Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2021

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:

	December 31, 2021
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	40,140	$	40,140	$	—	$	—
Interest rate swaps	357		—		357		—
Contingent receivable	9,300		—		—		9,300
Total assets	$	49,797	$	40,140	$	357	$	9,300
Liabilities:
Contingent consideration liabilities	$	86,200	$	—	$	—	$	86,200
Total liabilities	$	86,200	$	—	$	—	$	86,200

	December 31, 2020
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	35,457	$	35,457	$	—	$	—
Contingent receivable	11,300		—		—		11,300
Total assets	$	46,757	$	35,457	$	—	$	11,300
Liabilities:
Interest rate swaps	$	1,908	$	—	$	1,908	$	—
Contingent consideration liabilities	15,800		—		—		15,800
Total liabilities	$	17,708	$	—	$	1,908	$	15,800

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 as of December 31, 2021.

	Fair Value as of						Assumptions
(in thousands)	December 31, 2021		December 31, 2020		Valuation Technique	Unobservable Input	December 31, 2021		December 31, 2020
Contingent receivable:
Regulatory milestone	$	2,500	$	3,200	Probability adjusted discounted cash flow model	Period of expected milestone achievement	2022		2021
						Probability of success	70	%	90	%
						Discount rate	17	%	24	%
Royalties	6,800		8,100		Probability adjusted discounted cash flow model
						Probability of success	10% - 60%		13% - 77%
						Discount rate	17	%	24	%
Total	$	9,300	$	11,300

	Fair Value as of						Assumptions
(in thousands)	December 31, 2021		December 31, 2020		Valuation Technique	Unobservable Input	December 31, 2021		December 31, 2020
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	$	73,200	$	4,200	Monte Carlo simulation	Period of expected milestone achievement and sales targets	2022 - 2023		2022 - 2023
						Discount rate	17	%	24	%
1095 commercialization milestone	1,900		2,200		Probability adjusted discounted cash flow model
						Period of expected milestone achievement	2026		2026
						Probability of success	40	%	45	%
						Discount rate	1.3	%	0.5	%
Net sales targets - AZEDRA and 1095	11,100		9,400		Monte Carlo simulation
						Probability of success and sales targets	40% - 100%		40% - 100%
						Discount rate	16% - 17%		23% - 24%
Total	$	86,200	$	15,800

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)	Years Ended December 31,				Years Ended December 31,
	2021		2020		2021		2020
Fair value, beginning of period	$	11,300	$	—	$	15,800	$	—
Progenics acquisition	—		10,100		—		16,600
Changes in fair value included in net loss	(2,000)		1,200		70,400		(800)
Fair value, end of period	$	9,300	$	11,300	$	86,200	$	15,800