10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

 

FORM 10-Q

 

 

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2022

OR

 

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number: 001-37766

 

INTELLIA THERAPEUTICS, INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

Delaware

36-4785571

(State or Other Jurisdiction of

(I.R.S. Employer

Incorporation or Organization)

Identification No.)

 

 

40 Erie Street, Suite 130, Cambridge, Massachusetts

02139

(Address of Principal Executive Offices)

(Zip Code)

857-285-6200

(Registrant’s Telephone Number, Including Area Code)

 

Securities Registered Pursuant to Section 12(b) of the Act:

 

Title of each Class

Trade Symbol(s)

Name of each exchange on which registered

Common Stock, par value $0.0001 per share

NTLA

The Nasdaq Global Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

 

Accelerated filer

 

Non-accelerated filer

 

 

Smaller reporting company

 

Emerging growth company

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act). Yes No ☒

The number of shares outstanding of the registrant’s common stock as of August 1, 2022: 76,011,784 shares.

 

 


 

 

PART I - FINANCIAL INFORMATION

 

 

 

Item 1. Financial Statements (unaudited)

 

 

 

Condensed Consolidated Balance Sheets as of June 30, 2022 and December 31, 2021

3

 

 

Condensed Consolidated Statements of Operations and Comprehensive Loss for the Three and Six Months Ended June 30, 2022 and 2021

4

 

 

Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 2022 and 2021

5

 

 

Notes to Condensed Consolidated Financial Statements

6

 

 

Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations

23

 

 

Item 3. Quantitative and Qualitative Disclosures About Market Risk

37

 

 

Item 4. Controls and Procedures.

38

 

 

PART II - OTHER INFORMATION

Item 1. Legal Proceedings

39

 

 

Item 1A. Risk Factors

39

 

 

Item 2. Unregistered Sales of Equity Securities and Use of Proceeds

87

 

Item 6. Exhibits

88

 

 

Signatures

89

 

 

2


 

PART I – FINANCIAL INFORMATION

Item 1. Financial Statements

INTELLIA THERAPEUTICS, INC.

Condensed Consolidated Balance Sheets (unaudited)

(Amounts in thousands except share and per share data)

 

 

 

June 30,
2022

 

 

December 31,
2021

 

ASSETS

 

Current Assets:

 

 

 

 

 

 

Cash and cash equivalents

 

$

147,781

 

 

$

123,406

 

Marketable securities

 

 

726,494

 

 

 

625,282

 

Accounts receivable ($0 million and $0.1 million, respectively, from related party)

 

 

2,854

 

 

 

2,031

 

Prepaid expenses and other current assets

 

 

18,304

 

 

 

18,584

 

Total current assets

 

 

895,433

 

 

 

769,303

 

Marketable securities - noncurrent

 

 

32,604

 

 

 

337,361

 

Property and equipment, net

 

 

25,868

 

 

 

20,968

 

Operating lease right-of-use assets

 

 

73,775

 

 

 

79,143

 

Equity method investment

 

 

45,616

 

 

 

58,131

 

Investments and other assets ($10.0 million at the end of each period from related party)

 

 

37,128

 

 

 

29,558

 

Total Assets

 

$

1,110,424

 

 

$

1,294,464

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

Current Liabilities:

 

 

 

 

 

 

Accounts payable

 

$

7,515

 

 

$

9,653

 

Accrued expenses ($0.1 million and $0 million, respectively, from related party)

 

 

44,871

 

 

 

43,309

 

Current portion of operating lease liability

 

 

9,568

 

 

 

9,112

 

Current portion of deferred revenue ($39.3 million and $41.2 million, respectively, from related party)

 

 

61,806

 

 

 

63,759

 

Total current liabilities

 

 

123,760

 

 

 

125,833

 

Deferred revenue, net of current portion ($2.9 million and $19.9 million, respectively, from related party)

 

 

35,330

 

 

 

63,476

 

Long-term operating lease liability

 

 

59,997

 

 

 

64,911

 

Other long-term liabilities

 

 

10,790

 

 

 

-

 

Commitments and contingencies (Note 6)

 

 

 

 

 

 

Stockholders’ Equity:

 

 

 

 

 

 

Common stock, $0.0001 par value; 120,000,000 shares authorized;
  
76,000,745 and 74,485,883 shares issued and outstanding at
  June 30, 2022 and December 31, 2021, respectively

 

 

8

 

 

 

7

 

Additional paid-in capital

 

 

1,840,644

 

 

 

1,745,870

 

Accumulated other comprehensive loss

 

 

(9,554

)

 

 

(2,632

)

Accumulated deficit

 

 

(950,551

)

 

 

(703,001

)

Total stockholders’ equity

 

 

880,547

 

 

 

1,040,244

 

Total Liabilities and Stockholders’ Equity

 

$

1,110,424

 

 

$

1,294,464

 

 

See notes to condensed consolidated financial statements.

 

3


 

INTELLIA THERAPEUTICS, INC.

Condensed Consolidated Statements of Operations and Comprehensive Loss (unaudited)

(Amounts in thousands except per share data)

 

 

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

 

2022

 

 

2021

 

Collaboration revenue (1)

 

$

14,030

 

 

$

6,550

 

 

$

25,282

 

 

$

12,995

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

 

90,199

 

 

 

58,884

 

 

 

223,294

 

 

 

98,160

 

General and administrative

 

 

22,132

 

 

 

16,683

 

 

 

44,535

 

 

 

30,277

 

Total operating expenses

 

 

112,331

 

 

 

75,567

 

 

 

267,829

 

 

 

128,437

 

Operating loss

 

 

(98,301

)

 

 

(69,017

)

 

 

(242,547

)

 

 

(115,442

)

Other (expense) income, net:

 

 

 

 

 

 

 

 

 

 

 

 

Interest income

 

 

703

 

 

 

211

 

 

 

1,243

 

 

 

431

 

Loss from equity method investment

 

 

(3,252

)

 

 

-

 

 

 

(5,997

)

 

 

-

 

Change in fair value of contingent consideration

 

 

172

 

 

 

-

 

 

 

(249

)

 

 

-

 

Total other (expense) income, net

 

 

(2,377

)

 

 

211

 

 

 

(5,003

)

 

 

431

 

Net loss

 

$

(100,678

)

 

$

(68,806

)

 

$

(247,550

)

 

$

(115,011

)

Net loss per share, basic and diluted

 

$

(1.33

)

 

$

(1.01

)

 

$

(3.29

)

 

$

(1.70

)

Weighted average shares outstanding, basic and
   diluted

 

 

75,823

 

 

 

68,164

 

 

 

75,282

 

 

 

67,675

 

Other comprehensive loss:

 

 

 

 

 

 

 

 

 

 

 

 

Unrealized loss on marketable securities

 

 

(932

)

 

 

(1

)

 

 

(6,060

)

 

 

(14

)

Other comprehensive loss from equity method investment

 

 

(560

)

 

 

-

 

 

 

(862

)

 

 

-

 

Comprehensive loss

 

$

(102,170

)

 

$

(68,807

)

 

$

(254,472

)

 

$

(115,025

)

 

 

 

 

 

 

 

 

 

 

 

 

 

(1) Including the following revenue from related party (see Notes 7 and 8):

 

$

7,767

 

 

$

-

 

 

$

13,151

 

 

$

-

 

 

See notes to condensed consolidated financial statements.

 

4


 

INTELLIA THERAPEUTICS, INC.

Condensed Consolidated Statements of Cash Flows (unaudited)

(Amounts in thousands)

 

 

 

Six Months Ended June 30,

 

 

 

2022

 

 

2021

 

CASH FLOWS FROM OPERATING ACTIVITIES:

 

 

 

 

 

 

Net loss

 

$

(247,550

)

 

$

(115,011

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

3,591

 

 

 

3,225

 

Equity-based compensation

 

 

41,559

 

 

 

17,038

 

Amortization of investment premiums

 

 

4,428

 

 

 

2,868

 

Loss from equity method investment

 

 

5,997

 

 

 

-

 

Deferral of equity method investment intra-entity profit on sales

 

 

5,656

 

 

 

-

 

Change in fair value of contingent consideration

 

 

249

 

 

 

-

 

In-process research and development charge

 

 

55,990

 

 

 

-

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

Accounts receivable

 

 

(824

)

 

 

137

 

Prepaid expenses and other current assets

 

 

434

 

 

 

(8,703

)

Operating lease right-of-use assets

 

 

5,368

 

 

 

4,018

 

Other assets

 

 

(802

)

 

 

(229

)

Accounts payable

 

 

(3,710

)

 

 

(2,606

)

Accrued expenses

 

 

(721

)

 

 

10,135

 

Deferred revenue

 

 

(30,099

)

 

 

(11,179

)

Operating lease liabilities

 

 

(4,458

)

 

 

(5,050

)

Net cash used in operating activities

 

 

(164,892

)

 

 

(105,357

)

CASH FLOWS FROM INVESTING ACTIVITIES:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(5,409

)

 

 

(5,350

)

Purchases of marketable securities

 

 

(31,524

)

 

 

(185,431

)

Maturities of marketable securities

 

 

224,583

 

 

 

198,499

 

Acquired in-process research and development, net of cash acquired of $287

 

 

(44,832

)

 

 

-

 

Net cash provided by investing activities

 

 

142,818

 

 

 

7,718

 

CASH FLOWS FROM FINANCING ACTIVITIES:

 

 

 

 

 

 

Proceeds from issuance of common stock through at-the-market offerings,
   net of issuance costs

 

 

38,885

 

 

 

45,255

 

Proceeds from options exercised

 

 

13,262

 

 

 

19,503

 

Issuance of shares through employee stock purchase plan

 

 

1,068

 

 

 

970

 

Net cash provided by financing activities

 

 

53,215

 

 

 

65,728

 

Net increase (decrease) in cash and cash equivalents and restricted cash equivalents

 

 

31,141

 

 

 

(31,911

)

Cash and cash equivalents and restricted cash equivalents, beginning of
   period

 

 

125,486

 

 

 

164,606

 

Cash and cash equivalents and restricted cash equivalents, end of period

 

$

156,627

 

 

$

132,695

 

 

 

 

 

 

 

 

Reconciliation of cash and cash equivalents and restricted cash
   equivalents to condensed consolidated balance sheet:

 

 

 

 

 

 

Cash and cash equivalents

 

$

147,781

 

 

$

129,879

 

Restricted cash equivalents, included in investments and other assets

 

 

8,846

 

 

 

2,816

 

Total cash and cash equivalents and restricted cash equivalents

 

$

156,627

 

 

$

132,695

 

 

 

 

 

 

 

 

SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION:

 

 

 

 

 

 

Purchases of property and equipment unpaid at period end

 

$

3,750

 

 

$

1,969

 

Right-of-use assets acquired under operating leases

 

 

-

 

 

 

41,974

 

Contingent consideration liability assumed in asset acquisition

 

 

10,541

 

 

 

-

 

Offering costs unpaid at period end

 

 

-

 

 

 

208

 

 

 

See notes to condensed consolidated financial statements.

 

5


 

INTELLIA THERAPEUTICS, INC.

Notes to Condensed Consolidated Financial Statements (unaudited)

1. Overview and Basis of Presentation

Intellia Therapeutics, Inc. (“Intellia” or the “Company”) is a leading clinical-stage genome editing company, focused on developing novel, potentially curative therapeutics leveraging CRISPR/Cas9-based technologies. CRISPR/Cas9, an acronym for Clustered, Regularly Interspaced Short Palindromic Repeats (“CRISPR”)/CRISPR associated 9 (“Cas9”), is a technology for genome editing, the process of altering selected sequences of genomic deoxyribonucleic acid (“DNA”). To fully realize the transformative potential of CRISPR/Cas9-based technologies, Intellia is building a full-spectrum genome editing company, by leveraging its modular platform, to advance in vivo and ex vivo therapies for diseases with high unmet need by pursuing two primary approaches. The Company's in vivo programs use intravenously administered CRISPR as the therapy, in which proprietary delivery technology enables highly precise editing of disease-causing genes directly within specific target tissues. The Company's ex vivo programs use CRISPR to create the therapy by using engineered human cells to treat cancer and autoimmune diseases. The Company's deep scientific, technical and clinical development experience, along with its robust intellectual property (“IP”) portfolio, have enabled it to take a leadership role in harnessing the full potential of genome editing to create new classes of genetic medicine.

The condensed consolidated financial statements of the Company included herein have been prepared, without audit, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”). Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) have been condensed or omitted from this report, as is permitted by such rules and regulations. Accordingly, these condensed consolidated financial statements should be read in conjunction with the financial statements and notes thereto included in the Company’s Annual Report on Form 10-K (“Annual Report”) for the year ended December 31, 2021.

On February 2, 2022, the Company entered into an Agreement and Plan of Merger (the “Merger Agreement”) with RW Acquisition Corp., a Delaware corporation and a wholly-owned subsidiary of the Company (“Merger Sub”), Rewrite Therapeutics, Inc., a Delaware corporation (“Rewrite”) and Shareholder Representative Services LLC, a Colorado limited liability company, solely in its capacity as the representative of the Rewrite Holders (as defined below). On the effective date of the Merger Agreement, Merger Sub merged with and into Rewrite, with Rewrite surviving as a wholly-owned subsidiary of the Company. Pursuant to the Merger Agreement, and subject to the terms and conditions thereof, the Company paid Rewrite’s former stockholders and optionholders (the “Rewrite Holders”) upfront consideration in an aggregate amount of approximately $45.0 million payable in cash, excluding customary purchase price adjustments. In addition, the Rewrite Holders will be eligible to receive up to an additional $155.0 million in milestone payments upon the achievement of certain pre-specified research and regulatory approval milestones, payable through a mixture of $130.0 million in cash and $25.0 million in shares of common stock, par value $0.0001 per share (“Common Stock”) of the Company. The shares of Common Stock will be valued using the volume-weighted average price of Common Stock of the Company over the ten consecutive trading day period ending on and including the trading day that is two trading days immediately prior to the issuance of the consideration issued in connection with the applicable milestone.

The unaudited condensed consolidated financial statements include the accounts of Intellia Therapeutics, Inc. and its wholly- owned subsidiaries, Intellia Securities Corp. and Rewrite Therapeutics, Inc. All intercompany balances and transactions have been eliminated in consolidation. Comprehensive loss is comprised of net loss, unrealized gain/loss on marketable securities and other comprehensive loss from equity method investment.

The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates, judgments and assumptions that affect the amounts reported in the financial statements and accompanying notes. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, research and development expenses, valuation of equity and fair value method investments, contingent consideration and equity-based compensation expense. The Company bases its estimates on historical experience and various other assumptions that management believes to be reasonable under the circumstances at the time such estimates are made. Actual results could differ from those estimates. The Company periodically reviews its estimates in light of changes in circumstances, facts and experience. The extent of the impact of the coronavirus disease 19 (“COVID-19”) pandemic on the Company’s operational and financial performance will depend on certain developments, including the length and severity of this pandemic, as well as its effect on the

 

6


 

Company’s employees, collaborators and vendors, all of which are uncertain and cannot be predicted. The Company cannot reasonably estimate the extent to which the disruption may materially impact its consolidated results of operations or financial position.

The effects of material revisions in estimates are reflected in the condensed consolidated financial statements prospectively from the date of the change in estimate.

In the opinion of management, the information furnished reflects all adjustments, all of which are of a normal and recurring nature, necessary for a fair presentation of the results for the reported interim periods. The Company considers events or transactions that occur after the balance sheet date but before the financial statements are issued to provide additional evidence relative to certain estimates or to identify matters that require additional disclosure. The results of operations for interim periods are not necessarily indicative of results to be expected for the full year or any other interim period.

Liquidity

Since its inception through June 30, 2022, the Company has raised an aggregate of approximately $1,861.1 million to fund its operations through its initial public offering (“IPO”) and concurrent private placements, follow-on public offerings, at-the-market offerings and the sale of convertible preferred stock, as well as through its collaboration agreements. The Company expects that its cash, cash equivalents and marketable securities as of June 30, 2022 will enable the Company to fund its ongoing operating expenses and capital expenditure requirements for at least the twelve-month period following the issuance of these condensed consolidated financial statements.

2. Summary of Significant Accounting Policies

The Company’s significant accounting policies are described in Note 2, “Summary of Significant Accounting Policies” to the consolidated financial statements included in the Annual Report for the year ended December 31, 2021. There have been no material changes during the six months ended June 30, 2022 except for the following.

Asset acquisitions

At the time of acquisition, the Company determines if a transaction should be accounted for as a business combination or acquisition of assets. The Company measures and recognizes asset acquisitions that are not deemed to be business combinations based on the cost to acquire the assets, which includes transaction costs, and the consideration is allocated to the items acquired based on a relative fair value methodology. Goodwill is not recognized in asset acquisitions. In an asset acquisition, the cost allocated to acquire in-process research and development with no alternative future use is charged to research and development expense at the acquisition date.

 

Contingent consideration

The Company accounts for contingent consideration identified in an asset acquisition, that is payable in cash and does not meet the definition of a derivative under Accounting Standard Codification (“ASC”) 815, Derivatives and Hedging, when the contingency is resolved and the consideration is paid or becomes payable.

 

The Company accounts for contingent consideration identified in an asset acquisition that is settled in shares of common stock under ASC 480, Distinguishing Liabilities from Equity (“ASC 480”). The contingent consideration liability will be recorded at fair value at the end of each reporting period with changes in estimated fair values recorded in other (expense) income in the condensed consolidated statements of operations and comprehensive loss.

 

The estimated fair value of the contingent consideration liability related to the Rewrite acquisition (see Notes 4 and 9) is determined based on a probability adjusted discounted cash flow model that includes significant estimates and assumptions pertaining to research and development. Significant changes in any of the probabilities of success or in the probabilities as to the periods in which the milestone would be achieved would result in a significantly higher or lower fair value measurement. The Company will continue to adjust the liability for changes in fair value until the obligation is settled or the research is abandoned.

 

7


 

3. Marketable Securities

The following table summarizes the Company’s available-for-sale marketable securities as of June 30, 2022 and December 31, 2021 at net book value:

 

 

 

June 30, 2022

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

$

295,742

 

 

$

-

 

 

$

(4,454

)

 

$

291,288

 

Financial institution debt securities

 

 

303,294

 

 

 

-

 

 

 

(2,296

)

 

 

300,998

 

Corporate debt securities

 

 

52,575

 

 

 

-

 

 

 

(724

)

 

 

51,851

 

Other asset-backed securities

 

 

115,671

 

 

 

-

 

 

 

(710

)

 

 

114,961

 

Total

 

$

767,282

 

 

$

-

 

 

$

(8,184

)

 

$

759,098

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

December 31, 2021

 

 

 

Amortized
Cost

 

 

Gross Unrealized
Gains

 

 

Gross Unrealized
Losses

 

 

Estimated Fair
Value

 

 

 

(In thousands)

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

$

301,493

 

 

$

-

 

 

$

(1,016

)

 

$

300,477

 

Financial institution debt securities

 

 

441,068

 

 

 

-

 

 

 

(652

)

 

 

440,416

 

Corporate debt securities

 

 

62,500

 

 

 

-

 

 

 

(151

)

 

 

62,349

 

Other asset-backed securities

 

 

159,707

 

 

 

-

 

 

 

(306

)

 

 

159,401

 

Total

 

$

964,768

 

 

$

-

 

 

$

(2,125

)

 

$

962,643

 

 

The amortized cost of available-for-sale securities is adjusted for amortization of premiums and accretion of discounts to maturity. At June 30, 2022 and December 31, 2021, the balance in the Company’s accumulated other comprehensive loss was composed of activity related to the Company’s available-for-sale marketable securities and equity method investment. There were no realized gains or losses in the six months ended June 30, 2022 or for the year ended December 31, 2021. The Company did not reclassify any amounts out of accumulated other comprehensive loss during this period. The Company generally does not intend to sell any investments prior to recovery of their amortized cost basis for any investment in an unrealized loss position. As such, the Company has classified these losses as temporary in nature.

The Company's available-for-sale securities that are classified as short-term marketable securities in the condensed consolidated balance sheet mature within one year or less as of the balance sheet date. Available-for-sale securities that are classified as noncurrent in the condensed consolidated balance sheet are those that mature after one year but within five years from the balance sheet date and that the Company does not intend to dispose of within the next twelve months. At June 30, 2022 and December 31, 2021, the Company did not hold any investments that matured beyond five years of the balance sheet date.

 

8


 

4. Fair Value Measurements

The Company classifies fair value-based measurements using a three-level hierarchy that prioritizes the inputs used to measure fair value. This hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows: Level 1, quoted market prices (unadjusted) in active markets for identical assets or liabilities; Level 2, observable inputs other than quoted market prices included in Level 1, such as quoted market prices for markets that are not active or other inputs that are observable or can be corroborated by observable market data; and Level 3, unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities, including certain pricing models, discounted cash flow methodologies and similar techniques that use significant unobservable inputs.

As of June 30, 2022 and December 31, 2021, the Company’s financial assets and liabilities recognized at fair value on a recurring basis consisted of the following:

 

 

Fair Value as of June 30, 2022

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and restricted cash equivalents

 

$

156,323

 

 

$

156,323

 

 

$

-

 

 

$

-

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

 

291,288

 

 

 

276,278

 

 

 

15,010

 

 

 

-

 

Financial institution debt securities

 

 

300,998

 

 

 

-

 

 

 

300,998

 

 

 

-

 

Corporate debt securities

 

 

51,851

 

 

 

-

 

 

 

51,851

 

 

 

-

 

Other asset-backed securities

 

 

114,961

 

 

 

-

 

 

 

114,961

 

 

 

-

 

Total marketable securities

 

 

759,098

 

 

 

276,278

 

 

 

482,820

 

 

 

-

 

Total Assets

 

$

915,421

 

 

$

432,601

 

 

$

482,820

 

 

$

-

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Contingent consideration liability - research

 

$

10,790

 

 

$

-

 

 

$

-

 

 

$

10,790

 

Total Liabilities

 

$

10,790

 

 

$

-

 

 

$

-

 

 

$

10,790

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fair Value as of December 31, 2021

 

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

 

(In thousands)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents and restricted cash equivalents

 

$

124,636

 

 

$

124,636

 

 

$

-

 

 

$

-

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

U.S. Treasury and other government securities

 

 

300,477

 

 

 

280,085

 

 

 

20,392

 

 

 

-

 

Financial institution debt securities

 

 

440,416

 

 

 

-

 

 

 

440,416

 

 

 

-

 

Corporate debt securities

 

 

62,349

 

 

 

-

 

 

 

62,349

 

 

 

-

 

Other asset-backed securities

 

 

159,401

 

 

 

-