v3.26.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2026
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note J – Fair Value Measurements

Assets and liabilities measured at fair value are summarized below (in thousands):

Description

 

March 31, 2026

 

 

Quoted Prices in
Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (Note C)

 

$

435

 

 

$

435

 

 

$

—

 

 

$

—

 

Investment in MiNK Therapeutics, Inc.

 

 

22,927

 

 

 

22,927

 

 

 

—

 

 

 

—

 

Long-term investments

 

 

1,088

 

 

 

1,088

 

 

 

—

 

 

 

—

 

Total

 

$

24,450

 

 

$

24,450

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

December 31, 2025

 

 

Quoted Prices in
Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (Note C)

 

$

417

 

 

$

417

 

 

$

—

 

 

$

—

 

Related party note receivable

 

 

5,179

 

 

 

—

 

 

 

5,179

 

 

 

—

 

Investment in MiNK Therapeutics, Inc.

 

 

24,277

 

 

 

24,277

 

 

 

—

 

 

 

 

Long-term investments

 

 

1,303

 

 

 

1,303

 

 

 

—

 

 

 

 

Total

 

$

31,176

 

 

$

25,997

 

 

$

5,179

 

 

$

—

 

We measured the Related party note receivable at fair value. The fair value of the Note Receivable was determined using a scenario based present value methodology that was derived by evaluating the nature and terms of the Note Receivable and considering the prevailing economic and market conditions at the balance sheet date, some of which are considered Level 2 inputs under the fair value measurements standard. In January 2026, in accordance with the terms of the note agreement, MiNK repaid the full principal and accrued interest balance.

Our long-term equity investment in MiNK is measured at fair value and is calculated using readily determinable pricing available on a securities exchange and is classified as a Level 1 asset.

Other long-term investments are included in "Other long-term assets" in our condensed consolidated balance sheets.

The fair value of our outstanding debt balance at March 31, 2026 and December 31, 2025 was $31.0 million and $45.7 million, respectively, based on the Level 2 valuation hierarchy of the fair value measurements standard using a present value methodology that was derived by evaluating the nature and terms of each note and considering the prevailing economic and market conditions at the balance sheet date. The principal amount of our outstanding debt balance at March 31, 2026 and December 31, 2025 was $30.5 million and $45.5 million, respectively.