Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2020

Fair Value Measurement of Debt Instruments Based on Discounted Cash Flow Model and Sensitive to Change in Yield

The fair value measurement of debt instruments is based on a discounted cash flow model and is sensitive to the change in yield (Level 3 in the fair value hierarchy):

				Hypothetical Change in Yield								Hypothetical Change in Notes Payable
	Yield			% Change			Hypothetical Yield			FV of Notes		FV		$ Change			% Change
										(in millions)
Mann Group promissory notes:
(with conversion feature)		35.0	%		2	%		37.0	%	$	38.0	$	36.4	$	(1.6	)		-4.2	%
		35.0	%		-2	%		33.0	%	$	38.0	$	39.8	$	1.8			4.7	%
		35.0	%		4	%		39.0	%	$	38.0	$	34.8	$	(3.2	)		-8.4	%
		35.0	%		-4	%		31.0	%	$	38.0	$	41.8	$	3.8			10.0	%
Senior notes:
(with conversion feature)		35.0	%		2	%		37.0	%	$	7.6	$	7.5	$	(0.1	)		-1.3	%
		35.0	%		-2	%		33.0	%	$	7.6	$	7.8	$	0.2			2.6	%
		35.0	%		4	%		39.0	%	$	7.6	$	7.4	$	(0.2	)		-2.6	%
		35.0	%		-4	%		31.0	%	$	7.6	$	7.9	$	0.3			3.9	%
MidCap Credit Facility
		17.0	%		1	%		18.0	%	$	35.8	$	35.1	$	(0.7	)		-2.0	%
		17.0	%		-1	%		16.0	%	$	35.8	$	36.6	$	0.8			2.2	%
		17.0	%		2	%		19.0	%	$	35.8	$	34.3	$	(1.5	)		-4.2	%
		17.0	%		-2	%		15.0	%	$	35.8	$	37.4	$	1.6			4.5	%

Fair Value of Financial Instruments

The following tables set forth the fair value of the Company’s financial instruments (in millions):

	March 31, 2020
	Carrying Value		Significant Unobservable Inputs (Level 3)		Fair Value
Financial liabilities:
MidCap Credit Facility	$	38.9	$	35.8	$	35.8
2024 convertible notes		5.0		3.1		3.1
June 2020 note		2.6		2.4		2.4
December 2020 note		2.5		2.1		2.1
Mann Group promissory notes		70.0		38.0		38.0
Milestone rights		7.3		14.3		14.3
Total financial liabilities	$	126.3	$	95.7	$	95.7

	December 31, 2019
	Carrying Value		Significant Unobservable Inputs (Level 3)		Fair Value
Financial liabilities:
MidCap Credit Facility	$	38.9	$	40.0	$	40.0
2024 convertible notes		5.0		3.7		3.7
June 2020 note		2.5		2.3		2.3
December 2020 note		2.5		2.0		2.0
Mann Group promissory notes		70.0		46.2		46.2
Milestone rights		7.3		16.4		16.4
Total financial liabilities	$	126.2	$	110.6	$	110.6