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

12 Months Ended

Dec. 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)
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			61,729
Proceeds from trading securities			(8,427	)
Purchases of equity and other long-term investments			17,533
Net sales and purchases of investments managed by ISP Fund			(120,955	)
Changes in fair value, net			20,160
Reclassification of current portion			91,805
Other			988
Equity and long-term investments as of December 31, 2025		$	404,497

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, 2025
						Gross				Gross
		Amortized				Unrealized				Unrealized				Estimated
(In thousands)		Cost				Gains				Losses				Fair Value
Money market funds(1)		$	530,278			$	—			$	—			$	530,278
Total		$	530,278			$	—			$	—			$	530,278

(1)Money market funds are included in cash and cash equivalents in the 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 consolidated balance sheets.

Schedule of Available-for-Sale Securities Measured at Fair Value on a Recurring Basis

Our available-for-sale securities and equity and long-term investments 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, 2025 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		$	530,278			$	—			$	—			$	530,278
Investments held by ISP Fund LP			76,993				—				2,748				79,741
Equity investment - Armata Common Stock			157,482				—				—				157,482
Equity investment - Armata Warrants			—				36,244				—				36,244
Equity investment - InCarda Warrants			—				—				43				43
Term loan investment - Armata July 2023 Term Loan			—				—				32,899				32,899
Term loan investment - Armata March 2024 Term Loan			—				—				43,290				43,290
Term loan investment - Armata March 2025 Term Loan			—				—				11,125				11,125
Term loan investment - Armata August 2025 Term Loan			—				—				15,534				15,534
Convertible debt investment - Armata Note			—				—				101,358				101,358
Convertible debt investment - InCarda 2024 Convertible Note			—				—				436				436
Convertible debt investment - InCarda February 2025 Convertible Note			—				—				475				475
Convertible debt investment - InCarda October 2025 Convertible Note			—				—				1,225				1,225
Convertible debt investment - Syndeio 2021 Convertible Note			—				—				62,937				62,937
Convertible debt investment - Syndeio 2025 Convertible Note			—				—				24,490				24,490
Convertible debt investment - Lyndra Convertible Note			—				—				3,492				3,492
Total assets measured at estimated fair value		$	764,753			$	36,244			$	300,052			$	1,101,049
Liability
2028 Notes		$	—			$	267,013			$	—			$	267,013

		Estimated Fair Value Measurements as of December 31, 2024 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		$	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 2024 Convertible Note			—				—				436				436
Convertible debt investment - ImaginAb Note			—				—				4,950				4,950
Convertible debt investment - Syndeio 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 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)		2025				2024
Current assets		$	16,930			$	22,389
Noncurrent assets		$	72,586			$	75,848
Current liabilities		$	139,950			$	118,204
Noncurrent liabilities		$	45,154			$	31,006

Income Statement Information

		Twelve Months Ended September 30,
(In thousands)		2025				2024				2023
Revenue		$	5,054			$	5,467			$	4,052
Loss from operations		$	(33,350	)		$	(38,476	)		$	(41,639	)
Net loss		$	(46,901	)		$	(41,363	)		$	(59,512	)

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