Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	342,646	$	342,646	$	—	$	—
Total assets	$	342,646	$	342,646	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	111,600	$	—	$	—	$	111,600
Total liabilities	$	111,600	$	—	$	—	$	111,600

	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

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, 2022.

	Fair Value as of						Assumptions
(in thousands)	December 31, 2022		December 31, 2021		Valuation Technique	Unobservable Input	December 31, 2022	December 31, 2021
Contingent receivable:
Regulatory milestone	$	—	$	2,500	Probability adjusted discounted cash flow model	Period of expected milestone achievement	N/A	2022
						Probability of success	0%	70	%
						Discount rate	N/A	17	%
Royalties	—		6,800		Probability adjusted discounted cash flow model
						Probability of success	0%	10% - 60%
						Discount rate	N/A	17	%
Total	$	—	$	9,300

	Fair Value as of						Assumptions
(in thousands)	December 31, 2022		December 31, 2021		Valuation Technique	Unobservable Input	December 31, 2022		December 31, 2021
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	$	99,700	$	73,200	Probability adjusted discounted cash flow model (as of 12/31/2022) Monte Carlo simulation (as of 12/31/2021)	Period of expected milestone achievement and sales targets	2022 - 2023		2022 - 2023
						Probability of success	100	%	N/A
						Discount rate	N/A		17	%
1095 commercialization milestone	1,700		1,900		Probability adjusted discounted cash flow model
						Period of expected milestone achievement	2026		2026
						Probability of success	40	%	40	%
						Discount rate	3.8	%	1.3	%
Net sales targets - AZEDRA and 1095	10,200		11,100		Monte Carlo simulation
						Probability of success and sales targets	20% - 100%		40% - 100%
						Discount rate	16% - 17%		16% - 17%
Total	$	111,600	$	86,200

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)	Years Ended December 31,				Years Ended December 31,
	2022		2021		2022		2021
Fair value, beginning of period	$	9,300	$	11,300	$	86,200	$	15,800
Changes in fair value included in net income (loss)	(9,300)		(2,000)		25,400		70,400
Fair value, end of period	$	—	$	9,300	$	111,600	$	86,200