Financial instruments (Tables)

6 Months Ended

Jun. 30, 2024

Investments, All Other Investments [Abstract]

Schedule of Changes in Fair Value of Liability for Contingent Consideration

The following table presents the changes in fair value of the liability for contingent consideration:

Three Months Ended June 30, 2024	Liability at beginning of the period		Increase (decrease) in fair value of liability for contingent consideration		Liability at end of the period
Trianni (i)	$	19,653	$	374	$	20,027
TetraGenetics (ii)	$	36,841	$	(32,400)	$	4,441

Six Months Ended June 30, 2024	Liability at beginning of the period		Increase (decrease) in fair value of liability for contingent consideration		Liability at end of the period
Trianni (i)	$	18,697	$	1,330	$	20,027
TetraGenetics (ii)	$	36,691	$	(32,250)	$	4,441

i)The estimated fair value of the earn-out payments relates to a specific customer license and the fair value was determined by estimating the payout of the expected future net cash flows associated to the specific customer license during the earn-out period. The significant assumptions inherent in the development of the value include the amount and timing of projected future net revenues received by us from the specific customer license, and the discount rate selected to measure the risks inherent in the future cash flows, which was approximately 22%.

ii)The estimated fair value of potential future successful milestone payouts was determined by estimating the expected future cash flows associated with the potential milestone events. The significant assumptions include the amount and timing of projected future cash flows, risk adjusted for various factors including probability of success, discounted at 12.8%, the rate that measures the risks inherent in the future cash flows. At June 30, 2024, the fair value of the contingent consideration was adjusted to reflect the expected value of the Company's ongoing internal program portfolio prioritization, resulting in a reduction of $32.4 million recognized as a non-cash fair value gain through other income.

Schedule of Financial Assets Measured at Fair Value on Recurring Basis

The following table presents information about the Company’s marketable securities that are measured at fair value on a recurring basis and indicates the level of the fair value hierarchy used to determine such fair values:

	Fair Value Measurements at June 30, 2024:
	Level 1		Level 2		Level 3		Total
Marketable securities
U.S. government agencies	$	72,434	$	–	$	–	$	72,434
Certificate of deposit	–		166,217		$	–	166,217
Commercial paper	–		71,896		$	–	71,896
Corporate bonds	–		112,836		$	–	112,836
Asset backed securities	–		98,661		$	–	98,661
	$	72,434	$	449,610	$	–	$	522,044