Fair Value of Financial Instruments (Tables)

6 Months Ended

Jun. 30, 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:

	June 30, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market	$	302,605	$	302,605	$	—	$	—
Total assets	$	302,605	$	302,605	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	3,000	$	—	$	—	$	3,000
Total liabilities	$	3,000	$	—	$	—	$	3,000

	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 June 30, 2023.

	Fair Value at						Assumptions
(in thousands)	June 30, 2023		December 31, 2022		Valuation Technique	Unobservable Input	June 30, 2023		December 31, 2022
Contingent consideration liability:
Net sales targets - PYLARIFY (CVRs)	$	—	$	99,700	Probability adjusted discounted cash flow model	Period of expected milestone achievement and sales targets	May 2023		2022 - 2023
						Probability of success	N/A		100	%
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	4.1	%	3.8	%
Net sales targets - AZEDRA and 1095	1,300		10,200		Monte Carlo simulation
						Probability of success and sales targets	40% - 100%		20% - 100%
						Discount rate	16% - 17%		16% - 17%
Total	$	3,000	$	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)	Six Months Ended June 30,				Six Months Ended June 30,
	2023		2022		2023		2022
Fair value, beginning of period	$	—	$	9,300	$	111,600	$	86,200
Changes in fair value included in net (loss) income	—		(1,600)		(8,975)		25,300
Cash payments	—		—		(99,625)		—
Fair value, end of period	$	—	$	7,700	$	3,000	$	111,500