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Financial Instruments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2021
Financial Instruments and Fair Value Measurements |
Schedule of amortized cost and estimated fair values for available-for-sale securities | The estimated fair value of available-for-sale securities is based on quoted market prices for these or similar investments that were based on prices obtained from a commercial pricing service. Available-for-sale securities are summarized below:
|  | September 30, 2021 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds(1) |  | $ | 78,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,025 |
Total |  | $ | 78,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,025 |
(1) Money market funds are included in cash and cash equivalents on the consolidated balance sheets.
|  | December 31, 2020 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds (1) |  | $ | 204,808 |  |  | $ | — |  |  | $ | — |  |  | $ | 204,808 |
Total |  | $ | 204,808 |  |  | $ | — |  |  | $ | — |  |  | $ | 204,808 |
(1) Money market funds are included in cash and cash equivalents on the consolidated balance sheets.
Schedule of available-for-sale securities measured at fair value on a recurring basis | Our available-for-sale securities and equity investments are measured at fair value on a recurring basis and our debt is carried at amortized cost basis. The estimated fair values were as follows:
|  | Estimated Fair Value Measurements as of September 30, 2021 Using: |
|  | Quoted Price in Active Markets for |  |  | Significant Other |  |  | Significant |  |  |  |
|  | Identical |  |  | Observable |  |  | Unobservable |  |  |  |
Types of Instruments |  | Assets |  |  | Inputs |  |  | Inputs |  |  |  |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 78,025 |  |  | $ | — |  |  | $ | — |  |  | $ | 78,025 |
Investments held by ISP Fund LP (1) |  |  | 226,848 |  |  |  | — |  |  |  | 2,098 |  |  |  | 228,946 |
Equity investment - Armata Common Stock |  |  | 53,810 |  |  |  | — |  |  |  | — |  |  |  | 53,810 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 35,470 |  |  |  | — |  |  |  | 35,470 |
Equity investment - Entasis Common Stock |  |  | 95,767 |  |  |  | — |  |  |  | — |  |  |  | 95,767 |
Equity investment - Entasis Warrants |  |  | — |  |  |  | 70,380 |  |  |  | — |  |  |  | 70,380 |
Equity investment - InCarda Warrants |  |  | — |  |  |  | — |  |  |  | 558 |  |  |  | 558 |
Total assets measured at estimated fair value |  | $ | 454,450 |  |  | $ | 105,850 |  |  | $ | 2,656 |  |  | $ | 562,956 |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2023 Notes |  | $ | — |  |  | $ | 259,142 |  |  | $ | — |  |  | $ | 259,142 |
2025 Notes |  |  | — |  |  |  | 231,418 |  |  |  | — |  |  |  | 231,418 |
Total fair value of debt |  | $ | — |  |  | $ | 490,560 |  |  | $ | — |  |  | $ | 490,560 |
(1) The investments held by ISP Fund LP consisted of equity investments and money market funds, which are subject to a 36-month lock-up period from our initial contribution date, December 11, 2020.
|  | Estimated Fair Value Measurements as of December 31, 2020 Using: |
|  | Quoted Price |  |  |  |  |  |  |  |  |  |
|  | in Active |  |  | Significant |  |  |  |  |  |  |
|  | Markets for |  |  | Other |  |  | Significant |  |  |  |
|  | Identical |  |  | Observable |  |  | Unobservable |  |  |  |
Types of Instruments |  | Assets |  |  | Inputs |  |  | Inputs |  |  |  |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 204,808 |  |  | $ | — |  |  | $ | — |  |  | $ | 204,808 |
Investments held by ISP Fund LP (1) |  |  | 299,288 |  |  |  | — |  |  |  | — |  |  |  | 299,288 |
Equity investment - Armata Common Stock |  |  | 25,958 |  |  |  | — |  |  |  | — |  |  |  | 25,958 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 18,049 |  |  |  | — |  |  |  | 18,049 |
Equity investment - Entasis Common Stock |  |  | 46,122 |  |  |  | — |  |  |  | — |  |  |  | 46,122 |
Equity investment - Entasis Warrants |  |  | — |  |  |  | 31,882 |  |  |  | — |  |  |  | 31,882 |
Equity investment - InCarda Warrants |  |  | — |  |  |  | — |  |  |  | 1,147 |  |  |  | 1,147 |
Total assets measured at estimated fair value |  | $ | 576,176 |  |  | $ | 49,931 |  |  | $ | 1,147 |  |  | $ | 627,254 |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2023 Notes |  | $ | — |  |  | $ | 239,779 |  |  | $ | — |  |  | $ | 239,779 |
2025 Notes |  |  | — |  |  |  | 206,135 |  |  |  | — |  |  |  | 206,135 |
Total fair value of debt |  | $ | — |  |  | $ | 445,914 |  |  | $ | — |  |  | $ | 445,914 |
(1) The investments held by ISP Fund LP consisted of equity investments and money market funds, which are subject to a 36-month lock-up period from our initial contribution date, December 11, 2020.

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