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Financial Instruments (Tables) | 12 Months Ended
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Dec. 31, 2022
Financial Instruments [Abstract] |
Disclosure of changes in financial liabilities, level 3 fair value - subsidiary preferred shares and convertible notes | The following table summarizes the changes in the Group’s subsidiary preferred shares and convertible note liabilities measured at fair value, which were categorized as Level 3 in the fair value hierarchy:
| Subsidiary Preferred Shares $000s | Subsidiary Convertible Notes $000s
Balance at January 1, 2020 | 100,989 |  | — |
Value at issuance | 13,750 |  | 25,000 |
Change in fair value | 4,233 |  | — |
Balance at December 31, 2020 and January 1, 2021 | 118,972 |  | 25,000 |
Value at issuance | 37,610 |  | 2,215 |
Conversion to subsidiary preferred shares | 25,797 |  | (25,797) |
Accrued interest - contractual | — |  | 867 |
Change in fair value | (8,362) |  | 175 |
Balance at December 31, 2021 and January 1, 2022 | 174,017 |  | 2,461 |
Value at issuance | — |  | 393
Accrued interest – contractual | — |  | 48
Change in fair value | (130,825) |  | 502 |
Deconsolidation - Sonde | (15,853) |  | (3,403) |
Balance at December 31, 2022 | 27,339 |  | — |
Disclosure of significant unobservable inputs, level 3 fair value - preferred shares liability | The table below sets out information about the significant unobservable inputs used at December 31, 2022, in the fair value measurement of the Group’s material subsidiary preferred shares liabilities categorized as Level 3 in the fair value hierarchy:
Fair Value at December 31, 2022 | Valuation Technique | Unobservable Inputs | Weighted Average | Sensitivity to Decrease in Input
26,820 | PWERM based on pro forma backsolve approach that leverages a Monte Carlo simulation | Estimated Time to Exit | 2.14 | Fair value decrease
Equity Discount Rate | 30% | Fair value increase
Debt Discount Rate | 15% | Fair value decrease
Volatility | 95% | Fair value decrease
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, liabilities | The following summarizes the sensitivity from the assumptions made by the Company with respect to the significant unobservable inputs which are categorized as Level 3 in the fair value hierarchy and used in the fair value measurement of the Group’s subsidiary preferred shares liabilities (Please refer to Note 15):
Input | Subsidiary Preferred Share Liability
As of December 31, 2022 | Sensitivity Range | Financial Liability Increase/(Decrease) $000s
Time to Liquidity | - 6 Months | (1,322) |
| + 6 Months | 856 |
Volatility | (10) | % | (1,133) |
| +10% | 1,200 |
Discount Rate | (5) | % | (2,035) |
| +5% | 1,922 |
Disclosure of changes in assets, level 3 fair value - investments held at fair value | The following table summarizes the changes in all the Group’s investments held at fair value, which were categorized as Level 3 in the fair value hierarchy:
| $'000s |
Balance at January 1, 2020 | 154,445 |  |
Cash purchase of Gelesis preferred shares (please refer to Note 6) | 10,000 |  |
Cash purchase of Vor preferred shares | 1,150 |  |
Gain/(Loss) on changes in fair value | 41,297 |  |
Balance at December 31, 2020 and January 1, 2021 | 206,892 |  |
Cash purchase of Vor preferred shares | 500 |  |
Reclassification of Vor from level 3 to level 1 | (33,365) |  |
Gain/(Loss) on changes in fair value | 65,505 |  |
Balance at January 1, 2022 before allocation of associate loss to long-term interest | 239,533 |  |
Deconsolidation of Sonde | 11,168 |  |
Gelesis – New Investment – Earn out Shares | 14,214 |  |
Exchange of Gelesis preferred shares to Gelesis common shares | (92,303) |  |
Reclassification of Akili to level 1 investment | (128,764) |  |
Change in fair value | (31,253) |  |
Balance as of December 31, 2022 | 12,593 |  |
Disclosure of significant unobservable inputs - investments at fair value, assets | The table below sets out information about the significant unobservable inputs used at December 31, 2022, in the fair value measurement of the Group’s material preferred share investments held at fair value categorized as Level 3 in the fair value hierarchy:
Fair Value at December 31, 2022 | Valuation Technique | Unobservable Inputs | Weighted Average | Sensitivity to Decrease in Input
11,403 | Market Backsolve & OPM | Estimated time to exit | 2.00 | Fair value decrease
Volatility | 55% | Fair value decrease
Disclosure of changes in financial liabilities - warrants | The following table summarizes the changes in the Group’s subsidiary warrant liabilities, which were categorized as Level 3 in the fair value hierarchy:
| Subsidiary Warrant Liability $000s
Balance at January 1, 2020 | 7,997 |
Warrant Issuance | 92 |
Change in fair value - finance costs (income) | 117 |
Balance at December 31, 2020 and January 1, 2021 | 8,206 |
Change in fair value - finance costs (income) | (1,419) |
Balance at December 31, 2021 and January 1, 2022 | 6,787 |
Change in fair value - finance costs (income) | (6,740) |
Balance at December 31, 2022 | 47 |
Disclosure of fair value measurement and classification | The fair value of financial instruments by category at December 31, 2022 and 2021:
| 2022
| Carrying Amount |  | Fair Value
| Financial Assets $000s | Financial Liabilities $000s |  | Level 1 $000s | Level 2 $000s | Level 3 $000s | Total $000s
Financial assets: |  |  |  |  |  |  |
Money Markets 1,2 | 95,249 |  | — |  |  | 95,249 |  | — |  | — |  | 95,249 |
Short-term investments 1 | 200,229 |  | — |  |  | 200,229 |  | — |  | — |  | 200,229 |
Note from associate | 16,501 |  | — |  |  | — |  | — |  | 16,501 |  | 16,501 |
Investments held at fair value | 251,892 |  | — |  |  | 239,299 |  | — |  | 12,593 |  | 251,892 |
Trade and other receivables 3 | 11,867 |  | — |  |  | — |  | 11,867 |  | — |  | 11,867 |
Total financial assets | 575,738 |  | — |  |  | 534,777 |  | 11,867 |  | 29,094 |  | 575,738 |
Financial liabilities: |  |  |  |  |  |  |
Subsidiary warrant liability | — |  | 47 |  |  | — |  | — |  | 47 |  | 47 |
Subsidiary preferred shares | — |  | 27,339 |  |  | — |  | — |  | 27,339 |  | 27,339 |
Subsidiary notes payable | — |  | 2,345 |  |  | — |  | 2,097 |  | 248 |  | 2,345 |
Share based liability awards | — |  | 5,932 |  |  | 4,396 |  | — |  | 1,537 |  | 5,932 |
Total financial liabilities | — |  | 35,664 |  |  | 4,396 |  | 2,097 |  | 29,171 |  | 35,664 |
1 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. 2 Included within Cash and cash equivalents 3 Outstanding receivables are owed primarily by government agencies and large corporations, virtually all of which are investment grade. As of balance sheet date the long term loan book value (see Note 20) approximated its fair value due to its variable rate.
| 2021
| Carrying Amount |  | Fair Value
| Financial Assets $000s | Financial Liabilities $000s |  | Level 1 $000s | Level 2 $000s | Level 3 $000s | Total $000s
Financial assets: |  |  |  |  |  |  |
Money Markets 1 | 432,649 |  | — |  |  | 432,649 |  | — |  | — |  | 432,649 |
Short-term note from associate | 15,120 |  | — |  |  | — |  | — |  | 15,120 |  | 15,120 |
Investments held at fair value 2 | 493,888 |  | — |  |  | 254,355 |  | — |  | 239,533 |  | 493,888 |
Trade and other receivables 3 | 3,174 |  | — |  |  | — |  | 3,174 |  | — |  | 3,174 |
Total financial assets | 944,832 |  | — |  |  | 687,005 |  | 3,174 |  | 254,653 |  | 944,832 |
Financial liabilities: |  |  |  |  |  |  |
Subsidiary warrant liability | — |  | 6,787 |  |  | — |  | — |  | 6,787 |  | 6,787 |
Subsidiary preferred shares | — |  | 174,017 |  |  | — |  | — |  | 174,017 |  | 174,017 |
Subsidiary notes payable | — |  | 4,641 |  |  | — |  | 1,945 |  | 2,696 |  | 4,641 |
Share based liability awards | — |  | 7,362 |  |  | 6,081 |  | — |  | 1,281 |  | 7,362 |
Total financial liabilities | — |  | 192,808 |  |  | 6,081 |  | 1,945 |  | 184,781 |  | 192,808 |
1 Issued by a diverse group of corporations, largely consisting of financial institutions, virtually all of which are investment grade. Included within Cash and cash equivalents 2 Balance prior to share of associate loss allocated to long-term interest (please refer to Note 5). 3 Outstanding receivables are owed primarily by government agencies, virtually all of which are investment grade.

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