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Equity and Long-term Investments and Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2023
Financial Instruments and Fair Value Measurements  
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:

 

 

June 30, 2023

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Money market funds(1)

 

$

118,931

 

 

$

 

 

$

 

 

$

118,931

 

Total

 

$

118,931

 

 

$

 

 

$

 

 

$

118,931

 

 

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

 

 

 

December 31, 2022

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Money market funds (1)

 

$

263,469

 

 

$

 

 

$

 

 

$

263,469

 

Total

 

$

263,469

 

 

$

 

 

$

 

 

$

263,469

 

 

(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 June 30, 2023 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

 

$

118,931

 

 

$

 

 

$

 

 

$

118,931

 

Investments held by ISP Fund LP (1)

 

 

261,994

 

 

 

 

 

 

2,027

 

 

 

264,021

 

Equity investment - Armata Common Stock

 

 

28,588

 

 

 

 

 

 

 

 

 

28,588

 

Equity investment - Armata Warrants

 

 

 

 

 

6,473

 

 

 

 

 

 

6,473

 

Convertible debt investment - Armata Note

 

 

 

 

 

 

 

 

31,173

 

 

 

31,173

 

Convertible debt investment - Gate Note

 

 

 

 

 

 

 

 

22,145

 

 

 

22,145

 

Total assets measured at estimated fair value

 

$

409,513

 

 

$

6,473

 

 

$

55,345

 

 

$

471,331

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

     2025 Notes

 

$

 

 

$

189,915

 

 

$

 

 

$

189,915

 

     2028 Notes

 

 

 

 

 

216,021

 

 

 

 

 

 

216,021

 

      Total fair value of debt

 

$

 

 

$

405,936

 

 

$

 

 

$

405,936

 

Contingent value rights

 

 

 

 

 

 

 

 

595

 

 

 

595

 

           Total liabilities measured at estimated fair value

 

$

 

 

$

405,936

 

 

$

595

 

 

$

406,531

 

 

(1)
The investments held by ISP Fund LP consisted of $319.4 million in equity investments, which included $7.2 million in money market funds, and $55.4 million receivable from the maturity of convertible notes. Our total capital contribution of $300 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, 2022 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

 

$

263,469

 

 

$

 

 

$

 

 

$

263,469

 

Investments held by ISP Fund LP (1)

 

 

265,982

 

 

 

 

 

 

54,578

 

 

 

320,560

 

Equity investment - Armata Common Stock

 

 

31,095

 

 

 

 

 

 

 

 

 

31,095

 

Equity investment - Armata Warrants

 

 

 

 

 

8,059

 

 

 

 

 

 

8,059

 

Equity investment - InCarda Warrants

 

 

 

 

 

 

 

 

605

 

 

 

605

 

Convertible debt investment - Gate Note

 

 

 

 

 

 

 

 

15,700

 

 

 

15,700

 

Total assets measured at estimated fair value

 

$

560,546

 

 

$

8,059

 

 

$

70,883

 

 

$

639,488

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

2023 Notes

 

$

 

 

$

96,089

 

 

$

 

 

$

96,089

 

2025 Notes

 

 

 

 

 

197,807

 

 

 

 

 

 

197,807

 

2028 Notes

 

 

 

 

 

211,768

 

 

 

 

 

 

211,768

 

   Total fair value of debt

 

$

 

 

$

505,664

 

 

$

 

 

$

505,664

 

Contingent value rights

 

 

 

 

 

 

 

 

595

 

 

 

595

 

Total liabilities at estimated fair value

 

$

 

 

$

505,664

 

 

$

595

 

 

$

506,259

 

 

(1)
The investments held by ISP Fund LP consisted of $295.4 million equity investments, which included private placement positions and convertible notes of $54.6 million, and $25.1 million in money market funds. Our total capital contributions of $300.0 million is subject to a 36-month lock-up period from the date of such capital contributions.
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 March 31,

 

 

Six Months Ended March 31,

 

(In thousands)

 

2023

 

 

2022

 

 

2023

 

 

2022

 

Revenue

 

$

796

 

 

$

1,236

 

 

$

1,847

 

 

$

2,225

 

Loss from operations

 

$

(11,346

)

 

$

(8,775

)

 

$

(21,674

)

 

$

(14,823

)

Net loss

 

$

(14,490

)

 

$

(8,774

)

 

$

(24,804

)

 

$

(14,821

)