Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2023

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:

	March 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	375,889	$	375,889	$	—	$	—
Total assets	$	375,889	$	375,889	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	110,200	$	—	$	—	$	110,200
Total liabilities	$	110,200	$	—	$	—	$	110,200

	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

Schedule of Quantitative Information and Assumptions Pertaining To The Fair Value Measurement of The Level 3 Inputs

The following tables summarize quantitative information and assumptions pertaining to the fair value measurement of liabilities using Level 3 inputs at March 31, 2023.

	Fair Value at						Assumptions
(in thousands)	March 31, 2023		December 31, 2022		Valuation Technique	Unobservable Input	March 31, 2023		December 31, 2022
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	$	99,700	$	99,700	Probability adjusted discounted cash flow model	Period of expected milestone achievement and sales targets	2022 - 2023		2022 - 2023
						Probability of success	100	%	100	%
						Discount rate	N/A		N/A
1095 commercialization milestone	1,700		1,700		Probability adjusted discounted cash flow model
						Period of expected milestone achievement	2026		2026
						Probability of success	40	%	40	%
						Discount rate	3.7	%	3.8	%
Net sales targets - AZEDRA and 1095	8,800		10,200		Monte Carlo simulation
						Probability of success and sales targets	0% - 100%		20% - 100%
						Discount rate	16% - 17%		16% - 17%
Total	$	110,200	$	111,600

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)	Three Months Ended March 31,				Three Months Ended March 31,
	2023		2022		2023		2022
Fair value, beginning of period	$	—	$	9,300	$	111,600	$	86,200
Changes in fair value included in net (loss) income	—		(400)		(1,400)		18,000
Fair value, end of period	$	—	$	8,900	$	110,200	$	104,200