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Equity Investments | 3 Months Ended
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Mar. 31, 2020
Equity Method Investments And Joint Ventures [Abstract] |
Equity Investments |
(9) | Equity Investments
The Company classifies the Nimbus investment as an equity investment within the condensed consolidated balance sheets. The Nimbus investment was received as compensation for collaboration services provided under a separate service agreement. During the three months ended March 31, 2020, the Company made a $2,869 cash investment in Nimbus. The Company held 7.6% and 6.7% of Nimbus units on a fully diluted basis as of March 31, 2020 and December 31, 2019, respectively. The Company also has the right to designate one of nine board seats, provide software used by Nimbus to pursue drug discovery activities, and participate via the board seat in the governance of the entity. Based upon these factors, the Company’s management believes that it has significant influence over the entity and therefore accounts for the entity as an equity method investment. The Company provides collaboration services for Nimbus under the terms of a master services agreement executed on May 18, 2010, as amended. Collaboration agreements are separate from the transaction which resulted in equity ownership and related fees are paid in cash to the Company. Under the HLBV method, the Company reported losses of $1,008 and $626 on the Nimbus investment for the three months ended March 31, 2020 and 2019, respectively. The carrying value of the Nimbus investment was $1,969 and $108 as of March 31, 2020 and December 31, 2019, respectively. The Company has no obligation to fund Nimbus losses in excess of its initial investment. In June 2019, Morphic successfully completed an initial public offering. The Company accounts for its investment in Morphic at fair value based on the share price of Morphic’s common stock at the measurement date. The Company reported losses of $2,071 and zero on the Morphic investment for the three months ended March 31, 2020 and 2019, respectively. As of March 31, 2020 and December 31, 2019, the carrying value of the Company’s investment in Morphic was $12,257 and $14,328, respectively. The Company has no obligation to fund Morphic losses in excess of its initial investment. As of March 31, 2020 and December 31, 2019, the carrying value of non-marketable equity securities was $930.

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- Definition The entire disclosure for equity method investments and joint ventures. Equity method investments are investments that give the investor the ability to exercise significant influence over the operating and financial policies of an investee. Joint ventures are entities owned and operated by a small group of businesses as a separate and specific business or project for the mutual benefit of the members of the group. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -SubTopic 10 -Section S99 -Paragraph 4 -Subparagraph (SX 210.3A-04) -URI http://asc.fasb.org/extlink&oid=116822174&loc=d3e355119-122828 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 323 -URI http://asc.fasb.org/topic&trid=2196965 + Details
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