| Summary of Financial Assets Recognized at Fair Value on Recurring Basis |
The Company’s financial assets recognized at fair value on a recurring basis consisted of the following:
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June 30, 2026 |
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Total |
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Level 1 |
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Level 2 |
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Level 3 |
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(In thousands) |
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Assets |
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Cash equivalents and restricted cash equivalents |
|
$ |
78,641 |
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|
$ |
78,641 |
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|
$ |
- |
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|
$ |
- |
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Marketable securities: |
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U.S. Treasury and other government-backed securities |
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275,645 |
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|
184,124 |
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|
91,521 |
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|
- |
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Financial institution debt securities |
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|
168,784 |
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|
- |
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|
168,784 |
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|
- |
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Corporate debt securities |
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|
77,797 |
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|
- |
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|
77,797 |
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|
|
- |
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Total marketable securities |
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|
522,226 |
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|
184,124 |
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|
338,102 |
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|
- |
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Investment in Kyverna Therapeutics, Inc. |
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|
10,459 |
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|
10,459 |
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|
- |
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|
- |
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Total assets |
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$ |
611,326 |
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|
$ |
273,224 |
|
|
$ |
338,102 |
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|
$ |
- |
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|
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|
December 31, 2025 |
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|
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Total |
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|
Level 1 |
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Level 2 |
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|
Level 3 |
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|
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(In thousands) |
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Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Cash equivalents and restricted cash equivalents |
|
$ |
92,263 |
|
|
$ |
92,263 |
|
|
$ |
- |
|
|
$ |
- |
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Marketable securities: |
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|
|
|
|
|
|
|
|
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U.S. Treasury and other government-backed securities |
|
|
221,117 |
|
|
|
150,852 |
|
|
|
70,265 |
|
|
|
- |
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Financial institution debt securities |
|
|
146,815 |
|
|
|
- |
|
|
|
146,815 |
|
|
|
- |
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Corporate debt securities |
|
|
81,738 |
|
|
|
- |
|
|
|
81,738 |
|
|
|
- |
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Total marketable securities |
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|
449,670 |
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|
|
150,852 |
|
|
|
298,818 |
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|
- |
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Investment in Kyverna Therapeutics, Inc. |
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|
11,034 |
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|
11,034 |
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|
- |
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|
- |
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Total assets |
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$ |
552,967 |
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|
$ |
254,149 |
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|
$ |
298,818 |
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$ |
- |
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