Acquisitions and Investments (Tables)

9 Months Ended

Sep. 30, 2022

Schedule of Preliminary Purchase Price Allocation and Estimated Fair Value of Assets Acquired and Liabilities Assumed

The following table summarizes the preliminary purchase price allocation and the estimated fair value of the net assets acquired and liabilities assumed at the date of acquisition. The purchase price allocation for the ModeX transaction is preliminary pending completion of the fair value analysis of acquired assets and liabilities:


(in thousands)	ModeX
Current assets
Cash and cash equivalents	$	228
Other assets	554
Property, plant and equipment	1,046
IPR&D assets	195,000
Goodwill	65,865
Accounts payable	(291)
Deferred tax liability	(40,740)
Total purchase price	$	221,662

Accounting Method, Carrying Value and Underlying Equity in Net Assets of Unconsolidated Investments

The following table reflects the accounting method, carrying value and underlying equity in net assets of our unconsolidated investments as of September 30, 2022 and December 31, 2021:


(in thousands)	As of September 30, 2022				As of December 31, 2021
Investment type	Investment Carrying Value		Underlying Equity in Net Assets		Investment Carrying Value		Underlying Equity in Net Assets
Equity method investments	$	141	$	2,623	$	263	$	3,577
Variable interest entity, equity method	786		1,920		816		3,043
Equity method investments - FV option	70,240				—
Equity securities	1,227				4,226
Equity securities with no readily determinable fair value	5,389				5,408
Warrants and options	21				16
Total carrying value of investments	$	77,804			$	10,729

Schedule of Net Gains and Losses on Equity Securities

Net gains and losses on our equity securities for the nine months ended September 30, 2022, and 2021 were as follows:


	For the nine months ended September 30
(in thousands)	2022		2021
Equity Securities:
Net gains and losses recognized during the period on equity securities	$	(2,999)	$	491
Less: Net gains realized during the period on equity securities	—		(2,981)
Unrealized net gains and losses recognized during the period on equity securities still held at the reporting date	$	(2,999)	$	(2,490)