (644) | | | 267,683 | Asset-backed securities | | | 15,287 | | | 16 | | | (5) | | | 15,298 | Government obligations | | | 18,479 | | | 5 | | | (59) | | | 18,425 | Total | | $ | 377,287 | | $ | 107 | | $ | (709) | | $ | 376,685 |
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| Summary of unrealized losses and fair values of available-for-sale debt securities in a continuous unrealized loss position |
| | | | | | | | | | | | | | | | | | | | | September 30, 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 | | | (2,143) | | | 50,497 | | | (550) | | | 14,871 | | | (2,693) | | | 65,368 | Government obligations | | | (204) | | | 4,793 | | | (37) | | | 839 | | | (241) | | | 5,632 | Total | | $ | (2,347) | | $ | 55,290 | | $ | (587) | | $ | 15,710 | | $ | (2,934) | | $ | 71,000 |
| | | | | | | | | | | | | | | | | | | | | December 31, 2021 | | | 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 | | $ | (1) | | | 12,992 | | | — | | | — | | | (1) | | | 12,992 | Corporate debt securities | | | (608) | | | 217,540 | | | (36) | | | 4,985 | | | (644) | | | 222,525 | Asset-backed securities | | | (5) | | | 10,786 | | | — | | | — | | | (5) | | | 10,786 | Government obligations | | | (59) | | | 15,483 | | | — | | | — | | | (59) | | | 15,483 | Total | | $ | (673) | | $ | 256,801 | | $ | (36) | | $ | 4,985 | | $ | (709) | | $ | 261,786 |
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| Schedule of marketable securities on the balance sheet |
| | | | | | | | | September 30, 2022 | | | Less Than | | More Than | | | 12 Months | | 12 Months | Corporate debt securities | | | 30,588 | | | 34,780 | Government obligations | | | 5,632 | | | — | Total | | $ | 36,220 | | $ | 34,780 |
| | | | | | | | | December 31, 2021 | | | Less Than | | More Than | | | 12 Months | | 12 Months | Commercial paper | | $ | 75,279 | | $ | — | Corporate debt securities | | | 131,606 | | | 136,077 | Asset-backed securities | | | 8,724 | | | 6,574 | Government obligations | | | 6,002 | | | 12,423 | Total | | $ | 221,611 | | $ | 155,074 |
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| Summary of changes in the fair value of the Company's Level 3 valuation for contingent consideration payable |
| | | | | | | | | Level 3 liabilities | | | Contingent consideration payable- | | Contingent consideration payable- | | | development and regulatory | | net sales milestones and royalties | | | milestones | | | Beginning balance as of December 31, 2021 | | $ | 139,300 | | $ | 100,600 | Additions | | | — | | | — | Change in fair value | | | (10,800) | | | (21,400) | Reclass to accounts payable and accrued expenses | | | (50,000) | | | — | Payments | | | — | | | — | Ending balance as of September 30, 2022 | | $ | 78,500 | | $ | 79,200 |
| | | | | | | | | Level 3 liabilities | | | Contingent consideration payable- | | Contingent consideration payable- | | | development and regulatory | | net sales milestones and royalties | | | milestones | | | Beginning balance as of December 31, 2020 | | $ | 139,200 | | $ | 101,200 | Additions | | | — | | | — | Change in fair value | | | 1,000 | | | 10,600 | Payments | | | — | | | — | Ending balance as of September 30, 2021 | | $ | 140,200 | | $ | 111,800 |
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| Fair Value Measurement Inputs and Valuation Techniques |
| | | | | | | | | | | September 30, 2022 | | | Fair Value | | Valuation Technique | | Unobservable Input | | Range | Contingent consideration payable-
development and regulatory milestones | | $78,500 | | Probability-adjusted discounted cash flow | | Potential development and regulatory milestones
Probabilities of success
Discount rates
Projected years of payments | | $0 - $331 million
25% - 87%
6.8% - 9.1%
2023 - 2029 | Contingent considerable payable- net sales
milestones and royalties | | $79,200 | | 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%
12.5%
2024 - 2040 |
| | | | | | | | | | | December 31, 2021 | | | Fair Value | | Valuation Technique | | Unobservable Input | | Range | Contingent consideration payable-
development and regulatory milestones | | $139,300 | | Probability-adjusted discounted cash flow | | Potential development and regulatory milestones
Probabilities of success
Discount rates
Projected years of payments | | $0 - $381 million
25% - 94%
1.7% - 4.7%
2022 - 2028 | Contingent considerable payable- net sales
milestones and royalties | | $100,600 | | 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% - 94%
2% - 6%
11.0%
2023 - 2040 |
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