v3.26.3
Fair Value of Financial Instruments (Tables)
 9 Months Ended
Sep. 30, 2026
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Fair Value of Financial Assets and Liabilities

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at September 30, 2026 (in thousands):

 

 

Carrying
amount

 

 

Fair
value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

207,267

 

 

$

207,267

 

 

$

207,267

 

 

$

—

 

 

$

—

 

U.S. Treasury securities backed repurchase
agreements

 

 

6,000

 

 

 

6,000

 

 

 

—

 

 

 

6,000

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

315,944

 

 

 

315,944

 

 

 

—

 

 

 

315,944

 

 

 

—

 

Corporate notes

 

 

72,329

 

 

 

72,329

 

 

 

—

 

 

 

72,329

 

 

 

—

 

U.S. Treasury securities

 

 

408,922

 

 

 

408,922

 

 

 

—

 

 

 

408,922

 

 

 

—

 

U.S. Government securities

 

 

28,498

 

 

 

28,498

 

 

 

—

 

 

 

28,498

 

 

 

—

 

Corporate equity securities

 

 

4,913

 

 

 

4,913

 

 

 

4,913

 

 

 

—

 

 

 

—

 

Total assets

 

$

1,043,873

 

 

$

1,043,873

 

 

$

212,180

 

 

$

831,693

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Success payment liability – Harvard

 

$

2,000

 

 

$

2,000

 

 

$

—

 

 

$

—

 

 

$

2,000

 

Success payment liability – Broad Institute

 

 

2,700

 

 

 

2,700

 

 

 

—

 

 

 

—

 

 

 

2,700

 

Contingent consideration liability milestones

 

 

7,213

 

 

 

7,213

 

 

 

—

 

 

 

—

 

 

 

7,213

 

Total liabilities

 

$

11,913

 

 

$

11,913

 

 

$

—

 

 

$

—

 

 

$

11,913

 

 

 

The following tables set forth the fair value of the Company’s financial assets and liabilities by level within the fair value hierarchy at December 31, 2025 (in thousands):

 

 

Carrying
amount

 

 

Fair
value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

274,944

 

 

 

274,944

 

 

$

274,944

 

 

$

—

 

 

$

—

 

U.S. Treasury securities backed repurchase
agreements

 

 

20,000

 

 

 

20,000

 

 

 

—

 

 

 

20,000

 

 

 

—

 

Marketable securities:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Commercial paper

 

 

304,959

 

 

 

304,959

 

 

 

—

 

 

 

304,959

 

 

 

—

 

Corporate notes

 

 

150,046

 

 

 

150,046

 

 

 

—

 

 

 

150,046

 

 

 

—

 

U.S. Treasury securities

 

 

462,984

 

 

 

462,984

 

 

 

—

 

 

 

462,984

 

 

 

—

 

U.S. Government securities

 

 

26,696

 

 

 

26,696

 

 

 

—

 

 

 

26,696

 

 

 

—

 

Corporate equity securities

 

 

5,581

 

 

 

5,581

 

 

 

5,581

 

 

 

—

 

 

 

—

 

Total assets

 

$

1,245,210

 

 

$

1,245,210

 

 

$

280,525

 

 

$

964,685

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Success payment liability – Harvard

 

$

3,300

 

 

$

3,300

 

 

$

—

 

 

$

—

 

 

$

3,300

 

Success payment liability – Broad Institute

 

 

4,400

 

 

 

4,400

 

 

 

—

 

 

 

—

 

 

 

4,400

 

Contingent consideration liability milestones

 

 

8,666

 

 

 

8,666

 

 

 

—

 

 

 

—

 

 

 

8,666

 

Total liabilities

 

$

16,366

 

 

$

16,366

 

 

$

—

 

 

$

—

 

 

$

16,366

 
Summary of Other Income (Expense) Recorded Due to Changes in Fair Value of Corporate Equity Securities Held

The following table summarizes other income (expense) recorded due to changes in the fair value of corporate equity securities held (in thousands):

 

 

Three Months Ended September 30,

 

 

Nine Months Ended September 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Other income (expense)

 

$

(1,021

)

 

$

4,937

 

 

$

(667

)

 

$

7,271

 
Success Payment Liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the Harvard and Broad Institute success payment liabilities:

 

 

 

Harvard

 

 

Broad Institute

 

 

 

September 30,
2026

 

 

December 31,
2025

 

 

September 30,
2026

 

 

December 31,
2025

 

Fair value of common stock (per share)

 

$

24.45

 

 

$

27.72

 

 

$

24.45

 

 

$

27.72

 

Expected volatility

 

 

73

%

 

 

71

%

 

 

70

%

 

 

75

%

Expected term (years)

 

0.24-2.74

 

 

0.01-3.49

 

 

0.24-3.61

 

 

0.01-4.36

 
Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in the fair value of success payment liabilities based on Level 3 inputs (in thousands):

 

 

 

Nine Months Ended September 30, 2026

 

 

 

Harvard

 

 

Broad Institute

 

 

Total

 

Balance at December 31, 2025

 

$

3,300

 

 

$

4,400

 

 

$

7,700

 

Change in fair value

 

 

(1,300

)

 

 

(1,700

)

 

 

(3,000

)

Balance at September 30, 2026

 

$

2,000

 

 

$

2,700

 

 

$

4,700

 
Contingent Consideration Liabilities  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]  
Schedule of Variables Included in Calculation of Estimated Fair Value

The following variables were incorporated in the calculation of the estimated fair value of the contingent consideration liabilities:

 

 

Contingent consideration liability milestones

 

 

 

September 30,
2026

 

 

December 31,
2025

 

Discount rate

 

 

10.40

%

 

 

8.00

%

Probability of achievement

 

2-32%

 

 

2-32%

 

Projected year of achievement

 

2027-2037

 

 

2026-2037

 
Schedule of change in Fair Value of Liabilities based on Level 3 inputs

The following table reconciles the change in fair value of the contingent consideration liabilities based on level 3 inputs (in thousands):

 

 

Contingent consideration liability milestones

 

Balance at December 31, 2025

 

$

8,666

 

Milestones achieved

 

 

(4,000

)

Change in fair value

 

 

2,547

 

Balance at September 30, 2026

 

$

7,213