Fair Value of Financial Instruments (Tables)

9 Months Ended

Sep. 30, 2020

Fair Value Disclosures [Abstract]

Schedule of assets and liabilities measured at fair value on a recurring basis

The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis:

	September 30, 2020
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	43,710	$	43,710	$	—	$	—
Contingent receivable	10,200		—		—		10,200
Total assets	$	53,910	$	43,710	$	—	$	10,200
Liabilities:
Interest rate swaps	$	2,073	$	—	$	2,073	$	—
Contingent consideration liabilities	17,200		—		—		17,200
Total liabilities	$	19,273	$	—	$	2,073	$	17,200

	December 31, 2019
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	39,530	$	39,530	$	—	$	—
Total assets	$	39,530	$	39,530	$	—	$	—

Fair Value Measurement Inputs and Valuation Techniques

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of assets and liabilities using Level 3 inputs at September 30, 2020.

(in thousands)	Fair Value at September 30, 2020		Valuation Technique	Unobservable Input	Assumption
Contingent receivable:
Regulatory milestone	$	3,100	Probability adjusted discounted cash flow model	Period of expected milestone achievement	2021
				Probability of success	90	%
				Discount rate	23	%
Royalties	7,100		Probability adjusted discounted cash flow model
				Probability of success	13% - 77%
				Discount rate	23	%
Total	$	10,200

(in thousands)	Fair Value at September 30, 2020		Valuation Technique	Unobservable Input	Assumption
Contingent consideration liability:
Net sales targets - PyL (CVRs)	$	3,900	Monte-Carlo simulation	Period of expected milestone achievement	2022 - 2023
				Discount rate	24	%
1095 commercialization milestone	2,200		Probability adjusted discounted cash flow model	Period of expected milestone achievement	2026
				Probability of success	45	%
				Discount rate	0.48	%
Net sales targets - AZEDRA and 1095	11,100		Monte-Carlo simulation	Probability of success	40% - 100%
				Discount rate	23% - 24%
Total	$	17,200

Schedule of financial instruments with significant Level 3 inputs

For those financial instruments with significant Level 3 inputs, the following table summarizes the activities for the periods indicated:

	Financial Assets		Financial Liabilities
(in thousands)	Nine Months Ended September 30, 2020		Nine Months Ended September 30, 2020
Fair value, beginning of period	$	—	$	—
Progenics acquisition	10,100		16,300
Changes in fair value included in net loss	100		900
Fair value, end of period	$	10,200	$	17,200