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June 30, 2014 | December 31, 2013 | ||||||
(In thousands) (Unaudited) | |||||||
Fair value | $ | — | $ | 20,057 | |||
Equity Method: | |||||||
Partner companies | 120,381 | 108,872 | |||||
Private equity funds | 1,293 | 1,766 | |||||
121,674 | 110,638 | ||||||
Cost Method: | |||||||
Partner companies | 6,050 | 13,480 | |||||
Private equity funds | 2,418 | 2,418 | |||||
8,468 | 15,898 | ||||||
Advances to partner companies | 5,715 | 1,986 | |||||
$ | 135,857 | $ | 148,579 | ||||
Loan participations receivable | $ | 5,479 | $ | 8,135 | |||
Available-for-sale securities | $ | 11 | $ | 15 |
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Carrying Value | Fair Value Measurement at June 30, 2014 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) (Unaudited) | |||||||||||||||
Cash and cash equivalents | $ | 164,476 | $ | 164,476 | $ | — | $ | — | |||||||
Available-for-sale securities | 11 | 11 | — | — | |||||||||||
Warrant participations | 615 | — | — | 615 | |||||||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 2,500 | $ | 2,500 | $ | — | $ | — | |||||||
Government agency bonds | 13,949 | 13,949 | — | — | |||||||||||
Certificates of deposit | 17,446 | 17,446 | — | — | |||||||||||
Total marketable securities | $ | 33,895 | $ | 33,895 | $ | — | $ | — |
Carrying Value | Fair Value Measurement at December 31, 2013 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) (Unaudited) | |||||||||||||||
Cash and cash equivalents | $ | 139,318 | $ | 139,318 | $ | — | $ | — | |||||||
Restricted marketable securities | 5 | 5 | — | — | |||||||||||
Ownership interest in common stock of NuPathe | 16,874 | 16,874 | — | — | |||||||||||
Ownership interest in warrants and options of NuPathe | 3,183 | — | — | 3,183 | |||||||||||
Available-for-sale securities | 15 | 15 | — | — | |||||||||||
Warrant participations | 1,563 | — | — | 1,563 | |||||||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 13,599 | $ | 13,599 | $ | — | $ | — | |||||||
U.S. Treasury Bills | 8,014 | 8,014 | — | — | |||||||||||
Government agency bonds | 9,945 | 9,945 | — | — | |||||||||||
Certificates of deposit | 12,780 | 12,780 | — | — | |||||||||||
Total marketable securities | $ | 44,338 | $ | 44,338 | $ | — | $ | — |
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June 30, 2014 | December 31, 2013 | ||||||
(In thousands) (Unaudited) | |||||||
Convertible senior debentures due 2018 | $ | 50,009 | $ | 49,478 | |||
Convertible senior debentures due 2024 | — | 441 | |||||
Convertible senior debentures due 2014 | — | 29 | |||||
50,009 | 49,948 | ||||||
Less: current portion | — | (470 | ) | ||||
Convertible senior debentures – non current | $ | 50,009 | $ | 49,478 |
• | during any calendar quarter commencing after the calendar quarter ending on December 31, 2012, if the last reported sale price of the common stock for at least 20 trading days during the period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; |
• | during the five business day period after any five consecutive trading day period in which the trading price per $1,000 principal amount of notes for each trading day of the measurement period was less than 98% of the product of the last reported sale price of our common stock and the conversion rate on such trading day; |
• | if the notes have been called for redemption; or |
• | upon the occurrence of specified corporate events. |
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Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(In thousands) (Unaudited) | |||||||||||||||
General and administrative expense | $ | 887 | $ | 922 | $ | 1,407 | $ | 1,298 | |||||||
$ | 887 | $ | 922 | $ | 1,407 | $ | 1,298 |
1) | market–based; |
2) | performance-based; and |
3) | service-based. |
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Healthcare | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2014 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Dabo Health, Inc. | 12.9% | Cost | |
Good Start Genetics, Inc. | 30.0% | Equity | |
InfoBionic Inc. | 20.4% | Equity | |
Medivo, Inc. | 34.5% | Equity | |
NovaSom, Inc. | 30.3% | Equity | |
Putney, Inc. | 28.3% | Equity | |
Quantia, Inc. | 34.8% | Equity | |
Syapse, Inc. | 27.0% | Equity |
Technology | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2014 | Accounting Method | |
AppFirst, Inc. | 34.3% | Equity | |
Apprenda, Inc. | 21.7% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Bridgevine, Inc. | 17.3% | Cost (1) | |
Clutch Holdings, Inc. | 29.6% | Equity (2) | |
DriveFactor, Inc. | 40.6% | Equity | |
Hoopla Software, Inc. | 25.6% | Equity | |
Lumesis, Inc. | 48.5% | Equity | |
MediaMath, Inc. | 20.6% | Equity | |
Pneuron Corporation | 27.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity |
Three months ended June 30, 2014 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (3 | ) | $ | (3 | ) | $ | (5,066 | ) | $ | (5,069 | ) | |||||||
Other income | 1,452 | — | — | 1,452 | — | 1,452 | |||||||||||||||||
Interest income | — | — | 394 | 394 | 148 | 542 | |||||||||||||||||
Equity income (loss) | (4,547 | ) | 1,586 | (213 | ) | (3,174 | ) | (1 | ) | (3,175 | ) | ||||||||||||
Net income (loss) | (3,095 | ) | 1,586 | 178 | (1,331 | ) | (6,017 | ) | (7,348 | ) | |||||||||||||
Segment Assets: | |||||||||||||||||||||||
June 30, 2014 | 50,558 | 81,599 | 8,584 | 140,741 | 203,400 | 344,141 | |||||||||||||||||
December 31, 2013 | 74,939 | 69,471 | 12,783 | 157,193 | 188,803 | 345,996 |
Three months ended June 30, 2013 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (4 | ) | $ | (4 | ) | $ | (6,711 | ) | $ | (6,715 | ) | |||||||
Other income (loss), net | (2,425 | ) | — | (295 | ) | (2,720 | ) | (4 | ) | (2,724 | ) | ||||||||||||
Interest income | — | — | 380 | 380 | 410 | 790 | |||||||||||||||||
Equity loss | (14,850 | ) | (3,399 | ) | (94 | ) | (18,343 | ) | (57 | ) | (18,400 | ) | |||||||||||
Net loss | (17,275 | ) | (3,399 | ) | (13 | ) | (20,687 | ) | (7,436 | ) | (28,123 | ) |
Six months ended June 30, 2014 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (5 | ) | $ | (5 | ) | $ | (10,303 | ) | $ | (10,308 | ) | |||||||
Other income (loss), net | 31,831 | — | (5 | ) | 31,826 | — | 31,826 | ||||||||||||||||
Interest income | — | — | 780 | 780 | 232 | 1,012 | |||||||||||||||||
Equity income (loss) | 6,075 | (1,999 | ) | (438 | ) | 3,638 | (5 | ) | 3,633 | ||||||||||||||
Net income (loss) | 37,906 | (1,999 | ) | 332 | 36,239 | (12,268 | ) | 23,971 |
Six months ended June 30, 2013 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (9 | ) | $ | (9 | ) | $ | (12,080 | ) | $ | (12,089 | ) | |||||||
Other income (loss), net | (1,590 | ) | — | (223 | ) | (1,813 | ) | (154 | ) | (1,967 | ) | ||||||||||||
Interest income | — | — | 724 | 724 | 800 | 1,524 | |||||||||||||||||
Equity income (loss) | (20,750 | ) | (4,500 | ) | (164 | ) | (25,414 | ) | 27 | (25,387 | ) | ||||||||||||
Net income (loss) | (22,340 | ) | (4,500 | ) | 328 | (26,512 | ) | (13,550 | ) | (40,062 | ) |
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June 30, 2014 | December 31, 2013 | ||||||
(In thousands) (Unaudited) | |||||||
Fair value | $ | — | $ | 20,057 | |||
Equity Method: | |||||||
Partner companies | 120,381 | 108,872 | |||||
Private equity funds | 1,293 | 1,766 | |||||
121,674 | 110,638 | ||||||
Cost Method: | |||||||
Partner companies | 6,050 | 13,480 | |||||
Private equity funds | 2,418 | 2,418 | |||||
8,468 | 15,898 | ||||||
Advances to partner companies | 5,715 | 1,986 | |||||
$ | 135,857 | $ | 148,579 | ||||
Loan participations receivable | $ | 5,479 | $ | 8,135 | |||
Available-for-sale securities | $ | 11 | $ | 15 |
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Carrying Value | Fair Value Measurement at June 30, 2014 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) (Unaudited) | |||||||||||||||
Cash and cash equivalents | $ | 164,476 | $ | 164,476 | $ | — | $ | — | |||||||
Available-for-sale securities | 11 | 11 | — | — | |||||||||||
Warrant participations | 615 | — | — | 615 | |||||||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 2,500 | $ | 2,500 | $ | — | $ | — | |||||||
Government agency bonds | 13,949 | 13,949 | — | — | |||||||||||
Certificates of deposit | 17,446 | 17,446 | — | — | |||||||||||
Total marketable securities | $ | 33,895 | $ | 33,895 | $ | — | $ | — |
Carrying Value | Fair Value Measurement at December 31, 2013 | ||||||||||||||
Level 1 | Level 2 | Level 3 | |||||||||||||
(In thousands) (Unaudited) | |||||||||||||||
Cash and cash equivalents | $ | 139,318 | $ | 139,318 | $ | — | $ | — | |||||||
Restricted marketable securities | 5 | 5 | — | — | |||||||||||
Ownership interest in common stock of NuPathe | 16,874 | 16,874 | — | — | |||||||||||
Ownership interest in warrants and options of NuPathe | 3,183 | — | — | 3,183 | |||||||||||
Available-for-sale securities | 15 | 15 | — | — | |||||||||||
Warrant participations | 1,563 | — | — | 1,563 | |||||||||||
Marketable securities—held-to-maturity: | |||||||||||||||
Commercial paper | $ | 13,599 | $ | 13,599 | $ | — | $ | — | |||||||
U.S. Treasury Bills | 8,014 | 8,014 | — | — | |||||||||||
Government agency bonds | 9,945 | 9,945 | — | — | |||||||||||
Certificates of deposit | 12,780 | 12,780 | — | — | |||||||||||
Total marketable securities | $ | 44,338 | $ | 44,338 | $ | — | $ | — |
|
June 30, 2014 | December 31, 2013 | ||||||
(In thousands) (Unaudited) | |||||||
Convertible senior debentures due 2018 | $ | 50,009 | $ | 49,478 | |||
Convertible senior debentures due 2024 | — | 441 | |||||
Convertible senior debentures due 2014 | — | 29 | |||||
50,009 | 49,948 | ||||||
Less: current portion | — | (470 | ) | ||||
Convertible senior debentures – non current | $ | 50,009 | $ | 49,478 |
|
Three months ended June 30, | Six months ended June 30, | ||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||
(In thousands) (Unaudited) | |||||||||||||||
General and administrative expense | $ | 887 | $ | 922 | $ | 1,407 | $ | 1,298 | |||||||
$ | 887 | $ | 922 | $ | 1,407 | $ | 1,298 |
1) | market–based; |
2) | performance-based; and |
3) | service-based. |
|
Healthcare | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2014 | Accounting Method | |
AdvantEdge Healthcare Solutions, Inc. | 40.1% | Equity | |
Dabo Health, Inc. | 12.9% | Cost | |
Good Start Genetics, Inc. | 30.0% | Equity | |
InfoBionic Inc. | 20.4% | Equity | |
Medivo, Inc. | 34.5% | Equity | |
NovaSom, Inc. | 30.3% | Equity | |
Putney, Inc. | 28.3% | Equity | |
Quantia, Inc. | 34.8% | Equity | |
Syapse, Inc. | 27.0% | Equity |
Technology | |||
Partner Company | Safeguard Primary Ownership as of June 30, 2014 | Accounting Method | |
AppFirst, Inc. | 34.3% | Equity | |
Apprenda, Inc. | 21.7% | Equity | |
Beyond.com, Inc. | 38.2% | Equity | |
Bridgevine, Inc. | 17.3% | Cost (1) | |
Clutch Holdings, Inc. | 29.6% | Equity (2) | |
DriveFactor, Inc. | 40.6% | Equity | |
Hoopla Software, Inc. | 25.6% | Equity | |
Lumesis, Inc. | 48.5% | Equity | |
MediaMath, Inc. | 20.6% | Equity | |
Pneuron Corporation | 27.6% | Equity | |
Spongecell, Inc. | 23.0% | Equity |
Three months ended June 30, 2014 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (3 | ) | $ | (3 | ) | $ | (5,066 | ) | $ | (5,069 | ) | |||||||
Other income | 1,452 | — | — | 1,452 | — | 1,452 | |||||||||||||||||
Interest income | — | — | 394 | 394 | 148 | 542 | |||||||||||||||||
Equity income (loss) | (4,547 | ) | 1,586 | (213 | ) | (3,174 | ) | (1 | ) | (3,175 | ) | ||||||||||||
Net income (loss) | (3,095 | ) | 1,586 | 178 | (1,331 | ) | (6,017 | ) | (7,348 | ) | |||||||||||||
Segment Assets: | |||||||||||||||||||||||
June 30, 2014 | 50,558 | 81,599 | 8,584 | 140,741 | 203,400 | 344,141 | |||||||||||||||||
December 31, 2013 | 74,939 | 69,471 | 12,783 | 157,193 | 188,803 | 345,996 |
Three months ended June 30, 2013 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (4 | ) | $ | (4 | ) | $ | (6,711 | ) | $ | (6,715 | ) | |||||||
Other income (loss), net | (2,425 | ) | — | (295 | ) | (2,720 | ) | (4 | ) | (2,724 | ) | ||||||||||||
Interest income | — | — | 380 | 380 | 410 | 790 | |||||||||||||||||
Equity loss | (14,850 | ) | (3,399 | ) | (94 | ) | (18,343 | ) | (57 | ) | (18,400 | ) | |||||||||||
Net loss | (17,275 | ) | (3,399 | ) | (13 | ) | (20,687 | ) | (7,436 | ) | (28,123 | ) |
Six months ended June 30, 2014 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (5 | ) | $ | (5 | ) | $ | (10,303 | ) | $ | (10,308 | ) | |||||||
Other income (loss), net | 31,831 | — | (5 | ) | 31,826 | — | 31,826 | ||||||||||||||||
Interest income | — | — | 780 | 780 | 232 | 1,012 | |||||||||||||||||
Equity income (loss) | 6,075 | (1,999 | ) | (438 | ) | 3,638 | (5 | ) | 3,633 | ||||||||||||||
Net income (loss) | 37,906 | (1,999 | ) | 332 | 36,239 | (12,268 | ) | 23,971 |
Six months ended June 30, 2013 | |||||||||||||||||||||||
Healthcare | Technology | Penn Mezzanine | Total Segments | Other Items | Total | ||||||||||||||||||
(In thousands) (Unaudited) | |||||||||||||||||||||||
Operating loss | $ | — | $ | — | $ | (9 | ) | $ | (9 | ) | $ | (12,080 | ) | $ | (12,089 | ) | |||||||
Other income (loss), net | (1,590 | ) | — | (223 | ) | (1,813 | ) | (154 | ) | (1,967 | ) | ||||||||||||
Interest income | — | — | 724 | 724 | 800 | 1,524 | |||||||||||||||||
Equity income (loss) | (20,750 | ) | (4,500 | ) | (164 | ) | (25,414 | ) | 27 | (25,387 | ) | ||||||||||||
Net income (loss) | (22,340 | ) | (4,500 | ) | 328 | (26,512 | ) | (13,550 | ) | (40,062 | ) |
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