Fair Value of Financial Assets and Liabilities (Tables)

6 Months Ended

Jun. 30, 2022

Fair Value Disclosures [Abstract]

Schedule of financial assets and liabilities measured at fair value on a recurring basis

Financial assets and liabilities measured at fair value on a recurring basis on the condensed consolidated balance sheets at June 30, 2022 and December 31, 2021 were as follows:

		Fair Value Measurement Using:
Balance Sheet Classification	Type of Instrument	Level 1		Level 2		Level 3		Total
June 30, 2022
Assets:
Cash equivalents	Money market funds	$	3,142	$	—	$	—	$	3,142
Marketable securities	U.S. treasury bills	—		69,489		—		69,489
Marketable securities	U.S. corporate bonds	—		218,326		—		218,326
Marketable securities	Foreign corporate bonds	—		29,865		—		29,865
Total assets		$	3,142	$	317,680	$	—	$	320,822
Liabilities:
Derivative liabilities	Series B preferred shares forward contracts	$	—	$	—	$	71,110	$	71,110
Derivative liabilities	Series B preferred shares derivative liability	—		—		33,760		33,760
Derivative liabilities	Series A preferred shares derivative liability	—		—		5,259		5,259
Total liabilities		$	—	$	—	$	110,129	$	110,129
December 31, 2021
Assets:
Cash equivalents	Money market funds	$	32,420	$	—	$	—	$	32,420
Marketable securities	U.S. treasury bills	5,994		35,937		—		41,931
Marketable securities	U.S. corporate bonds	—		130,155		—		130,155
Marketable securities	Foreign corporate bonds	—		20,561		—		20,561
Total assets		$	38,414	$	186,653	$	—	$	225,067
Liabilities:
Derivative liability	Series B preferred shares forward contracts	$	—	$	—	$	13,110	$	13,110
Total liabilities		$	—	$	—	$	13,110	$	13,110

Schedule of aggregate fair value of liability determined by Level 3 inputs

The following table provides a roll forward of the aggregate fair value of the Company's series B preferred shares forward contract for which fair value is determined by Level 3 inputs for the six months ended June 30, 2022 and 2021:

	Carrying Value
Balance at December 31, 2021	$	13,110
Change in fair value of derivative liability	68,574
Partial settlement of derivative liability	(10,574)
Balance at June 30, 2022	$	71,110
Balance at December 31, 2020	$	14,190
Change in fair value of derivative liability	3,295
Partial settlement of derivative liability	(1,595)
Balance at June 30, 2021	$	15,890

The following table provides a roll forward of the aggregate fair value of the Company's series B preferred shares derivative liability for which fair value

is determined by Level 3 inputs for the six months ended June 30, 2022:

	Carrying Value
Balance at December 31, 2021	$	—
Change in fair value of derivative liability	33,760
Balance at June 30, 2022	$	33,760

The following table provides a roll forward of the aggregate fair value of the Company's series A preferred

shares derivative liability for which fair value is determined by Level 3 inputs for the six months ended June 30, 2022:

	Carrying Value
Balance at December 31, 2021	$	—
Change in fair value of derivative liability	5,259
Balance at June 30, 2022	$	5,259

Schedule of carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried at adjusted cost or contract value

The carrying value and estimated fair value classified by level of fair value hierarchy for financial instruments carried on the condensed consolidated balance sheets at adjusted cost or contract value at June 30, 2022 and December 31, 2021 were as follows:

	Carrying		Fair Value Measurement Using:
	Value		Level 1		Level 2		Level 3		Total
June 30, 2022
Liabilities:
Long-term debt(1)	$	764,983	$	—	$	861,877	$	—	$	861,877
December 31, 2021
Liabilities:
Long-term debt(1)	$	626,720	$	—	$	646,159	$	—	$	646,159

(1) Due to the $125,000 draw of the remaining delayed draw term loan commitment in June 2022, see Note 14 for details, and the announcement of the acquisition of Biohaven by Pfizer in May 2022, see Note 1 for details, the Company remeasured the fair value of its long-term debt as of June 30, 2022.