Equity Investment	6 Months Ended
Jun. 30, 2020
Inventory Disclosure [Abstract]
Equity Investment	Note 5. Equity Investment In 2016, the Company purchased approximately 3.6 million shares of common stock of PACT Pharma, Inc. (PACT Pharma), a privately funded, early-stage biopharmaceutical company focused on adoptive cell therapy, and 1.0 million shares of Series A preferred stock. The Company determined the fair value of such investment to be insignificant to the Company’s 2016 financial statements given the start-up nature of operations of PACT Pharma, and it was recorded at a nominal amount. The Company also received certain warrants to purchase PACT Pharma common stock exercisable upon PACT Pharma’s achievement of certain valuation thresholds pursuant to a Master Services Agreement between the Company and PACT Pharma (the PACT Agreement), which agreement has since expired. The Company determined PACT Pharma to be a variable interest entity, and that the Company has a variable interest in PACT. However, because the Company is not the primary beneficiary of PACT Pharma, it is not required to consolidate the results of operations of PACT Pharma within its condensed consolidated financial statements. The Company’s investment in PACT Pharma is accounted for as an equity method investment, and as a result the Company records its share of PACT Pharma’s operating results in interest and other income, net, in its condensed consolidated statements of operations and comprehensive loss. The investment balance was zero at June 30, 2020 and December 31, 2019. In January and June 2020, PACT Pharma issued shares in its Series C and Series C-1 preferred stock financings. The Company did not participate in these financings, and therefore its equity ownership percentage in PACT Pharma decreased. As a result of the dilution in its equity ownership percentage and an increase in PACT Pharma’s estimated fair value per share, the Company realized a $0.2 million and $1.5 million gain on deemed sale from equity method investee during the three and six months ended June 30, 2020, respectively. After applying a total of $0.1 and $0.9 million in losses accumulated in prior periods when the equity investment balance was zero, the Company recorded a gain of $0.1 million and $0.6 million for the three and six months ended June 30, 2020, respectively. The Company’s share of PACT Pharma’s losses for the for the three and six months ended June 30, 2020 exceeded the gains on deemed sale recognized as a result of the Series C and Series C-1 financings. Since the Company has no obligation to provide cash financing to PACT Pharma, no additional losses are being recorded beyond the investment’s carrying amount. The Company recorded $0.1 million and $0.6 million for its share of PACT Pharma’s operating losses for the three and six months ended June 30, 2020, respectively. The Company recorded $0.4 million and $0.8 million for its share of PACT Pharma’s operating losses for the three or six months ended June 30, 2019, respectively . The unrecognized equity method losses in excess of the Company’s investment was $0.6 million as of June 30, 2020. At June 30, 2020 and December 31, 2019, the Company determined the fair value of the warrants to be insignificant to the condensed consolidated financial statements.

Equity Investment

6 Months Ended

Jun. 30, 2020

Note 5. Equity Investment

In 2016, the Company purchased approximately 3.6 million shares of common stock of PACT Pharma, Inc. (PACT Pharma), a privately funded, early-stage biopharmaceutical company focused on adoptive cell therapy, and 1.0 million shares of Series A preferred stock. The Company determined the fair value of such investment to be insignificant to the Company’s 2016 financial statements given the start-up nature of operations of PACT Pharma, and it was recorded at a nominal amount. The Company also received certain warrants to purchase PACT Pharma common stock exercisable upon PACT Pharma’s achievement of certain valuation thresholds pursuant to a Master Services Agreement between the Company and PACT Pharma (the PACT Agreement), which agreement has since expired. The Company determined PACT Pharma to be a variable interest entity, and that the Company has a variable interest in PACT. However, because the Company is not the primary beneficiary of PACT Pharma, it is not required to consolidate the results of operations of PACT Pharma within its condensed consolidated financial statements.

The Company’s investment in PACT Pharma is accounted for as an equity method investment, and as a result the Company records its share of PACT Pharma’s operating results in interest and other income, net, in its condensed consolidated statements of operations and comprehensive loss. The investment balance was zero at June 30, 2020 and December 31, 2019.

In January and June 2020, PACT Pharma issued shares in its Series C and Series C-1 preferred stock financings. The Company did not participate in these financings, and therefore its equity ownership percentage in PACT Pharma decreased. As a result of the dilution in its equity ownership percentage and an increase in PACT Pharma’s estimated fair value per share, the Company realized a $0.2 million and $1.5 million gain on deemed sale from equity method investee during the three and six months ended June 30, 2020, respectively. After applying a total of $0.1 and $0.9 million in losses accumulated in prior periods when the equity investment balance was zero, the Company recorded a gain of $0.1 million and $0.6 million for the three and six months ended June 30, 2020, respectively.

The Company’s share of PACT Pharma’s losses for the for the three and six months ended June 30, 2020 exceeded the gains on deemed sale recognized as a result of the Series C and Series C-1 financings. Since the Company has no obligation to provide cash financing to PACT Pharma, no additional losses are being recorded beyond the investment’s carrying amount. The Company recorded $0.1 million and $0.6 million for its share of PACT Pharma’s operating losses for the three and six months ended June 30, 2020, respectively. The Company recorded $0.4 million and $0.8 million for its share of PACT Pharma’s operating losses for the three or six months ended June 30, 2019, respectively . The unrecognized equity method losses in excess of the Company’s investment was $0.6 million as of June 30, 2020.

At June 30, 2020 and December 31, 2019, the Company determined the fair value of the warrants to be insignificant to the condensed consolidated financial statements.