0001558370-22-011857 | 10-Q | XBRL Viewer | Intercept Pharmaceuticals INC

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Document And Entity Information	6 Months Ended
Document And Entity Information	Jun. 30, 2022 shares
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Jun. 30, 2022
Entity File Number	001-35668
Entity Registrant Name	INTERCEPT PHARMACEUTICALS, INC.
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	22-3868459
Entity Address, Address Line One	305 Madison Avenue,
Entity Address, City or Town	Morristown
Entity Address, State or Province	NJ
Entity Address, Postal Zip Code	07960
City Area Code	646
Local Phone Number	747-1000
Title of 12(b) Security	Common Stock
Trading Symbol	ICPT
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding	29,798,040
Entity Central Index Key	0001270073
Current Fiscal Year End Date	--12-31
Document Fiscal Period Focus	Q2
Document Fiscal Year Focus	2022
Amendment Flag	false

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 58,019	$ 84,709
Restricted cash	7,537	8,119
Investment debt securities, available-for-sale	346,757	334,980
Accounts receivable, net of allowance for credit losses of $51 and $58, respectively	27,516	28,337
Prepaid expenses and other current assets	17,307	21,735
Current assets of discontinued operations	29,879	30,138
Total current assets	487,015	508,018
Fixed assets, net	1,002	3,281
Inventory	6,891	7,883
Security deposits	627	4,284
Other assets	3,062	3,557
Total assets	498,597	527,023
Current liabilities:
Accounts payable, accrued expenses and other liabilities	86,364	103,780
Short-term interest payable	8,635	8,601
Current liabilities of discontinued operations	56,428	55,780
Total current liabilities	151,427	168,161
Long-term liabilities:
Long-term debt	713,859	539,782
Long-term other liabilities	3,144	3,042
Total liabilities	868,430	710,985
Commitments and contingencies (Note 15)
Stockholders' deficit:
Common stock par value $0.001 per share; 90,000,000 shares authorized; 29,798,040 and 29,572,953 shares issued and outstanding as of June 30, 2022 and December 31, 2021, respectively	30	30
Additional paid-in capital	2,016,201	2,308,653
Accumulated other comprehensive loss, net	(2,548)	(2,873)
Accumulated deficit	(2,383,516)	(2,489,772)
Total stockholders' deficit	(369,833)	(183,962)
Total liabilities and stockholders' deficit	$ 498,597	$ 527,023

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Jun. 30, 2022	Dec. 31, 2021
Condensed Consolidated Balance Sheets
Allowance for credit losses	$ 51	$ 58
Common stock, par value (in dollars per share)	$ 0.001	$ 0.001
Common stock, authorized	90,000,000	90,000,000
Common stock, shares, issued	29,798,040	29,572,953
Common stock, shares, outstanding	29,798,040	29,572,953

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Revenue	$ 71,757	$ 68,178	$ 130,903	$ 125,477
Operating expenses:
Cost of sales	309	254	532	547
Selling, general and administrative	39,985	43,882	77,739	88,984
Research and development	44,826	37,668	92,719	88,279
Restructuring	0	(160)	0	(284)
Total operating expenses	85,120	81,644	170,990	177,526
Operating loss	(13,363)	(13,466)	(40,087)	(52,049)
Other (expense) income:
Interest expense	(6,669)	(12,589)	(13,342)	(25,008)
Other (expense) income, net	(289)	721	(342)	2,179
Total other (expense), net	(6,958)	(11,868)	(13,684)	(22,829)
Loss from continuing operations	(20,321)	(25,334)	(53,771)	(74,878)
Income from discontinued operations	12,793	14,240	28,959	23,364
Net loss	$ (7,528)	$ (11,094)	$ (24,812)	$ (51,514)
Net Loss Per Share
Net loss from continuing operations, Basic (in dollars per share)	$ (0.68)	$ (0.76)	$ (1.81)	$ (2.26)
Net loss from continuing operations, Diluted (in dollars per share)	(0.68)	(0.76)	(1.81)	(2.26)
Net income from discontinued operations, Basic (in dollars per share)	0.43	0.43	0.97	0.70
Net income from discontinued operations, Diluted (in dollars per share)	0.43	0.43	0.97	0.70
Net loss, Basic (in dollars per share)	(0.25)	(0.33)	(0.83)	(1.55)
Net loss, Diluted (in dollars per share)	$ (0.25)	$ (0.33)	$ (0.83)	$ (1.55)
Weighted average common and potential common shares outstanding:
Basic (in shares)	29,747	33,179	29,721	33,159
Diluted (in shares)	29,747	33,179	29,721	33,159
Product
Revenue	$ 71,757	$ 68,178	$ 130,903	$ 125,477

Condensed Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021	Jun. 30, 2022	Jun. 30, 2021
Condensed Consolidated Statements of Comprehensive Loss
Net loss	$ (7,528)	$ (11,094)	$ (24,812)	$ (51,514)
Net changes related to available-for-sale investment debt securities:
Unrealized losses on investment debt securities	(506)	(23)	(1,526)	(367)
Reclassification adjustment for realized losses on investment debt securities included in other income, net	0	0		2
Net unrealized losses on investment debt securities	(506)	(23)	(1,526)	(365)
Foreign currency translation gains (losses)	1,445	(304)	1,851	(23)
Other comprehensive income (loss)	939	(327)	325	(388)
Comprehensive loss	$ (6,589)	$ (11,421)	$ (24,487)	$ (51,902)

- Definition

The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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Amount after tax and reclassification adjustments of other comprehensive income (loss).

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Condensed Consolidated Statements of Changes in Stockholders' (Deficit) - USD ($) shares in Thousands, $ in Thousands	Common Stock Cumulative effect, period of adoption, adjustment	Common Stock	Additional Paid-In Capital Cumulative effect, period of adoption, adjustment	Additional Paid-In Capital	Accumulated Other Comprehensive Loss, Net Cumulative effect, period of adoption, adjustment	Accumulated Other Comprehensive Loss, Net	Accumulated Deficit Cumulative effect, period of adoption, adjustment	Accumulated Deficit	Cumulative effect, period of adoption, adjustment	Total
Balance at Dec. 31, 2020		$ 33		$ 2,233,937		$ (2,477)		$ (2,398,346)		$ (166,853)
Balance (in shares) at Dec. 31, 2020		33,016
Stock-based compensation		$ 0		16,867		0		0		16,867
Net proceeds from exercise of stock options		$ 0		18		0		0		18
Net proceeds from exercise of stock options (in shares)		188
Employee withholding taxes related to stock-based awards		$ 0		(1,325)		0		0		(1,325)
Employee withholding taxes related to stock-based awards, (in shares)		(3)
Other comprehensive income (loss)		$ 0		0		(388)		0		(388)
Net loss		0		0		0		(51,514)		(51,514)
Balance at Jun. 30, 2021		$ 33		2,249,497		(2,865)		(2,449,860)		(203,195)
Balance (in shares) at Jun. 30, 2021		33,201
Balance at Mar. 31, 2021		$ 33		2,241,273		(2,538)		(2,438,766)		(199,998)
Balance (in shares) at Mar. 31, 2021		33,154
Stock-based compensation		$ 0		8,448		0		0		8,448
Net proceeds from exercise of stock options		$ 0		18		0		0		18
Net proceeds from exercise of stock options (in shares)		47
Employee withholding taxes related to stock-based awards		$ 0		(242)		0		0		(242)
Employee withholding taxes related to stock-based awards, (in shares)		0
Other comprehensive income (loss)		$ 0		0		(327)		0		(327)
Net loss		0		0		0		(11,094)		(11,094)
Balance at Jun. 30, 2021		$ 33		2,249,497		(2,865)		(2,449,860)		(203,195)
Balance (in shares) at Jun. 30, 2021		33,201
Balance at Dec. 31, 2021		$ 30		2,308,653		(2,873)		(2,489,772)		(183,962)
Balance (in shares) at Dec. 31, 2021		29,573
Stock-based compensation		$ 0		15,264		0		0		15,264
Issuance of common stock under equity plan		$ 0		0		0		0		$ 0
Issuance of common stock under equity plan (in shares)		251
Net proceeds from exercise of stock options (in shares)										0
Employee withholding taxes related to stock-based awards		$ 0		(345)		0		0		$ (345)
Employee withholding taxes related to stock-based awards, (in shares)		(26)
Other comprehensive income (loss)		$ 0		0		325		0		325
Net loss		0		0		0		(24,812)		(24,812)
Balance at Jun. 30, 2022	$ 0	$ 30	$ (307,371)	2,016,201	$ 0	(2,548)	$ 131,068	(2,383,516)	$ (176,303)	(369,833)
Balance (in shares) at Jun. 30, 2022		29,798
Balance at Mar. 31, 2022		$ 30		2,007,684		(3,487)		(2,375,988)		(371,761)
Balance (in shares) at Mar. 31, 2022		29,709
Stock-based compensation		$ 0		8,544		0		0		8,544
Issuance of common stock under equity plan		$ 0		0		0		0		0
Issuance of common stock under equity plan (in shares)		96
Employee withholding taxes related to stock-based awards		$ 0		(27)		0		0		(27)
Employee withholding taxes related to stock-based awards, (in shares)		(7)
Other comprehensive income (loss)		$ 0		0		939		0		939
Net loss		0		0		0		(7,528)		(7,528)
Balance at Jun. 30, 2022	$ 0	$ 30	$ (307,371)	$ 2,016,201	$ 0	$ (2,548)	$ 131,068	$ (2,383,516)	$ (176,303)	$ (369,833)
Balance (in shares) at Jun. 30, 2022		29,798

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2022	Jun. 30, 2021
Cash flows from operating activities:
Net loss	$ (24,812)	$ (51,514)
Less: Net income from discontinued operations	28,959	23,364
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	10,870	13,693
Amortization of premium on investment debt securities	964	2,296
Amortization of deferred financing costs	1,601	1,356
Write-off of fixed assets	2,399
Depreciation	411	1,661
Non-cash operating lease cost	1,219	2,386
Accretion of debt discount		13,877
Gain on extinguishment of debt	(21)
Gain on lease termination	(1,101)
Provision for allowance of credit losses, net of write-offs	(7)	4
Changes in operating assets:
Accounts receivable	828	550
Prepaid expenses and other current assets	4,845	788
Inventory	215	76
Security deposits	3,656	345
Changes in operating liabilities:
Accounts payable, accrued expenses and other current liabilities	(10,485)	(28,635)
Operating lease liabilities	(1,449)	(3,350)
Interest payable	87
Net cash used in operating activities - continuing operations	(39,739)	(69,831)
Net cash provided by operating activities - discontinued operations	34,353	20,028
Net cash used in operating activities	(5,386)	(49,803)
Cash flows from investing activities:
Purchases of investment debt securities	(239,422)	(87,407)
Sales and maturities of investment debt securities	225,155	227,459
Purchases of equipment, leasehold improvements, and furniture and fixtures	(531)	(397)
Net cash (used in) provided by investing activities - continuing operations	(14,798)	139,655
Net cash (used in) provided by investing activities - discontinued operations	0	0
Net cash (used in) provided by investing activities	(14,798)	139,655
Cash flows from financing activities:
Payments of employee withholding taxes related to stock-based awards	(345)	(1,325)
Proceeds from exercise of options, net		18
Payments for repurchases of convertible senior notes	(3,862)
Payments of debt issuance costs	(35)
Net cash used in financing activities - continuing operations	(4,242)	(1,307)
Net cash (used in) provided by financing activities - discontinued operations	0	0
Net cash used in financing activities	(4,242)	(1,307)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(2,977)	(522)
Net (decrease) increase in cash, cash equivalents and restricted cash	(27,403)	88,023
Cash, cash equivalents and restricted cash at beginning of period	94,409	65,654
Cash, cash equivalents and restricted cash at end of period	67,006	153,677
Less: Cash, cash equivalents and restricted cash of discontinued operations	1,450	1,659
Cash, cash equivalents and restricted cash of continuing operations	$ 65,556	$ 152,018

Condensed Consolidated Statements of Cash Flows (Parenthetical) $ in Thousands	6 Months Ended
	Jun. 30, 2022 USD ($)
Supplemental disclosure of non-cash transactions:
Right-of-use asset obtained in exchange for new operating lease obligations	$ (3,173)
Non-cash investing and financing activities
Net increase in accrued fixed assets	13
Reconciliation of cash, cash equivalents and restricted cash included in the consolidated balance sheets:
Cash and cash equivalents	58,019
Restricted cash	7,537
Total cash, cash equivalents and restricted cash	$ 65,556

Overview of Business

6 Months Ended

Jun. 30, 2022

Overview of Business

Overview of Business

1. Overview of Business

Intercept Pharmaceuticals, Inc. (the “Company”) is a biopharmaceutical company founded in 2002 and focused on the development and commercialization of novel therapeutics to treat progressive non-viral liver diseases, including primary biliary cholangitis (“PBC”) and nonalcoholic steatohepatitis (“NASH”). The Company currently has one marketed product, Ocaliva (obeticholic acid or “OCA”).

On May 5, 2022, the Company entered into a series of agreements to sell the Company’s ex-U.S. commercial operations and sublicense the right to commercialize Ocaliva for PBC and, if approved, OCA for NASH outside of the United States to Advanz Pharma and its affiliates (collectively, “Advanz”) (the “Disposition Transaction”). Consideration under the agreements totaled $405 million up front, subject to adjustments including for cash, working capital, and assumed liabilities.

The Company will receive an additional $45 million from Advanz contingent upon receipt of extensions of orphan exclusivity for Ocaliva from the European Medicines Agency (“EMA”) and Medicines and Healthcare products Regulatory Agency (“MHRA”).

Basis of Presentation

6 Months Ended

Jun. 30, 2022

Basis of Presentation

Basis of Presentation

Use of Estimates

The preparation of these unaudited condensed consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and judgments that affect the reported amounts of assets and liabilities, the disclosure of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from these estimates.

Summary of Significant Accounting Policies

6 Months Ended

Jun. 30, 2022

Summary of Significant Accounting Policiies

Summary of Significant Accounting Policies

3. Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2 of Notes to Consolidated Financial Statements included in its Annual Report on 10-K for the year ended December 31, 2021. With the exception of the accounting for held for sale assets and liabilities and discontinued operations under ASC 205-20, Presentation of Financial Statements:

Discontinued Operations (“ASC 205”), there have been no material changes in the Company’s significant accounting policies as compared to the significant accounting policies described in the Annual Report, other than the adoption of the accounting pronouncements below.

Held for Sale and Discontinued Operations

Assets and liabilities of a group of components of an entity are classified as held for sale when all of the following criteria for a plan of sale have been met: (1) management, having the authority to approve the action, commits to a plan to sell the entities to be sold; (2) the entities to be sold are available for immediate sale, in their present condition, subject only to terms that are usual and customary for sales of such entities to be sold; (3) an active program to locate a buyer and other actions required to complete the plan to sell the entities have been initiated; (4) the sale of the entities is probable and is expected to be completed within one year; (5) the entities are being actively marketed for a price that is reasonable in relation to their current fair value; and (6) actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or the plan will be withdrawn.

Components of an entity that are classified as held for sale and have operations and cash flows that can be clearly distinguished from the rest of the entity are required to be reported as assets and liabilities held for sale. A disposal of a group of components that is classified as held for sale is reported as discontinued operations if the disposal represents a strategic shift that has and will have a major effect on our operations and financial results.

In the period in which the components meet held-for-sale or discontinued operations criteria, the major current assets, other assets, current liabilities, and noncurrent liabilities shall be reported as components of total assets and liabilities separate from those balances of the continuing operations. Assets classified as held for sale are reported at the lower of their carrying value or fair value less costs to sell. Depreciation and amortization of assets ceases upon designation as held for sale. For components that meet the discontinued operations criteria, the results of operations for the discontinued operation are reclassified into separate line items in the condensed consolidated statements of operations, net of income taxes for all periods presented.

The Company accounts for contingent consideration received as a gain contingency, and recognizes such contingent consideration when it is realized or realizable, once the contingency is resolved.

Additional details surrounding the Company's assets and liabilities held for sale and discontinued operations are included in Note 4.

Recent Accounting Pronouncements

Recently Adopted Accounting Pronouncements

In August 2020, the FASB issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity (“ASU 2020-06”), which simplifies the accounting for convertible instruments by eliminating the requirement to separately account for embedded conversion features as an equity component in certain circumstances. A convertible debt instrument will be reported as a single liability instrument with no separate accounting for an embedded conversion feature unless separate accounting is required for an embedded conversion feature as a derivative or under the substantial premium model. The ASU simplifies the diluted earnings per share calculation by requiring that an entity use the if-converted method and that the effect of potential share settlement be included in diluted earnings per share calculations. Further, the ASU requires enhanced disclosures about convertible instruments. The Company adopted ASU 2020-06 on January 1, 2022 using the modified retrospective method. Upon adoption at January 1, 2022, the Company made certain adjustments in its condensed consolidated balance sheets which consisted of an increase of $176.3 million in Long-term debt, a net decrease of $307.4 million in Additional paid-in capital and a net decrease of $131.1 million in Accumulated deficit resulting from the reversal of previously recognized non-cash interest expense.

After adoption, the Company accounts for the Convertible Notes as single liabilities measured at amortized cost. The Company did not elect the fair value option. Additionally, the Company will no longer incur non-cash interest expense for the amortization of debt discount related to the previously separated equity components. The Company will apply the if-converted methodology in computing diluted earnings per share if and when profitability is achieved.

The following table summarizes the adjustments made to the Company’s condensed consolidated balance sheet as of January 1, 2022 as a result of applying the modified retrospective method in adopting ASU 2020-06:



		As Reported		ASU 2020-06		As Adjusted
		December 31, 2021		Adjustments		January 1, 2022

		(in thousands)
Convertible Notes	$	539,782	$	176,303	$	716,085
Additional paid-in capital	$	2,308,653	$	(307,371)	$	2,001,282
Accumulated deficit	$	(2,489,772)	$	131,068	$	(2,358,704)

Under the modified retrospective method, comparative prior periods are not adjusted. The adoption did not impact previously reported amounts in the Company’s condensed consolidated statements of operations, cash flows and the basic and diluted net loss per share amounts.

Discontinued Operations

6 Months Ended

Jun. 30, 2022

Discontinued Operations

Discontinued Operations

4. Discontinued Operations

On May 5, 2022, the Company entered into the Disposition Transaction. Consideration under the agreements totaled $405 million up front, subject to adjustments including for cash, working capital, and assumed liabilities. The Company will receive an additional cumulative $45 million from Advanz contingent upon receipt of extensions of orphan drug exclusivity from the EMA and MHRA. The Company will also receive royalties on any future net sales of OCA in NASH outside of the U.S., should Advanz pursue marketing authorization for this indication in ex-U.S. regions. The Company will continue to be responsible for the manufacturing and supply of OCA globally while Advanz will be responsible for packaging, distribution and commercialization of the therapy in all markets outside of the U.S. In addition, the Company will be responsible for any difference between the cumulative rebate estimated for France for periods prior to July 1, 2022 and the amount agreed through final negotiations with the French government. Under the Sublicense Agreement, we agreed to continue to conduct certain post-marketing work and other activities with respect to Ocaliva for PBC, including continuing to conduct certain PBC studies (the “PBC Post-Marketing Work”). The Company will be reimbursed by Advanz for a portion of the total R&D costs related to the PBC Post-Marketing Work. Refer to Note 16 for additional details regarding the closing and completion of the Disposition Transaction subsequent to the end of the reporting period.

The Company accounted for the Disposition Transaction in accordance with ASC 205 as it met the definitions of held for sale and discontinued operations as of June 30, 2022 and therefore has reclassified the results of the disposed entities into discontinued operations in its unaudited condensed consolidated statements of operations and cash flows for all periods presented. The series of agreements entered into with Advanz were accounted for as a single integrated disposal transaction. The assets and liabilities associated with the ex-U.S. commercial operations to be disposed in the Disposition Transaction were reclassified to assets and liabilities of discontinued operations in the Company's unaudited condensed consolidated balance sheets for the periods presented. All amounts included in the notes to the unaudited condensed consolidated financial statements relate to continuing operations unless otherwise noted.

The following table presents the carrying amounts of the classes of assets and liabilities related to the discontinued operations as of June 30, 2022 and December 31, 2021:



	June 30, 2022		December 31, 2021
Restricted cash	$	1,450	$	1,581
Accounts receivable, net of allowance for credit losses		20,750		19,280
Prepaid expenses and other current assets		2,831		3,551
Fixed assets, net		35		96
Inventory		635		736
Security deposits		2,155		2,332
Other assets		2,023		2,562
Total assets classified as discontinued operations in condensed consolidated balance sheets	$	29,879	$	30,138

Accounts payable, accrued expenses and other liabilities	$	55,549	$	54,436
Long-term other liabilities		879		1,344
Total liabilities classified as discontinued operations in condensed consolidated balance sheets	$	56,428	$	55,780

The following table presents the results of operations related to the discontinued operations for the three and six months ended June 30, 2022 and 2021 respectively:


	Three Months Ended				Six Months Ended
	June 30,				June 30,
	2022		2021		2022		2021

Product revenue, net	$	28,628	$	28,398	$	58,065	$	52,760
Cost of sales		490		363		1,025		881
Selling, general and administrative		15,194		13,773		27,447		27,943
Research and development		55		125		251		279
Restructuring		—		(89)		—		195
Other (expense) income, net		(96)		14		(383)		(98)
Income from discontinued operations in condensed consolidated statements of operations	$	12,793	$	14,240	$	28,959	$	23,364

The following table presents the net cash provided by operating activities for the assets and liabilities held for sale (discontinued operations) for the six months ended June 30, 2022 and 2021 respectively:


	Six Months Ended June 30,
	2022		2021
Net income from discontinued operations	$	28,959	$	23,364

Adjustment of non-cash activities		4,937		3,837
Increase in accounts receivable		(2,973)		(4,617)
Decrease in prepaid expenses and other current assets		881		802
Decrease in inventory		38		16
Decrease in security deposits		1		—
Increase (decrease) in accounts payable, accrued expenses and other current liabilities		2,510		(3,374)

Net cash provided by operating activities	$	34,353	$	20,028

Cash, Cash Equivalents and Investment Debt Securities

6 Months Ended

Jun. 30, 2022

Cash, Cash Equivalents and Investment Debt Securities

Cash, Cash Equivalents and Investment Debt Securities

5. Cash, Cash Equivalents and Investment Debt Securities

The following table summarizes the Company’s cash, cash equivalents and investment debt securities as of June 30, 2022 and December 31, 2021:


	As of June 30, 2022
			Allowance		Gross		Gross
			for Credit		Unrealized		Unrealized
	Amortized Cost		Losses		Gains		Losses		Fair Value

	(in thousands)
Cash and cash equivalents:
Cash and money market funds	$	58,019	$	—	$	—	$	—	$	58,019
Total cash and cash equivalents		58,019		—		—		—		58,019
Investment debt securities:
Commercial paper		143,932		—		—		(320)		143,612
Corporate debt securities		180,955		—		—		(1,319)		179,636
U.S. government agency bonds		3,500		—		—		(58)		3,442
U.S Treasury securities		20,176		—		—		(109)		20,067
Total investment debt securities		348,563		—		—		(1,806)		346,757
Total cash, cash equivalents and investment debt securities	$	406,582	$	—	$	—	$	(1,806)	$	404,776


	As of December 31, 2021
			Allowance		Gross		Gross
			for Credit		Unrealized		Unrealized
	Amortized Cost		Losses		Gains		Losses		Fair Value

	(in thousands)
Cash and cash equivalents:
Cash and money market funds	$	76,709	$	—	$	—	$	—	$	76,709
Commercial paper		8,000		—		—		—		8,000
Total cash and cash equivalents		84,709		—		—		—		84,709
Investment debt securities:
Commercial paper		84,513		—		—		(49)		84,464
Corporate debt securities		232,721		—		16		(245)		232,492
Municipal bonds		5,028		—		—		(1)		5,027
U.S Treasury securities		12,998		—		—		(1)		12,997
Total investment debt securities		335,260		—		16		(296)		334,980
Total cash, cash equivalents and investment debt securities	$	419,969	$	—	$	16	$	(296)	$	419,689

The aggregate fair value of the Company’s available-for-sale investment debt securities that have been in a continuous unrealized loss position for less than twelve months or twelve months or longer is as follows:


	As of June 30, 2022
	Less than 12 months				12 months or longer				Total

	(in thousands)
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	143,612	$	(320)	$	—	$	—	$	143,612	$	(320)
Corporate debt securities		178,637		(1,318)		999		(1)		179,636		(1,319)
U.S. government agency bonds		3,442		(58)		—		—		3,442		(58)
U.S. Treasury securities		20,067		(109)		—		—		20,067		(109)
Total	$	345,758	$	(1,805)	$	999	$	(1)	$	346,757	$	(1,806)


	As of December 31, 2021
	Less than 12 months				12 months or longer				Total

	(in thousands)
			Gross				Gross				Gross
			Unrealized				Unrealized				Unrealized
	Fair Value		Losses		Fair Value		Losses		Fair Value		Losses
Commercial paper	$	81,464	$	(49)	$	—	$	—	$	81,464	$	(49)
Corporate debt securities		196,120		(245)		—		—		196,120		(245)
Municipal bonds		5,027		(1)		—		—		5,027		(1)
U.S Treasury securities		12,997		(1)		—		—		12,997		(1)
Total	$	295,608	$	(296)	$	—	$	—	$	295,608	$	(296)

At June 30, 2022 and December 31, 2021, respectively the Company had 112 and 97 available-for-sale investment debt securities in an unrealized loss position without an allowance for credit losses. Unrealized losses on corporate debt securities have not been recognized into income because the issuers’ bonds are of high credit quality (rated A3/A- or higher) and the decline in fair value is largely due to market conditions and/or changes in interest rates. Management does not intend to sell and it is likely that management will not be required to sell the securities prior to the anticipated recovery of their amortized cost basis. The issuers continue to make timely interest payments on the bonds. The fair value is expected to recover as the bonds approach maturity.

Accrued interest receivable on available-for-sale investment debt securities totaled $0.9 million and $1.3 million at June 30, 2022 and December 31, 2021, respectively, is excluded from the estimate of credit losses and is included in Prepaid expenses and other current assets.

Fair Value Measurements

6 Months Ended

Jun. 30, 2022

Fair Value Measurements

Fair Value Measurements

6. Fair Value Measurements

The carrying amounts of the Company’s receivables and payables approximate their fair value due to their short maturities.

Accounting principles provide guidance for using fair value to measure assets and liabilities. The guidance includes a three-level hierarchy of valuation techniques used to measure fair value, defined as follows:

●

Unadjusted Quoted Prices — The fair value of an asset or liability is based on unadjusted quoted prices in active markets for identical assets or liabilities (Level 1).

●

Pricing Models with Significant Observable Inputs — The fair value of an asset or liability is based on information derived from either an active market quoted price, which may require further adjustment based on the attributes of the financial asset or liability being measured, or an inactive market transaction (Level 2).

●

Pricing Models with Significant Unobservable Inputs — The fair value of an asset or liability is primarily based on internally derived assumptions surrounding the timing and amount of expected cash flows for the financial instrument. Therefore, these assumptions are unobservable in either an active or inactive market (Level 3).

The Company considers an active market as one in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. Conversely, the Company views an inactive market as one in which there are few transactions for the asset or liability, the prices are not current, or price quotations vary substantially either over time or among market makers. Where appropriate, non-performance risk, or that of a counterparty, is considered in determining the fair values of liabilities and assets, respectively.

The Company’s cash deposits, money market funds and U.S. Treasury securities are classified within Level 1 of the fair value hierarchy because they are valued using bank balances or quoted prices from active markets. Commercial paper, corporate debt securities, and U.S. government agency bonds are classified as Level 2 instruments based on market pricing and other observable inputs.

Financial assets carried at fair value are classified in the tables below in one of the three categories described above:


			Fair Value Measurements Using
	Total		Level 1		Level 2		Level 3

	(in thousands)
June 30, 2022
Assets
Cash and cash equivalents:
Money market funds	$	11,347	$	11,347	$	—	$	—
Available-for-sale investment debt securities:
Commercial paper		143,612		—		143,612		—
Corporate debt securities		179,636		—		179,636		—
U.S. government agency bonds		3,442		—		3,442		—
U.S. Treasury securities		20,067		20,067		—		—
Total financial assets	$	358,104	$	31,414	$	326,690	$	—

December 31, 2021
Assets
Cash and cash equivalents:
Money market funds	$	39,287	$	39,287	$	—	$	—
Commercial paper		8,000		—		8,000		—
Available-for-sale investment debt securities:
Commercial paper		84,464		—		84,464		—
Corporate debt securities		232,492		—		232,492		—
Municipal bonds		5,027		—		5,027		—
U.S. Treasury securities		12,997		12,997		—		—
Total financial assets	$	382,267	$	52,284	$	329,983	$	—

See Note 10 for the carrying amounts and estimated fair values of the Company’s 3.50% Convertible Senior Secured Notes due 2026 (“2026 Convertible Secured Notes”), 2.00% Convertible Senior Notes due 2026 (“2026 Convertible Notes”) and 3.25% Convertible Senior Notes due 2023 (“2023 Convertible Notes”).

The aggregate fair value of all available-for-sale investment debt securities (commercial paper, corporate debt securities, U.S. government agency bonds and U.S. Treasury securities), by contractual maturity, are as follows:


	Fair Value as of
	June 30, 2022		December 31, 2021

	(in thousands)
Due in one year or less	$	334,932	$	305,914
Due after one year through two years		11,825		29,066
Total investment debt securities	$	346,757	$	334,980

Actual maturities may differ from contractual maturities because issuers may have the right to call or prepay obligations without call or prepayment penalties.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Fixed Assets, Net

6 Months Ended

Jun. 30, 2022

Fixed Assets, Net

Fixed Assets, Net

7. Fixed Assets, Net

Fixed assets are stated at cost and depreciated or amortized using the straight-line method based on useful lives as follows:


	Useful lives
	(Years)	June 30, 2022		December 31, 2021

		(in thousands)
Office equipment and software	3	$	4,100	$	4,751
Leasehold improvements	Shorter of remaining lease term or useful life		10,891		12,884
Furniture and fixtures	7		3,199		3,772
Subtotal			18,190		21,407
Less: accumulated depreciation			(17,188)		(18,126)
Fixed assets, net		$	1,002	$	3,281

Inventory

6 Months Ended

Jun. 30, 2022

Inventory

Inventory

8. Inventory

Inventories are stated at the lower of cost or market. Inventories consisted of the following:



	June 30, 2022		December 31, 2021

	(in thousands)
Work-in-process	$	6,702	$	7,801
Finished goods		189		82
Inventory	$	6,891	$	7,883

Accounts Payable, Accrued Expenses and Other Liabilities

6 Months Ended

Jun. 30, 2022

Accounts Payable, Accrued Expenses and Other Liabilities

Accounts Payable, Accrued Expenses and Other Liabilities

9. Accounts Payable, Accrued Expenses and Other Liabilities

Accounts payable, accrued expenses and other liabilities consisted of the following:



		June 30, 2022