Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2021

Financial Instruments and Fair Value Measurements

Schedule of amortized cost and estimated fair values for available-for-sale securities

Available-for-sale securities are summarized below:


	June 30, 2021
			Gross		Gross
			Unrealized		Unrealized		Estimated
(In thousands)	Amortized Cost		Gains		Losses		Fair Value
Money market funds⁽¹⁾	$	2,843	$	—	$	—	$	2,843
Total	$	2,843	$	—	$	—	$	2,843

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


	December 31, 2020
			Gross		Gross
			Unrealized		Unrealized		Estimated
(In thousands)	Amortized Cost		Gains		Losses		Fair Value
Money market funds ⁽¹⁾	$	204,808	$	—	$	—	$	204,808
Total	$	204,808	$	—	$	—	$	204,808

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

Schedule of available-for-sale securities measured at fair value on a recurring basis

The estimated fair values were as follows:


	Estimated Fair Value Measurements as of June 30, 2021 Using:
	Quoted Price in Active		Significant Other		Significant
	Markets for		Observable		Unobservable
Types of Instruments	Identical Assets		Inputs		Inputs
(In thousands)	Level 1		Level 2		Level 3		Total
Assets
Money market funds	$	2,843	$	—	$	—	$	2,843
Investments held by ISP Fund LP ⁽¹⁾		218,978		—		—		218,978
Equity investment - Armata Common Stock		59,013		—		—		59,013
Equity investment - Armata Warrants		—		41,874		—		41,874
Equity investment - Entasis Common Stock		76,557		—		—		76,557
Equity investment - Entasis Warrants		—		54,660		—		54,660
Equity investment - InCarda Warrants		—		—		410		410
Total assets measured at estimated fair value	$	357,391	$	96,534	$	410	$	454,335
Debt
2023 Notes	$	—	$	246,298	$	—	$	246,298
2025 Notes		—		210,185		—		210,185
Total fair value of debt	$	—	$	456,483	$	—	$	456,483

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


	Estimated Fair Value Measurements as of December 31, 2020 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	$	204,808	$	—	$	—	$	204,808
Investments held by ISP Fund LP ⁽¹⁾		299,288		—		—		299,288
Equity investment - Armata Common Stock		25,958		—		—		25,958
Equity investment - Armata Warrants		—		18,049		—		18,049
Equity investment - Entasis Common Stock		46,122		—		—		46,122
Equity investment - Entasis Warrants		—		31,882		—		31,882
Equity investment - InCarda Warrants		—		—		1,147		1,147
Total assets measured at estimated fair value	$	576,176	$	49,931	$	1,147	$	627,254
Debt
2023 Notes	$	—	$	239,779	$	—	$	239,779
2025 Notes		—		206,135		—		206,135
Total fair value of debt	$	—	$	445,914	$	—	$	445,914

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

- Definition

Tabular disclosure of financial instruments measured at fair value, including those classified in shareholders' equity measured on a recurring or nonrecurring basis. Disclosures include, but are not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2. Nonrecurring fair value measurements are those that are required or permitted in the statement of financial position in particular circumstances.

+ References + Details