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Equity and Long-term Investments and Fair Value Measurements (Tables)

12 Months Ended

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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