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Equity and Long-term Investments and Fair Value Measurements (Tables) | 9 Months Ended
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Sep. 30, 2023
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, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds(1) |  | $ | 134,287 |  |  | $ | — |  |  | $ | — |  |  | $ | 134,287 |
Total |  | $ | 134,287 |  |  | $ | — |  |  | $ | — |  |  | $ | 134,287 |
(1) Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.
|  | December 31, 2022 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds (1) |  | $ | 263,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 263,469 |
Total |  | $ | 263,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 263,469 |
(1) Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets
Schedule of Available-for-Sale Securities Measured at Fair Value on a Recurring Basis | Our available-for-sale securities, equity and long-term investments and contingent value rights are measured at fair value on a recurring basis and our debt is carried at amortized cost basis.
|  | Estimated Fair Value Measurements as of September 30, 2023 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 |  | $ | 134,287 |  |  | $ | — |  |  | $ | — |  |  | $ | 134,287 |
Investments held by ISP Fund LP (1) |  |  | 239,058 |  |  |  | — |  |  |  | 2,330 |  |  |  | 241,388 |
Equity investment - Armata Common Stock |  |  | 75,230 |  |  |  | — |  |  |  | — |  |  |  | 75,230 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 31,810 |  |  |  | — |  |  |  | 31,810 |
Convertible debt investment - Armata Note |  |  | — |  |  |  | — |  |  |  | 49,684 |  |  |  | 49,684 |
Term loan investment - Armata Term Loan |  |  | — |  |  |  | — |  |  |  | 26,199 |  |  |  | 26,199 |
Convertible debt investment - Gate Note |  |  | — |  |  |  | — |  |  |  | 22,276 |  |  |  | 22,276 |
Total assets measured at estimated fair value |  | $ | 448,575 |  |  | $ | 31,810 |  |  | $ | 100,489 |  |  | $ | 580,874 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2025 Notes |  | $ | — |  |  | $ | 191,923 |  |  | $ | — |  |  | $ | 191,923 |
2028 Notes |  |  | — |  |  |  | 217,745 |  |  |  | — |  |  |  | 217,745 |
Total fair value of debt |  | $ | — |  |  | $ | 409,668 |  |  | $ | — |  |  | $ | 409,668 |
Contingent value rights |  |  | — |  |  |  | — |  |  |  | 595 |  |  |  | 595 |
Total liabilities measured at estimated fair value |  | $ | — |  |  | $ | 409,668 |  |  | $ | 595 |  |  | $ | 410,263 |
(1) The investments held by ISP Fund LP consisted of $298.5 million in equity investments, which included $36.9 million in money market funds, and $57.1 million receivable from the maturity of convertible notes. Our total capital contribution of $300 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, 2022 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 |  | $ | 263,469 |  |  | $ | — |  |  | $ | — |  |  | $ | 263,469 |
Investments held by ISP Fund LP (1) |  |  | 265,982 |  |  |  | — |  |  |  | 54,578 |  |  |  | 320,560 |
Equity investment - Armata Common Stock |  |  | 31,095 |  |  |  | — |  |  |  | — |  |  |  | 31,095 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 8,059 |  |  |  | — |  |  |  | 8,059 |
Equity investment - InCarda Warrants |  |  | — |  |  |  | — |  |  |  | 605 |  |  |  | 605 |
Convertible debt investment - Gate Note |  |  | — |  |  |  | — |  |  |  | 15,700 |  |  |  | 15,700 |
Total assets measured at estimated fair value |  | $ | 560,546 |  |  | $ | 8,059 |  |  | $ | 70,883 |  |  | $ | 639,488 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2023 Notes |  | $ | — |  |  | $ | 96,089 |  |  | $ | — |  |  | $ | 96,089 |
2025 Notes |  |  | — |  |  |  | 197,807 |  |  |  | — |  |  |  | 197,807 |
2028 Notes |  |  | — |  |  |  | 211,768 |  |  |  | — |  |  |  | 211,768 |
Total fair value of debt |  | $ | — |  |  | $ | 505,664 |  |  | $ | — |  |  | $ | 505,664 |
Contingent value rights |  |  | — |  |  |  | — |  |  |  | 595 |  |  |  | 595 |
Total liabilities at estimated fair value |  | $ | — |  |  | $ | 505,664 |  |  | $ | 595 |  |  | $ | 506,259 |
(1) The investments held by ISP Fund LP consisted of $295.4 million equity investments, which included private placement positions and convertible notes of $54.6 million, and $25.1 million in money market funds. Our total capital contributions of $300.0 million is subject to a 36-month lock-up period from the date of such capital contributions.
Armata |
Financial Instruments and Fair Value Measurements |
Schedule of Income Statements of VIE | The summarized financial information, including the portion we do not own, is presented for Armata on a one quarter lag as follows: Income Statement Information
|  | Three Months Ended June 30, |  |  | Nine Months Ended June 30, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | 980 |  |  | $ | 1,883 |  |  | $ | 2,827 |  |  | $ | 4,108 |
Loss from operations |  | $ | (9,629 | ) |  | $ | (9,220 | ) |  | $ | (31,303 | ) |  | $ | (24,043 | )
Net loss |  | $ | (3,547 | ) |  | $ | (9,215 | ) |  | $ | (28,351 | ) |  | $ | (24,036 | )

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