Financial Instruments and Fair Value Measurements (Tables)
 9 Months Ended
Sep. 30, 2016
Fair Value Disclosures [Abstract]  
Assets and Liabilities Measured at Fair Value on Recurring Basis

The following table identifies our assets and liabilities that were measured at fair value on a recurring basis (in thousands):

 

 

Balance

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

September 30, 2016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

227,182

 

 

$

227,182

 

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

75,054

 

 

 

—

 

 

 

75,054

 

 

 

—

 

Total assets at fair value

 

$

302,236

 

 

$

227,182

 

 

$

75,054

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent purchase consideration

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

Total liabilities at fair value

 

$

—

 

 

$

—

 

 

$

—

 

 

$

—

 

December 31, 2015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market

 

$

251,037

 

 

$

251,037

 

 

$

—

 

 

$

—

 

U.S. treasury securities

 

 

249,832

 

 

 

—

 

 

 

249,832

 

 

 

—

 

Total assets at fair value

 

$

500,869

 

 

$

251,037

 

 

$

249,832

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Contingent purchase consideration

 

$

24,661

 

 

$

—

 

 

$

—

 

 

$

24,661

 

Total liabilities at fair value

 

$

24,661

 

 

$

—

 

 

$

—

 

 

$

24,661

 

 
Roll-forward of Fair Value of Level 3 Instruments (significant unobservable inputs)

The following table rolls forward the fair value of Level 3 instruments (significant unobservable inputs) (in thousands):

 

 

 

For the Nine

 

 

 

Months Ended

 

 

 

September 30, 2016

 

Liabilities:

 

 

 

 

Balance at beginning of period

 

$

24,661

 

Change in fair value (a)

 

 

(24,936

)

Change in foreign currency gains and losses

 

 

275

 

Balance at end of period

 

$

—

 

 

 

(a)

During the second quarter of 2016, we recorded a $25.5 million reduction in the fair value of the contingent purchase consideration due to our and our development partner’s decision to discontinue the development of lucitanib for breast cancer. At September 30, 2016, the contingent purchase consideration liability recorded on the Consolidated Balance Sheets was zero due to the uncertainty of achieving any of the lucitanib regulatory milestones.