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)  
    (Restated)                 (Restated)  

Assets:

                               

Short-term investments

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

Liabilities:

                               

Current portion of liability for contingent liabilities - CyDex

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

Liability for contingent value rights - Metabasis

    —         —         —         —    

Liability for contingent value rights – Neurogen

    700       —         —         700  

Contingent liabilities - CyDex

    9,087       —         —         9,087  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 12,236     $ —       $ —       $ 12,236  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

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)  
    (Restated)                 (Restated)  

Assets:

                               

Short-term investments

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

Liabilities:

                               

Current portion of contingent liabilities - CyDex

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

Liability for contingent value rights - Metabasis

    1,068       1,068       —         —    

Liability for contingent value rights - Neurogen

    700       —         —         700  

Contingent liabilities - CyDex

    8,651       —         —         8,651  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ 17,298     $ 1,068     $ —       $ 16,230  
   

 

 

   

 

 

   

 

 

   

 

 

 

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.