Quarterly report pursuant to Section 13 or 15(d)

Financial Instruments

v2.4.0.6
Financial Instruments
6 Months Ended
Jun. 30, 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 June 30, 2012 (in thousands):

 

                                 

Fair Value Measurements at Reporting Date Using

 

 
    Total     Quoted Prices in
Active Markets
for Identical
Assets

(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs

(Level 3)
 

Assets:

                               

Short-term investments

  $ 1,500     $ 1,500     $ —       $ —    

Liabilities:

                               

Current potion of liability for contingent value rights - CyDex

  $ 3,739     $ —       $ —       $ 3,739  

Liability for contingent value rights - Metabasis

    —         —         —         —    

Liability for contingent value rights - Neurogen

    500       —         —         500  

Liability for contingent value rights - CyDex

    9,913       —         —         9,913  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 14,152     $ —       $ —       $ 14,152  
   

 

 

   

 

 

   

 

 

   

 

 

 

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

 

 
    Total     Quoted Prices in
Active Markets
for Identical
Assets

(Level 1)
    Significant
Other
Observable
Inputs
(Level 2)
    Significant
Unobservable
Inputs

(Level 3)
 

Assets:

                               

Short-term investments

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

Liabilities:

                               

Current potion 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.