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Equity and Long-term Investments and Fair Value Measurements (Tables) | 12 Months Ended
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Dec. 31, 2024
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
Reconciliation of Equity and Long-Term Investments Balances | The following table reconciles the change in balances in “Equity and Long-Term Investments” as of each balance sheet date:
(In thousands) |  |  |
Equity and long-term investments as of December 31, 2022 |  | $ | 363,859 |
Purchases of trading securities |  |  | 67,798 |
Purchases of equity and long-term investments |  |  | 1,218 |
Changes in fair value, net |  |  | 11,129 |
Other |  |  | 428 |
Equity and long-term investments as of December 31, 2023 |  |  | 444,432 |
Purchases of trading securities |  |  | 63,201 |
Changes in fair value, net |  |  | (59,161 | )
Reclassification of current portion |  |  | (107,532 | )
Other |  |  | 724 |
Equity and long-term investments as of December 31, 2024 |  | $ | 341,664 |
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:
|  | December 31, 2024 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds(1) |  | $ | 289,441 |  |  | $ | — |  |  | $ | — |  |  | $ | 289,441 |
Total |  | $ | 289,441 |  |  | $ | — |  |  | $ | — |  |  | $ | 289,441 |
(1) Money market funds are included in cash and cash equivalents in the consolidated balance sheets.
|  | December 31, 2023 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds(1) |  | $ | 170,706 |  |  | $ | — |  |  | $ | — |  |  | $ | 170,706 |
Total |  | $ | 170,706 |  |  | $ | — |  |  | $ | — |  |  | $ | 170,706 |
(1) Money market funds are included in cash and cash equivalents in the 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 December 31, 2024 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 |  | $ | 289,441 |  |  | $ | — |  |  | $ | — |  |  | $ | 289,441 |
Investments held by ISP Fund LP |  |  | 193,560 |  |  |  | — |  |  |  | 62,098 |  |  |  | 255,658 |
Equity investment - Armata Common Stock |  |  | 46,392 |  |  |  | — |  |  |  | — |  |  |  | 46,392 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 5,901 |  |  |  | — |  |  |  | 5,901 |
Equity investment - InCarda Warrants |  |  | — |  |  |  | — |  |  |  | 59 |  |  |  | 59 |
Convertible debt investment - Armata Note |  |  | — |  |  |  | — |  |  |  | 42,095 |  |  |  | 42,095 |
Term loan investment - Armata July 2023 Term Loan |  |  | — |  |  |  | — |  |  |  | 30,197 |  |  |  | 30,197 |
Term loan investment - Armata March 2024 Term Loan |  |  | — |  |  |  | — |  |  |  | 39,275 |  |  |  | 39,275 |
Convertible debt investment - InCarda Note |  |  | — |  |  |  | — |  |  |  | 436 |  |  |  | 436 |
Convertible debt investment - ImaginAb Note |  |  | — |  |  |  | — |  |  |  | 4,950 |  |  |  | 4,950 |
Convertible debt investment - Gate Note |  |  | — |  |  |  | — |  |  |  | 50,881 |  |  |  | 50,881 |
Total assets measured at estimated fair value |  | $ | 529,393 |  |  | $ | 5,901 |  |  | $ | 229,991 |  |  | $ | 765,285 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2025 Notes |  | $ | — |  |  | $ | 222,353 |  |  | $ | — |  |  | $ | 222,353 |
2028 Notes |  |  | — |  |  |  | 251,213 |  |  |  | — |  |  |  | 251,213 |
Total fair value of debt |  | $ | — |  |  | $ | 473,566 |  |  | $ | — |  |  | $ | 473,566 |
|  | Estimated Fair Value Measurements as of December 31, 2023 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 |  | $ | 170,706 |  |  | $ | — |  |  | $ | — |  |  | $ | 170,706 |
Investments held by ISP Fund LP |  |  | 251,207 |  |  |  | — |  |  |  | 60,605 |  |  |  | 311,812 |
Equity investment - Armata Common Stock |  |  | 81,249 |  |  |  | — |  |  |  | — |  |  |  | 81,249 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 35,297 |  |  |  | — |  |  |  | 35,297 |
Convertible debt investment - Armata Note |  |  | — |  |  |  | — |  |  |  | 51,883 |  |  |  | 51,883 |
Term loan investment - Armata July 2023 Term Loan |  |  | — |  |  |  | — |  |  |  | 27,044 |  |  |  | 27,044 |
Convertible debt investment - Gate Note |  |  | — |  |  |  | — |  |  |  | 27,972 |  |  |  | 27,972 |
Total assets measured at estimated fair value |  | $ | 503,162 |  |  | $ | 35,297 |  |  | $ | 167,504 |  |  | $ | 705,963 |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2025 Notes |  | $ | — |  |  | $ | 200,407 |  |  | $ | — |  |  | $ | 200,407 |
2028 Notes |  |  | — |  |  |  | 227,070 |  |  |  | — |  |  |  | 227,070 |
Total fair value of debt |  |  | — |  |  |  | 427,477 |  |  |  | — |  |  |  | 427,477 |
Contingent value rights |  |  | — |  |  |  | — |  |  |  | 359 |  |  |  | 359 |
Total liabilities at estimated fair value |  | $ | — |  |  | $ | 427,477 |  |  | $ | 359 |  |  | $ | 427,836 |
Armata |
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS |
Schedule of Balance Sheets and 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: Balance Sheet Information
|  | September 30, |
(In thousands) |  | 2024 |  |  | 2023 |
Current assets |  | $ | 22,389 |  |  | $ | 36,585 |
Noncurrent assets |  | $ | 75,848 |  |  | $ | 76,176 |
Current liabilities |  | $ | 118,204 |  |  | $ | 21,884 |
Noncurrent liabilities |  | $ | 31,006 |  |  | $ | 103,263 |
Income Statement Information
|  | Twelve Months Ended September 30, |
(In thousands) |  | 2024 |  |  | 2023 |  |  | 2022 |
Revenue |  | $ | 5,467 |  |  | $ | 4,052 |  |  | $ | 5,446 |
Loss from operations |  | $ | (38,476 | ) |  | $ | (41,639 | ) |  | $ | (32,666 | )
Net loss |  | $ | (41,363 | ) |  | $ | (59,512 | ) |  | $ | (32,650 | )

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