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Investments | 6 Months Ended
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Jun. 30, 2021
Investments Debt And Equity Securities [Abstract] |
Investments | 4. INVESTMENTS Investments consisted of the following (in thousands):
|  |  |  |  |  | Gross Unrealized |  |  |  |  |  |  |  |  |
|  |  |  |  |  |  |  |  |  | Losses |  |  |  |  |  |  |  |  |
|  | Amortized |  |  |  |  |  |  | Less than |  |  | Greater than |  |  | Allowance for |  |  | Estimated |
June 30, 2021 |  | Cost |  |  | Gains |  |  | One Year |  |  | One Year |  |  | Credit Losses |  |  | Fair Value |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 136,404 |  |  | $ | 570 |  |  | $ | (16 | ) |  | $ | — |  |  | $ | — |  |  | $ | 136,958 |
International government agency debt securities |  |  | 72,982 |  |  |  | 190 |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 73,167 |
U.S. government and agency debt securities |  |  | 67,868 |  |  |  | 139 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 68,007 |
|  |  | 277,254 |  |  |  | 899 |  |  |  | (21 | ) |  |  | — |  |  |  | — |  |  |  | 278,132 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed term deposit account |  |  | 1,667 |  |  |  | 205 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,872 |
Total short-term investments |  |  | 278,921 |  |  |  | 1,104 |  |  |  | (21 | ) |  |  | — |  |  |  | — |  |  |  | 280,004 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 52,638 |  |  |  | — |  |  |  | (46 | ) |  |  | — |  |  |  | — |  |  |  | 52,592 |
International government agency debt securities |  |  | 30,877 |  |  |  | — |  |  |  | (46 | ) |  |  | — |  |  |  | — |  |  |  | 30,831 |
U.S. government and agency debt securities |  |  | 45,831 |  |  |  | — |  |  |  | (42 | ) |  |  | — |  |  |  | — |  |  |  | 45,789 |
|  |  | 129,346 |  |  |  | — |  |  |  | (134 | ) |  |  | — |  |  |  | — |  |  |  | 129,212 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 1,820 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,820 |
Total long-term investments |  |  | 131,166 |  |  |  | — |  |  |  | (134 | ) |  |  | — |  |  |  | — |  |  |  | 131,032 |
Total investments |  | $ | 410,087 |  |  | $ | 1,104 |  |  | $ | (155 | ) |  | $ | — |  |  | $ | — |  |  | $ | 411,036 |
December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  | $ | 176,937 |  |  | $ | 1,105 |  |  | $ | (7 | ) |  | $ | — |  |  | $ | (977 | ) |  | $ | 177,058 |
U.S. government and agency debt securities |  |  | 103,011 |  |  |  | 336 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 103,345 |
International government agency debt securities |  |  | 79,346 |  |  |  | 469 |  |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 79,809 |
|  |  | 359,294 |  |  |  | 1,910 |  |  |  | (15 | ) |  |  | — |  |  |  | (977 | ) |  |  | 360,212 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Fixed term deposit account |  |  | 1,667 |  |  |  | 187 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,854 |
Total short-term investments |  |  | 360,961 |  |  |  | 2,097 |  |  |  | (15 | ) |  |  | — |  |  |  | (977 | ) |  |  | 362,066 |
Long-term investments: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Available-for-sale securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Corporate debt securities |  |  | 7,908 |  |  |  | — |  |  |  | (10 | ) |  |  | — |  |  |  | — |  |  |  | 7,898 |
International government agency debt securities |  |  | 15,077 |  |  |  | — |  |  |  | (15 | ) |  |  | — |  |  |  | — |  |  |  | 15,062 |
|  |  | 22,985 |  |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | — |  |  |  | 22,960 |
Held-to-maturity securities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Certificates of deposit |  |  | 1,820 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,820 |
Total long-term investments |  |  | 24,805 |  |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | — |  |  |  | 24,780 |
Total investments |  | $ | 385,766 |  |  | $ | 2,097 |  |  | $ | (40 | ) |  | $ | — |  |  | $ | (977 | ) |  | $ | 386,846 |
At June 30, 2021, the Company reviewed its investment portfolio to assess whether the unrealized losses on its available-for-sale investments were other-than-temporary. Investments with unrealized losses consisted primarily of corporate debt securities and debt securities issued by non-U.S. agencies and backed by non-U.S. governments. In making the determination whether the decline in fair value of these securities was other-than-temporary, the Company evaluated whether it intended to sell the security and whether it was more likely than not that the Company would be required to sell the security before recovering its amortized cost basis. If the Company intends to sell a security, or it is more likely than not that the Company would be required to sell a security prior to recovering its amortized cost basis, an other-than-temporary impairment is deemed to have occurred. The amount of an other-than-temporary impairment related to a credit loss, or investments that the Company intends to sell before recovery, is recognized in earnings. In September 2019, the Company purchased a convertible promissory note in the principal amount of $1.9 million from Synchronicity Pharma, Inc., a related party. The note was classified as an available-for-sale corporate debt instrument. In September 2020, the Company recorded an other-than-temporary credit loss of $1.0 million against the value of this investment. During the three months ended June 30, 2021, the Company determined that the remaining $0.9 million value of the investment was impaired and recorded an additional other-than-temporary credit loss. The loss was recorded within “Other (expense) income, net” in the accompanying condensed consolidated statements of operations and comprehensive income (loss). In May 2014, the Company entered into an agreement whereby it committed to provide up to €7.4 million to Fountain Healthcare Partners II, L.P., an Irish partnership (“Fountain”), which was created to carry on the business of investing exclusively in companies and businesses engaged in the healthcare, pharmaceutical and life sciences sectors. The Company’s commitment to Fountain represents approximately 7% of Fountain’s total funding. As of June 30, 2021, the Company had invested €7.2 million in Fountain. The Company is accounting for its investment in Fountain under the equity method. The Company’s net investment in Fountain was $5.9 million and $6.2 million at June 30, 2021 and December 31, 2020, respectively, and was included within “Other assets” in the accompanying condensed consolidated balance sheets. The proceeds from sales and maturities of marketable securities, which were identified using the specific identification method and were primarily reinvested, were as follows:
|  | Six Months Ended June 30, |
(In thousands) |  | 2021 |  |  | 2020 |
Proceeds from the sales and maturities of marketable securities |  | $ | 175,499 |  |  | $ | 147,859 |
Realized gains |  | $ | — |  |  | $ | 51 |
Realized losses |  | $ | 977 |  |  | $ | — |
The Company’s available-for-sale and held-to-maturity securities at June 30, 2021 had contractual maturities in the following periods:
|  | Available-for-sale |  |  | Held-to-maturity |
|  | Amortized |  |  | Estimated |  |  | Amortized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Fair Value |  |  | Cost |  |  | Fair Value |
Within 1 year |  | $ | 194,815 |  |  | $ | 195,149 |  |  | $ | 3,487 |  |  | $ | 3,692 |
After 1 year through 5 years |  |  | 211,785 |  |  |  | 212,195 |  |  |  | — |  |  |  | — |
Total |  | $ | 406,600 |  |  | $ | 407,344 |  |  | $ | 3,487 |  |  | $ | 3,692 |

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