Equity and Long-term Investments and Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

FINANCIAL INSTRUMENTS AND FAIR VALUE MEASUREMENTS

Reconciliation of Equity and Long-Term Investments Balances

The following table reconciles the change in balances in “Equity and Long-Term Investments” as of each balance sheet date:


(In thousands)
Equity and long-term investments as of December 31, 2023	$	444,432
Purchases of trading securities		63,201
Changes in fair value, net		(59,161	)
Reclassification of current portion		(107,532	)
Other		724
Equity and long-term investments as of December 31, 2024	$	341,664
Purchases of trading securities		61,729
Proceeds from trading securities		(8,427	)
Purchases of equity and other long-term investments		17,533
Net sales and purchases of investments managed by ISP Fund		(120,955	)
Changes in fair value, net		20,160
Reclassification of current portion		91,805
Other		988
Equity and long-term investments as of December 31, 2025	$	404,497

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, 2025
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value
Money market funds(1)	$	530,278	$	—	$	—	$	530,278
Total	$	530,278	$	—	$	—	$	530,278

(1)

Money market funds are included in cash and cash equivalents in the consolidated balance sheets.


	December 31, 2024
			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
(In thousands)	Cost		Gains		Losses		Fair Value
Money market funds(1)	$	289,441	$	—	$	—	$	289,441
Total	$	289,441	$	—	$	—	$	289,441

(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 and equity and long-term investments 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, 2025 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	$	530,278	$	—	$	—	$	530,278
Investments held by ISP Fund LP		76,993		—		2,748		79,741
Equity investment - Armata Common Stock		157,482		—		—		157,482
Equity investment - Armata Warrants		—		36,244		—		36,244
Equity investment - InCarda Warrants		—		—		43		43
Term loan investment - Armata July 2023 Term Loan		—		—		32,899		32,899
Term loan investment - Armata March 2024 Term Loan		—		—		43,290		43,290
Term loan investment - Armata March 2025 Term Loan		—		—		11,125		11,125
Term loan investment - Armata August 2025 Term Loan		—		—		15,534		15,534
Convertible debt investment - Armata Note		—		—		101,358		101,358
Convertible debt investment - InCarda 2024 Convertible Note		—		—		436		436
Convertible debt investment - InCarda February 2025 Convertible Note		—		—		475		475
Convertible debt investment - InCarda October 2025 Convertible Note		—		—		1,225		1,225
Convertible debt investment - Syndeio 2021 Convertible Note		—		—		62,937		62,937
Convertible debt investment - Syndeio 2025 Convertible Note		—		—		24,490		24,490
Convertible debt investment - Lyndra Convertible Note		—		—		3,492		3,492
Total assets measured at estimated fair value	$	764,753	$	36,244	$	300,052	$	1,101,049
Liability
2028 Notes	$	—	$	267,013	$	—	$	267,013


	Estimated Fair Value Measurements as of December 31, 2024 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	$	289,441	$	—	$	—	$	289,441
Investments held by ISP Fund LP		193,560		—		62,098		255,658
Equity investment - Armata Common Stock		46,392		—		—		46,392
Equity investment - Armata Warrants		—		5,901		—		5,901
Equity investment - InCarda Warrants		—		—		59		59
Convertible debt investment - Armata Note		—		—		42,095		42,095
Term loan investment - Armata July 2023 Term Loan		—		—		30,197		30,197
Term loan investment - Armata March 2024 Term Loan		—		—		39,275		39,275
Convertible debt investment - InCarda 2024 Convertible Note		—		—		436		436
Convertible debt investment - ImaginAb Note		—		—		4,950		4,950
Convertible debt investment - Syndeio 2021 Convertible Note		—		—		50,881		50,881
Total assets measured at estimated fair value	$	529,393	$	5,901	$	229,991	$	765,285
Liabilities
Debt
2025 Notes	$	—	$	222,353	$	—	$	222,353
2028 Notes		—		251,213		—		251,213
Total fair value of debt	$	—	$	473,566	$	—	$	473,566

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)	2025		2024
Current assets	$	16,930	$	22,389
Noncurrent assets	$	72,586	$	75,848
Current liabilities	$	139,950	$	118,204
Noncurrent liabilities	$	45,154	$	31,006

Income Statement Information


	Twelve Months Ended September 30,
(In thousands)	2025			2024			2023
Revenue	$	5,054		$	5,467		$	4,052
Loss from operations	$	(33,350	)	$	(38,476	)	$	(41,639	)
Net loss	$	(46,901	)	$	(41,363	)	$	(59,512	)

- Definition

Tabular disclosure of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-9

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-2

Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481800/320-10-50-3

+ Details

Innoviva, Inc. 10-K