AGIOS PHARMACEUTICALS, INC. Fair Value Disclosure
| (In thousands) | Level 1 | Level 2 | Level 3 | Total | |||||||||||||||||||
| Cash equivalents | $ | 47,496 | $ | 3,347 | $ | — | $ | 50,843 | |||||||||||||||
| Total cash equivalents | 47,496 | 3,347 | — | 50,843 | |||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| Certificates of deposit | — | 751 | — | 751 | |||||||||||||||||||
| U.S. Treasuries | — | 296,213 | — | 296,213 | |||||||||||||||||||
| Government securities | — | 164,816 | — | 164,816 | |||||||||||||||||||
| Corporate debt securities | — | 613,528 | — | 613,528 | |||||||||||||||||||
| Total marketable securities | — | 1,075,308 | — | 1,075,308 | |||||||||||||||||||
| Total cash equivalents and marketable securities | $ | 47,496 | $ | 1,078,655 | $ | — | $ | 1,126,151 | |||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 12, 2026 | Showing above |
| 2024 | Feb 13, 2025 | |
| 2023 | Feb 15, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 19, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 14, 2018 | |
About Fair Value Disclosures
Fair value disclosures classify all assets and liabilities measured at fair value into a three-level hierarchy: Level 1 (quoted market prices), Level 2 (observable inputs like yield curves), and Level 3 (unobservable inputs requiring management estimates). The proportion of Level 3 assets directly reflects how much of the balance sheet depends on internal models rather than market evidence.
Key signals: a growing Level 3 balance relative to total fair-value assets increases valuation uncertainty and earnings volatility risk. Watch for transfers between levels — assets moving from Level 2 to Level 3 often signal deteriorating market liquidity. Unrealized gains and losses on Level 3 positions flow through earnings or other comprehensive income, so large swings deserve scrutiny. For financial institutions, examine the sensitivity disclosures that show how Level 3 valuations change under alternative assumptions. Compare the fair value of debt against its carrying amount to gauge hidden leverage.