The two extremes
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The two extremes: eternalism is the assertion that Being exists, and nihilism the assertion that Being does not exist – the simple binary equation: "is" or "is-not".
Manjusrimitra is denying both positions. The most fundamental elements of Existence consist of space, time and matter. Matter is composed of elementary particles, which essentially are quanta of energy. Do these particles have a 'real' existence?
In terms of quantum theory, the 'reality' of an elementary particle is suspended in an indeterminate superposition until measurement brings about the collapse of the wave-function. Heisenberg's uncertainty principle and Schrodinger's unnerving Cat Paradox are ways of demonstrating that quantum bits (qubits) contain both aspects of the equation, without being either. In Yogacara Theory this is colloquially called "Satasat," where 'sat' means 'to-be,' and 'asat' means 'not-to-be.'
Something may be said either to exist (sat) or not-exist (asat), but under ordinary circumstances not to be able to do both simultaneously. The flip of a coin can be either heads or tails; something either is, or it is not. Written in binary figures these alternatives are either 1 (one/eka) or 0 (zero/sunya).
A single 'bit' (short for 'binary digit'), the smallest unit of Information possible, must represent one or other of these alternatives. One bit of Information states that 'it is' (heads), its alternative states that 'it is not' (tails). But once we get down to the quantum mechanical level, the smallest unit of Information, the qubit, is in the superposition state /0> + /1> from the beginning.