Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

v2.4.0.6
Financial Instruments
3 Months Ended
Mar. 31, 2012
Financial Instruments [Abstract]  
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 March 31, 2012 (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:

           

Short-term investments

   $ 1,517       $ 1,517       $ —         $ —     

Liabilities:

           

Current portion of liability for contingent value rights - CyDex

   $ 2,449       $ —         $ —         $ 2,449   

Liability for contingent value rights - Metabasis

     —           —           —           —     

Liability for contingent value rights – Neurogen

     700         —           —           700   

Liability for contingent value rights - CyDex

     9,850         —           —           9,850   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 12,999       $ —         $ —         $ 12,999   
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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, 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:

           

Short-term investments

   $ 10,000       $ 10,000       $ —         $ —     

Liabilities:

           

Current portion of liability for contingent value rights - CyDex

   $ 6,879       $ —         $ —         $ 6,879   

Liability for contingent value rights - Metabasis

     1,068         1,068         —           —     

Liability for contingent value rights - Neurogen

     700         —           —           700   

Liability for contingent value rights - CyDex

     9,665         —           —           9,665   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

   $ 18,312       $ 1,068       $ —         $ 17,244   
  

 

 

    

 

 

    

 

 

    

 

 

 

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.