Financial Instruments and Fair Value Measurements (Tables)

6 Months Ended

Jun. 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 are measured at fair value on a recurring basis and our debt is carried at amortized cost basis. Equity investments accounted for using the measurement alternative are valued using Level 3 inputs.

	Estimated Fair Value Measurements as of June 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	$	156,460	$	—	$	—	$	156,460
Investments held by ISP Fund LP (1)		304,810		—		2,053		306,863
Equity investment - Armata Common Stock		97,549		—		—		97,549
Equity investment - Armata Warrants		—		47,148		—		47,148
Equity investment - InCarda Series C Preferred Stock						6,808		6,808
Equity investment - InCarda Preferred Stock Warrants						342		342
Convertible debt investment - Gate Note		—		—		15,200		15,200
Total assets measured at estimated fair value	$	558,819	$	47,148	$	24,403	$	630,370
Debt
2023 Notes	$	—	$	95,606	$	—	$	95,606
2025 Notes		—		214,443		—		214,443
2028 Notes		—		225,530		—		225,530
Total fair value of debt	$	—	$	535,579	$	—	$	535,579

(1)The investments held by ISP Fund LP, consisted of $201.6 million in equity investments, which included a private placement position of $2.1 million, $35.3 million in money market funds and $70.0 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 March 31,						Six Months Ended March 31,
(In thousands)	2022			2021			2022			2021
Revenue	$	1,236		$	1,066		$	2,225		$	1,570
Loss from operations	$	(8,775	)	$	(5,435	)	$	(14,823	)	$	(11,888	)
Net loss	$	(8,774	)	$	(5,495	)	$	(14,821	)	$	(12,119	)