Fair Value of Financial Instruments (Tables)

12 Months Ended

Dec. 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:

	December 31, 2023
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	574,131	$	574,131	$	—	$	—
Total assets	$	574,131	$	574,131	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	2,700	$	—	$	—	$	2,700
Total liabilities	$	2,700	$	—	$	—	$	2,700

	December 31, 2022
(in thousands)	Total Fair Value		Level 1		Level 2		Level 3
Assets:
Money market funds	$	342,646	$	342,646	$	—	$	—
Total assets	$	342,646	$	342,646	$	—	$	—
Liabilities:
Contingent consideration liabilities	$	111,600	$	—	$	—	$	111,600
Total liabilities	$	111,600	$	—	$	—	$	111,600

Fair Value Measurement Inputs and Valuation Techniques

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

	Fair Value as of						Assumptions
(in thousands)	December 31, 2023		December 31, 2022		Valuation Technique	Unobservable Input	December 31, 2023		December 31, 2022
Contingent consideration liability:
Net sales targets – PYLARIFY (CVRs)	N/A		$	99,700	Probability adjusted discounted cash flow model	Period of expected milestone achievement and sales targets	N/A		2022 – 2023
						Probability of success	N/A		100	%
1095 commercialization milestone	1,800		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	900		10,200		Monte Carlo simulation
						Probability of success and sales targets	0% - 40%		20% - 100%
						Discount rate	15%		16% - 17%
Total	$	2,700	$	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)	Years Ended December 31,				Years Ended December 31,
	2023		2022		2023		2022
Fair value, beginning of period	$	—	$	9,300	$	111,600	$	86,200
Changes in fair value included in net income (loss)	—		(9,300)		(9,275)		25,400
Cash Payments	—		—		(99,625)		—
Fair value, end of period	$	—	$	—	$	2,700	$	111,600