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Fair Value Measurements (Tables)
12 Months Ended
Dec. 31, 2021
Fair Value Disclosures [Abstract]  
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following tables present information about our financial assets and liabilities measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values (in thousands):

 

 

 

December 31, 2021

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

161,522

 

 

$

 

 

$

 

 

$

161,522

 

Commercial paper

 

 

 

 

16,897

 

 

 

 

 

 

16,897

 

Corporate debt securities

 

 

 

 

 

 

3,305

 

 

 

 

 

 

 

3,305

 

Total cash and cash equivalents

 

 

161,522

 

 

 

20,202

 

 

 

 

 

 

181,724

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

34,968

 

 

 

 

 

 

34,968

 

U.S. government and agency securities

 

 

 

 

85,222

 

 

 

 

 

 

85,222

 

Corporate debt securities

 

 

 

 

53,138

 

 

 

 

 

 

53,138

 

Total marketable securities

 

 

 

 

 

173,328

 

 

 

 

 

 

173,328

 

Total fair value of assets

 

$

161,522

 

 

$

193,530

 

 

$

 

 

$

355,052

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent value rights liability

 

$

 

 

$

 

 

$

34,591

 

 

$

34,591

 

Contingent consideration liability

 

 

 

 

 

 

 

 

5,160

 

 

 

5,160

 

Total fair value of liabilities

 

$

 

 

$

 

 

$

39,751

 

 

$

39,751

 

  

 

 

 

 

December 31, 2020

 

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

Total

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash and money market funds

 

$

119,251

 

 

$

 

 

$

 

 

$

119,251

 

Certificate of deposit

 

 

 

 

157

 

 

 

 

 

 

157

 

Commercial paper

 

 

 

 

40,844

 

 

 

 

 

 

40,844

 

U.S. government and agency securities

 

 

 

 

27,498

 

 

 

 

 

 

27,498

 

Total cash and cash equivalents

 

 

119,251

 

 

 

68,499

 

 

 

 

 

 

187,750

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

 

 

35,089

 

 

 

 

 

 

35,089

 

U.S. government and agency securities

 

 

 

 

26,029

 

 

 

 

 

 

26,029

 

Corporate debt securities

 

 

 

 

1,504

 

 

 

 

 

 

1,504

 

Total marketable securities

 

 

 

 

 

62,622

 

 

 

 

 

 

62,622

 

Total fair value of assets

 

$

119,251

 

 

$

131,121

 

 

$

 

 

$

250,372

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent value rights liability

 

$

 

 

$

 

 

$

13,780

 

 

$

13,780

 

Contingent consideration liability

 

 

 

 

 

 

 

 

1,800

 

 

 

1,800

 

Total fair value of liabilities

 

$

 

 

$

 

 

$

15,580

 

 

$

15,580

 

 

Summary of Changes in Fair Value of Level 3 Financial Instruments

The following table presents a summary of the changes in the fair value of the Company’s Level 3 financial instruments (in thousands):

 

 

 

Contingent Value Rights Liability

 

 

Contingent Consideration Liability

 

Fair Value as of December 31, 2019

 

$

 

 

$

 

Assumed in the Merger

 

 

12,270

 

 

 

1,800

 

Change in fair value upon remeasurement

 

 

1,510

 

 

 

Fair Value as of December 31, 2020

 

 

13,780

 

 

 

1,800

 

Change in fair value upon remeasurement

 

 

23,507

 

 

 

3,810

 

Measurement period adjustment

 

 

(2,696

)

 

 

(450

)

Fair Value as of December 31, 2021

 

$

34,591

 

 

$

5,160