Financial Instruments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2022

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

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

Our 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 September 30, 2022 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	$	261,718	$	—	$	—	$	261,718
Short-term marketable securities		282		—		—		282
Investments held by ISP Fund LP (1)		236,624		—		53,163		289,787
Equity investment - Armata Common Stock		105,824		—		—		105,824
Equity investment - Armata Warrants		—		50,605		—		50,605
Equity investment - InCarda Series C Preferred Stock		—		—		6,809		6,809
Equity investment - InCarda Preferred Stock Warrants		—		—		501		501
Convertible debt investment - Gate Note		—		—		15,400		15,400
Total assets measured at estimated fair value	$	604,448	$	50,605	$	75,873	$	730,926
Liabilities
Debt
2023 Notes	$	—	$	95,001	$	—	$	95,001
2025 Notes		—		185,041		—		185,041
2028 Notes		—		202,241		—		202,241
Total fair value of debt	$	—	$	482,283	$	—	$	482,283
Contingent value rights		—		—		294		294
Total liabilities measured at estimated fair value	$	—	$	482,283	$	294	$	482,577

(1)The investments held by ISP Fund LP, consisted of $246.0 million in equity investments, which included private placement positions and convertible notes of $53.2 million, $38.7 million in money market funds and $5.1 million in cash. Our total capital contribution of $300.0 million is subject to a 36-month lock-up period from the date of such capital contributions.

	Estimated Fair Value Measurements as of December 31, 2021 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	$	145,132	$	—	$	—	$	145,132
Investments held by ISP Fund LP (1)		193,677		—		2,068		195,745
Equity investment - Armata Common Stock		88,101		—		—		88,101
Equity investment - Armata Warrants		—		58,595		—		58,595
Equity investment - Entasis Common Stock		62,794		—		—		62,794
Equity investment - Entasis Warrants		—		40,914		—		40,914
Equity investment - InCarda Warrants		—		—		411		411
Convertible debt investment - Gate Note		—		—		15,100		15,100
Total assets measured at estimated fair value	$	489,704	$	99,509	$	17,579	$	606,792
Debt
2023 Notes	$	—	$	261,769	$	—	$	261,769
2025 Notes		—		234,498		—		234,498
Total fair value of debt	$	—	$	496,267	$	—	$	496,267

(1)The investments held by ISP Fund LP, consisted of $192.2 million equity investments and $3.5 million money market funds, are subject to a 36-month lock-up period from our initial contribution date, December 11, 2020.

Armata

Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]

Schedule of Income Statement Information

The summarized financial information, including the portion we do not own, is presented for Armata on a one quarter lag regardless of the date of our investments as follows:

Income Statement Information

	Three Months Ended June 30,						Nine Months Ended June 30,
(In thousands)	2022			2021			2022			2021
Revenue	$	1,883		$	1,168		$	4,108		$	2,738
Loss from operations	$	(9,220	)	$	(6,196	)	$	(24,043	)	$	(18,084	)
Net loss	$	(9,215	)	$	(6,194	)	$	(24,036	)	$	(18,313	)