Quarterly report pursuant to Section 13 or 15(d)

Fair Value Measurements (Tables)

v2.4.0.6
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2012
Fair Value Measurements [Abstract]  
Summary of investments classified as available for sale and carried at fair value

A summary of our investments classified as available for sale, and carried at fair value is as follows (in thousands):

 

                                         

(in thousands)

  Amortized
cost
    Gross
unrealized
gains in
Accumulated
OCI
    Gross
unrealized
losses in
Accumulated
OCI
    Gain/(Loss)
in
Accumulated
Deficit
    Fair
Value
 
           

Common stock investments

  $ 1,731     $ 5,265     $ (80   $ —       $ 6,916  

BZNE Note and beneficial conversation feature

    1,700       53       —         287       2,040  

BZNE common stock warrants

    —         —         —         1,276       1,276  

Neovasc common stock options

    818       180       —         —         998  

Neovasc common stock warrants

    659       194       —         (453     400  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 4,908     $ 5,692     $ (80   $ 1,110     $ 11,630  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Financial assets and liabilities measured at fair value on a recurring basis

Our financial assets and liabilities measured at fair value on a recurring basis are as follows:

 

                                 
    Fair value measurements as of June 30, 2012  

(in thousands)

  Quoted
prices in
active
markets
for
identical
assets

(Level 1)
    Significant
other
observable
inputs

(Level 2)
    Significant
unobservable
inputs

(Level  3)
    Total  

Assets:

                               

Money market funds

  $ 21,560     $ —       $ —       $ 21,560  

US Treasury securities

    24,996       —         —         24,996  

Certificates of deposit

    —         8,607       —         8,607  

Common stock investments

    6,916       —         —         6,916  

BZNE Note and beneficial conversation feature

    —         —         2,040       2,040  

BZNE common stock warrants

    —         —         1,276       1,276  

Neovasc common stock options

    —         998       —         998  

Neovasc common stock warrants

    —         400       —         400  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 53,472     $ 10,005     $ 3,316     $ 66,793  
   

 

 

   

 

 

   

 

 

   

 

 

 
         

Liabilities:

                               

Forward contracts

  $ —       $ 27     $ —       $ 27  

CURNA contingent consideration

    —         —         510       510  

OPKO Diagnostics contingent consideration

    —         —         14,512       14,512  

FineTech contingent consideration

    —         —         5,089       5,089  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total liabilities

  $ —       $ 27     $ 20,111     $ 20,138  
   

 

 

   

 

 

   

 

 

   

 

 

 
Reconciles the beginning and ending balances of Level 3 assets and liabilities

The following table reconciles the beginning and ending balances of our Level 3 assets and liabilities:

 

                 

(in thousands)

  BNZE
Note and
BZNE
Warrants
    Contingent
consideration
 

Balance at December 31, 2011

  $ —       $ 18,002  

Additions

    1,700       —    

Change in fair value included in:

               

Operating expenses

    —         2,109  

Other income and expense, net

    1,616       —    
   

 

 

   

 

 

 

Balance at June 30, 2012

  $ 3,316     $ 20,111