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EQUITY AND LONG-TERM INVESTMENTS AND FAIR VALUE MEASUREMENTS (Tables)
12 Months Ended
Dec. 31, 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:

 

 

 

December 31, 2023

 

 

 

 

 

 

Gross

 

 

Gross

 

 

 

 

 

 

Amortized

 

 

Unrealized

 

 

Unrealized

 

 

Estimated

 

(In thousands)

 

Cost

 

 

Gains

 

 

Losses

 

 

Fair Value

 

Money market funds(1)

 

$

170,706

 

 

$

 

 

$

 

 

$

170,706

 

Total

 

$

170,706

 

 

$

 

 

$

 

 

$

170,706

 

 

(1)
Money market funds are included in cash and cash equivalents in the 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 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 December 31, 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

 

$

170,706

 

 

$

 

 

$

 

 

$

170,706

 

Investments held by ISP Fund LP (1)

 

 

251,207

 

 

 

 

 

 

60,605

 

 

 

311,812

 

Equity investment - Armata Common Stock

 

 

81,249

 

 

 

 

 

 

 

 

 

81,249

 

Equity investment - Armata Warrants

 

 

 

 

 

35,297

 

 

 

 

 

 

35,297

 

Convertible debt investment - Armata Note

 

 

 

 

 

 

 

 

51,883

 

 

 

51,883

 

Term loan investment - Armata Term Loan

 

 

 

 

 

 

 

 

27,044

 

 

 

27,044

 

Convertible debt investment - Gate Note

 

 

 

 

 

 

 

 

27,972

 

 

 

27,972

 

Total assets measured at estimated fair value

 

$

503,162

 

 

$

35,297

 

 

$

167,504

 

 

$

705,963

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Debt

 

 

 

 

 

 

 

 

 

 

 

 

2025 Notes

 

$

 

 

$

200,407

 

 

$

 

 

$

200,407

 

2028 Notes

 

 

 

 

 

227,070

 

 

 

 

 

 

227,070

 

   Total fair value of debt

 

$

 

 

$

427,477

 

 

$

 

 

$

427,477

 

Contingent value rights

 

 

 

 

 

 

 

 

359

 

 

 

359

 

Total liabilities at estimated fair value

 

$

 

 

$

427,477

 

 

$

359

 

 

$

427,836

 

 

 

(1)
The investments held by ISP Fund LP, consisted of $248.5 million in equity investments, which included private placement positions of $60.6 million, and $62.9 million in money market funds. A certain portion of the total capital contribution of $300.0 million is no longer subject to a 36-month lock-up period from the date of such capital contribution. However, we did not elect to make a withdrawal in 2023, thereby extending the lock-up period and withdrawal elections into subsequent years.

 

 

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

 

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 in 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 contribution of $300.0 million was subject to a 36-month lock-up period from the date of such capital contributions.
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)

 

2023

 

 

2022

 

Current assets

 

$

36,585

 

 

$

33,245

 

Noncurrent assets

 

$

76,176

 

 

$

59,636

 

Current liabilities

 

$

21,884

 

 

$

7,004

 

Noncurrent liabilities

 

$

103,263

 

 

$

40,300

 

 

Income Statement Information

 

 

Twelve Months Ended

 

 

 

September 30,

 

(In thousands)

 

2023

 

 

2022

 

 

2021

 

Revenue

 

$

4,052

 

 

$

5,446

 

 

$

3,989

 

Loss from operations

 

$

(41,639

)

 

$

(32,666

)

 

$

(24,227

)

Net loss

 

$

(59,512

)

 

$

(32,650

)

 

$

(23,732

)

Entasis  
FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS  
Schedule of Balance Sheets and Income Statements of VIE

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

Income Statement Information

 

 

Twelve Months Ended
September 30,

 

(In thousands)

 

2021

 

Loss from operations

 

$

(52,323

)

Net loss

 

$

(125,413

)