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Financial Instruments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2022
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Summary of Black-Scholes-Merton assumptions used in calculating the estimated fair value | Black-Scholes-Merton assumptions used in calculating the estimated value of stock options granted by Innoviva on the date of grant were as follows:
|  | Three Months Ended March 31, |
|  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 1.6 | % |  | 1.1 % |
Expected term (in years) |  |  | 6.11 |  |  |  | 6.11 |
Volatility |  |  | 40.5 | % |  |  | 45.6 | %
Dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Weighted-average estimated fair value of stock options granted |  | $ | 7.73 |  |  | $ | 5.42 |
Schedule of Available-for-Sale Securities Measured at Fair Value on a Recurring Basis | Our equity and long-term investments are measured at fair value on a recurring basis and our debt is carried at amortized cost basis. Equity investments accounted for using the measurement alternative are valued using Level 3 inputs.
|  | Estimated Fair Value Measurements as of March 31, 2022 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 |  | $ | 103,181 |  |  | $ | — |  |  | $ | — |  |  | $ | 103,181 |
Investments held by ISP Fund LP (1) |  |  | 305,516 |  |  |  | — |  |  |  | 2,060 |  |  |  | 307,576 |
Equity investment - Armata Common Stock |  |  | 122,625 |  |  |  | — |  |  |  | — |  |  |  | 122,625 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 64,894 |  |  |  | — |  |  |  | 64,894 |
Equity investment - InCarda Warrants |  |  | — |  |  |  | — |  |  |  | 1,040 |  |  |  | 1,040 |
Convertible debt investment - InCarda Note |  |  |  |  |  |  |  |  | 652 |  |  |  | 652 |
Convertible debt investment - Gate Note |  |  | — |  |  |  | — |  |  |  | 14,900 |  |  |  | 14,900 |
Total assets measured at estimated fair value |  | $ | 531,322 |  |  | $ | 64,894 |  |  | $ | 18,652 |  |  | $ | 614,868 |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2023 Notes |  | $ | — |  |  | $ | 106,499 |  |  | $ | — |  |  | $ | 106,499 |
2025 Notes |  |  | — |  |  |  | 253,497 |  |  |  | — |  |  |  | 253,497 |
2028 Notes |  |  | — |  |  |  | 260,815 |  |  |  | — |  |  |  | 260,815 |
Total fair value of debt |  | $ | — |  |  | $ | 620,811 |  |  | $ | — |  |  | $ | 620,811 |
(1) The investments held by ISP Fund LP, consisted of $172.1 million in equity investments, which included $2.1 million in a private placement position, $25.2 million in money market funds and $110.3 million in cash. Our total capital contribution of $300.0 million is subject to a 36-month lock-up period from the date of such capital contributions.
|  | Estimated Fair Value Measurements as of December 31, 2021 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 |  | $ | 145,132 |  |  | $ | — |  |  | $ | — |  |  | $ | 145,132 |
Investments held by ISP Fund LP (1) |  |  | 193,677 |  |  |  | — |  |  |  | 2,068 |  |  |  | 195,745 |
Equity investment - Armata Common Stock |  |  | 88,101 |  |  |  | — |  |  |  | — |  |  |  | 88,101 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 58,595 |  |  |  | — |  |  |  | 58,595 |
Equity investment - Entasis Common Stock |  |  | 62,794 |  |  |  | — |  |  |  | — |  |  |  | 62,794 |
Equity investment - Entasis Warrants |  |  | — |  |  |  | 40,914 |  |  |  | — |  |  |  | 40,914 |
Equity investment - InCarda Warrants |  |  | — |  |  |  | — |  |  |  | 411 |  |  |  | 411 |
Convertible debt investment - Gate Note |  |  | — |  |  |  | — |  |  |  | 15,100 |  |  |  | 15,100 |
Total assets measured at estimated fair value |  | $ | 489,704 |  |  | $ | 99,509 |  |  | $ | 17,579 |  |  | $ | 606,792 |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2023 Notes |  | $ | — |  |  | $ | 261,769 |  |  | $ | — |  |  | $ | 261,769 |
2025 Notes |  |  | — |  |  |  | 234,498 |  |  |  | — |  |  |  | 234,498 |
Total fair value of debt |  | $ | — |  |  | $ | 496,267 |  |  | $ | — |  |  | $ | 496,267 |
(1) The investments held by ISP Fund LP, consisted of $192.2 million equity investments and $3.5 million money market funds, are subject to a 36-month lock-up period from our initial contribution date, December 11, 2020.
Armata |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Schedule of Income Statement Information | The summarized financial information, including the portion we do not own, is presented for Armata on a one quarter lag regardless of the date of our investments as follows: Income Statement Information
|  | For the Three Months Ended December 31, |
(In thousands) |  | 2021 |  |  | 2020 |
Revenue |  | $ | 989 |  |  | $ | 504 |
Loss from operations |  | $ | (6,048 | ) |  | $ | (6,453 | )
Net loss |  | $ | (6,047 | ) |  | $ | (6,624 | )
InCarda |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] |
Summary of Black-Scholes-Merton assumptions used in calculating the estimated fair value | Black-Scholes-Merton assumptions used in calculating the estimated fair value of the InCarda 2020 Warrant as of March 31, 2022 and December 31, 2021 were as follows:
|  | March 31, |  |  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Risk-free interest rate |  |  | 1.63 | % |  |  | 0.06 | %
Expected volatility |  |  | 69.37 | % |  |  | 55.44 | %
Expected dividend yield |  |  | — |  |  |  | — |
Expected term (in years) |  |  | 1.00 |  |  |  | 0.25 |

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- Definition Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19279-110258 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2C -URI http://asc.fasb.org/extlink&oid=123874694&loc=SL7498348-110258 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (bb) -URI http://asc.fasb.org/extlink&oid=123874694&loc=d3e19207-110258 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 718 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (f)(2) -URI http://asc.fasb.org/extlink&oid=120381028&loc=d3e5070-113901 + Details
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