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v3.25.1

Equity and Other Investments and Fair Value Measurements (Tables) | 3 Months Ended
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Mar. 31, 2025
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) |  | Amount |
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 |
Purchases of trading securities |  |  | 34,674 |
Changes in fair value, net |  |  | (65,299 | )
Reclassification of current portion |  |  | (20,258 | )
Other |  |  | 319 |
Equity and long-term investments as of March 31, 2025 |  | $ | 291,100 |
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 investments that were based on prices obtained from a commercial pricing service. Available-for-sale securities are summarized below:
|  | March 31, 2025 |
|  |  |  |  | Gross |  |  | Gross |  |  |  |
|  | Amortized |  |  | Unrealized |  |  | Unrealized |  |  | Estimated |
(In thousands) |  | Cost |  |  | Gains |  |  | Losses |  |  | Fair Value |
Money market funds (1) |  | $ | 299,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 299,416 |
Total |  | $ | 299,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 299,416 |
(1) Money market funds are included in cash and cash equivalents in the condensed consolidated balance sheets.
|  | 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 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 March 31, 2025 Using: |
Types of Instruments |  | Quoted Price in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  |  |
(In thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 299,416 |  |  | $ | — |  |  | $ | — |  |  | $ | 299,416 |
Investments held by ISP Fund LP |  |  | 171,990 |  |  |  | — |  |  |  | 2,710 |  |  |  | 174,700 |
Equity investment - Armata Common Stock |  |  | 36,612 |  |  |  | — |  |  |  | — |  |  |  | 36,612 |
Equity investment - Armata Warrants |  |  | — |  |  |  | 2,132 |  |  |  | — |  |  |  | 2,132 |
Equity investment - InCarda Warrants |  |  | — |  |  |  | — |  |  |  | 53 |  |  |  | 53 |
Term loan investment - Armata July 2023 Term Loan |  |  | — |  |  |  | — |  |  |  | 30,482 |  |  |  | 30,482 |
Term loan investment - Armata March 2024 Term Loan |  |  | — |  |  |  | — |  |  |  | 39,849 |  |  |  | 39,849 |
Term loan investment - Armata March 2025 Term Loan |  |  | — |  |  |  | — |  |  |  | 10,116 |  |  |  | 10,116 |
Convertible debt investment - Armata Note |  |  | — |  |  |  | — |  |  |  | 37,793 |  |  |  | 37,793 |
Convertible debt investment - InCarda 2024 Convertible Note |  |  | — |  |  |  | — |  |  |  | 436 |  |  |  | 436 |
Convertible debt investment - InCarda 2025 Convertible Note |  |  | — |  |  |  | — |  |  |  | 474 |  |  |  | 474 |
Convertible debt investment - ImaginAb Note |  |  | — |  |  |  | — |  |  |  | 4,991 |  |  |  | 4,991 |
Convertible debt investment - Gate 2021 Convertible Note |  |  | — |  |  |  | — |  |  |  | 69,951 |  |  |  | 69,951 |
Convertible debt investment - Gate 2025 Convertible Note |  |  | — |  |  |  | — |  |  |  | 15,200 |  |  |  | 15,200 |
Convertible debt investment - Lyndra Convertible Note |  |  | — |  |  |  | — |  |  |  | 9,200 |  |  |  | 9,200 |
Total assets measured at estimated fair value |  | $ | 508,018 |  |  | $ | 2,132 |  |  | $ | 221,255 |  |  | $ | 731,405 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
Debt |  |  |  |  |  |  |  |  |  |  |  |
2025 Notes |  | $ | — |  |  | $ | 212,231 |  |  | $ | — |  |  | $ | 212,231 |
2028 Notes |  |  | — |  |  |  | 250,577 |  |  |  | — |  |  |  | 250,577 |
Total fair value of debt |  | $ | — |  |  | $ | 462,808 |  |  | $ | — |  |  | $ | 462,808 |
|  | Estimated Fair Value Measurements as of December 31, 2024 Using: |
Types of Instruments |  | Quoted Price in Active Markets for Identical Assets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable 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 |
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 - Armata Note |  |  | — |  |  |  | — |  |  |  | 42,095 |  |  |  | 42,095 |
Convertible debt investment - InCarda 2024 Convertible Note |  |  | — |  |  |  | — |  |  |  | 436 |  |  |  | 436 |
Convertible debt investment - ImaginAB Note |  |  | — |  |  |  | — |  |  |  | 4,950 |  |  |  | 4,950 |
Convertible debt investment - Gate 2021 Convertible 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 |
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 December 31, |
(In thousands) |  | 2024 |  |  | 2023 |
Revenue |  | $ | 1,235 |  |  | $ | 1,528 |
Loss from operations |  | $ | (10,539 | ) |  | $ | (6,578 | )
Net income (loss) |  | $ | 2,600 |  |  | $ | (19,847 | )

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