| Summary of the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis |
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis and indicates the fair value hierarchy and the valuation techniques the Company utilized to determine such fair value:
|
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
|
2019 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
8,064 |
|
|
$ |
8,064 |
|
|
$ |
— |
|
|
$ |
— |
|
|
U.S. government and agency debt securities |
|
|
117,376 |
|
|
|
73,795 |
|
|
|
43,581 |
|
|
|
— |
|
|
Corporate debt securities |
|
|
195,855 |
|
|
|
— |
|
|
|
193,902 |
|
|
|
1,953 |
|
|
International government agency debt securities |
|
|
93,779 |
|
|
|
— |
|
|
|
93,779 |
|
|
|
— |
|
|
Contingent consideration |
|
|
32,400 |
|
|
|
— |
|
|
|
— |
|
|
|
32,400 |
|
|
Total |
|
$ |
447,474 |
|
|
$ |
81,859 |
|
|
$ |
331,262 |
|
|
$ |
34,353 |
|
|
|
|
December 31, |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2018 |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents |
|
$ |
54,590 |
|
|
$ |
54,590 |
|
|
$ |
— |
|
|
$ |
— |
|
|
U.S. government and agency debt securities |
|
|
98,513 |
|
|
|
60,107 |
|
|
|
38,406 |
|
|
|
— |
|
|
Corporate debt securities |
|
|
173,637 |
|
|
|
— |
|
|
|
173,145 |
|
|
|
492 |
|
|
International government agency debt securities |
|
|
77,504 |
|
|
|
— |
|
|
|
77,504 |
|
|
|
— |
|
|
Contingent consideration |
|
|
65,200 |
|
|
|
— |
|
|
|
— |
|
|
|
65,200 |
|
|
Common stock warrants |
|
|
1,205 |
|
|
|
— |
|
|
|
— |
|
|
|
1,205 |
|
|
Total |
|
$ |
470,649 |
|
|
$ |
114,697 |
|
|
$ |
289,055 |
|
|
$ |
66,897 |
|
|
| Rollforward of the Fair Value of the Assets Determined using Level 3 Inputs |
The following table is a rollforward of the fair value of the Company’s investments whose fair value was determined using Level 3 inputs at December 31, 2019:
|
(In thousands) |
|
Fair Value |
|
|
Balance, January 1, 2019 |
|
$ |
66,897 |
|
|
Purchase of corporate debt security |
|
|
1,953 |
|
|
Change in the fair value of warrants |
|
|
1,837 |
|
|
Change in the fair value of contingent consideration |
|
|
(22,800 |
) |
|
Payments received from contingent consideration |
|
|
(10,000 |
) |
|
Proceeds from the sale of shares acquired upon exercise of warrants |
|
|
(3,042 |
) |
|
Impairment of corporate debt security |
|
|
(492 |
) |
|
Balance, December 31, 2019 |
|
$ |
34,353 |
|
|