| Fair Value Measurements |
3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of June 30, 2026 and December 31, 2025 (in thousands):
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Fair Value Measurements at
June 30, 2026 |
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| |
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|
|
|
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|
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| |
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$ |
48,466 |
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|
$ |
48,466 |
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|
$ |
— |
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|
$ |
— |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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| |
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|
39,646 |
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|
|
— |
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|
39,646 |
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|
|
— |
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| |
|
|
230,728 |
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|
|
— |
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|
230,728 |
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— |
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|
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| |
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$ |
318,840 |
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|
$ |
48,466 |
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|
$ |
270,374 |
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|
$ |
— |
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Fair Value Measurements at
December 31, 2025 |
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| |
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| |
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$ |
197,533 |
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|
$ |
197,533 |
|
|
$ |
— |
|
|
$ |
— |
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| |
|
|
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|
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|
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|
|
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Government agency securities |
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|
3,501 |
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|
— |
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|
3,501 |
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|
|
— |
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| |
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|
151,272 |
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— |
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|
151,272 |
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— |
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| |
|
$ |
352,306 |
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|
$ |
197,533 |
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|
$ |
154,773 |
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|
$ |
— |
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| There were no transfers between fair value levels during the three and six months ended June 30, 2026. Assets Measured at Fair Value on a Nonrecurring Basis During the three months ended June 30, 2026, the Company measured certain long-lived assets at fair value on a nonrecurring basis in connection with impairment charges recorded as a result of the discontinuation of the pociredir program and the related restructuring. The Company’s operating lease asset was written down to its estimated fair value of zero, determined using an income approach based on the present value of estimated net sublease cash flows over the remaining lease term (a Level 3 measurement using significant unobservable inputs, including estimated sublease rates, expected downtime, free rent and other concessions, and a discount rate). The related leasehold improvements were written down to an estimated fair value of zero. Laboratory equipment classified as held for sale was measured at fair value less costs to sell, based on the $0.9 million contracted sale price under an executed asset purchase agreement (a Level 2 measurement based on the observable transaction price). See Note 5, “Property and Equipment, Net,” and Note 16, “Restructuring Activities.” |
3. Fair Value Measurements The following tables present information about the Company’s financial assets measured at fair value on a recurring basis and indicate the fair value hierarchy classification of such fair values as of December 31, 2025 and 2024 (in thousands):
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|
Fair Value Measurements at
December 31, 2025 |
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| |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
197,533 |
|
|
$ |
197,533 |
|
|
$ |
— |
|
|
$ |
— |
|
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Government agency securities |
|
|
3,501 |
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|
|
— |
|
|
|
3,501 |
|
|
|
— |
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| |
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|
151,272 |
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|
|
— |
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|
151,272 |
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|
|
— |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
$ |
352,306 |
|
|
$ |
197,533 |
|
|
$ |
154,773 |
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|
$ |
— |
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|
|
|
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|
Fair Value Measurements at
December 31, 2024 |
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| |
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|
|
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| |
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$ |
45,722 |
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|
$ |
45,722 |
|
|
$ |
— |
|
|
$ |
— |
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| |
|
|
12,490 |
|
|
|
— |
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|
|
12,490 |
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|
|
— |
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| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
|
2,496 |
|
|
|
— |
|
|
|
2,496 |
|
|
|
— |
|
Government agency securities |
|
|
11,282 |
|
|
|
— |
|
|
|
11,282 |
|
|
|
— |
|
| |
|
|
169,031 |
|
|
|
— |
|
|
|
169,031 |
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|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
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| |
|
$ |
241,021 |
|
|
$ |
45,722 |
|
|
$ |
195,299 |
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|
$ |
— |
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| There were no transfers between fair value levels during the years ended December 31, 2025 and 2024. |