Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

 v2.3.0.11
Financial Instruments
6 Months Ended
Jun. 30, 2011
Financial Instruments  
Financial Instruments

3. Financial Instruments

The Company measures certain financial assets and liabilities at fair value on a recurring basis, including available-for-sale fixed income and equity securities and other equity securities. The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of June 30, 2011 (in thousands):

 

     Fair Value Measurements at Reporting Date Using  
            Quoted Prices in Active
Markets for Identical
Assets
     Significant Other
Observable Inputs
     Significant
Unobservable
Inputs
 
     Total      (Level 1)      (Level 2)      (Level 3)  

Assets:

           

Fixed income available-for-sale securities

   $ 10,000       $ 10,000       $ 0       $ 0   

Liabilities:

           

Current potion of liability for contingent value rights - CyDex

   $ 5,955       $ 0       $ 0       $ 5,955   

Liability for contingent value rights - Metabasis

     1,603       $ 1,603       $ 0       $ 0   

Liability for contingent value rights – Neurogen

     700         0         0         700   

Liability for contingent value rights - CyDex

     14,905         0         0         14,905   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 23,163       $ 1,603       $ 0       $ 21,560   

The following table provides a summary of the assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2010 (in thousands):

 

     Fair Value Measurements at Reporting Date Using  
            Quoted Prices in Active
Markets for Identical
Assets
     Significant Other
Observable Inputs
     Significant
Unobservable
Inputs
 
     Total      (Level 1)      (Level 2)      (Level 3)  

Assets:

           

Fixed income available-for-sale securities

   $ 19,351       $ 19,351       $ 0       $ 0   
  

 

 

    

 

 

    

 

 

    

 

 

 

Liabilities:

           

Liability for contingent value rights - Metabasis

   $ 0       $ 0       $ 0       $ 0   

Liability for contingent value rights - Neurogen

     700         0         0         700   
  

 

 

    

 

 

    

 

 

    

 

 

 
   $ 700       $ 0       $ 0       $ 700   

The Company's short-term investments are fixed income available-for-sale securities and include Corporate Notes, Corporate Discount Commercial Paper and certificates of deposit. The fair value of the Company's short-term investments and liability for contingent value rights- Metabasis are determined using quoted market prices in active markets.