ALNYLAM PHARMACEUTICALS, INC. Fair Value Disclosure
| (In thousands) | As of December 31, 2025 | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
| Financial assets | ||||||||||||||||||||||||||
| Cash equivalents: | ||||||||||||||||||||||||||
| Money market funds | $ | 140,445 | $ | 140,445 | $ | — | $ | — | ||||||||||||||||||
| U.S. treasury securities | 18,952 | — | 18,952 | — | ||||||||||||||||||||||
| U.S. government-sponsored enterprise securities | 2,690 | — | 2,690 | — | ||||||||||||||||||||||
| Commercial paper | 1,995 | — | 1,995 | — | ||||||||||||||||||||||
| Marketable debt securities: | ||||||||||||||||||||||||||
| U.S. treasury securities | 653,341 | — | 653,341 | — | ||||||||||||||||||||||
| Corporate notes | 333,241 | — | 333,241 | — | ||||||||||||||||||||||
| U.S. government-sponsored enterprise securities | 252,634 | — | 252,634 | — | ||||||||||||||||||||||
| Commercial paper | 7,017 | — | 7,017 | — | ||||||||||||||||||||||
| Municipal securities | 5,001 | — | 5,001 | — | ||||||||||||||||||||||
| Restricted cash (money market funds) | 917 | 917 | — | — | ||||||||||||||||||||||
| Total financial assets | $ | 1,416,233 | $ | 141,362 | $ | 1,274,871 | $ | — | ||||||||||||||||||
| (In thousands) | As of December 31, 2024 | Quoted Prices in Active Markets (Level 1) | Significant Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||||
| Financial assets | ||||||||||||||||||||||||||
| Cash equivalents: | ||||||||||||||||||||||||||
| Money market funds | $ | 190,779 | $ | 190,779 | $ | — | $ | — | ||||||||||||||||||
| U.S. treasury securities | 36,428 | — | 36,428 | — | ||||||||||||||||||||||
| Commercial paper | 22,709 | — | 22,709 | — | ||||||||||||||||||||||
| U.S. government-sponsored enterprise securities | 9,952 | — | 9,952 | — | ||||||||||||||||||||||
| Marketable debt securities: | ||||||||||||||||||||||||||
| U.S. treasury securities | 921,627 | — | 921,627 | — | ||||||||||||||||||||||
| U.S. government-sponsored enterprise securities | 396,143 | — | 396,143 | — | ||||||||||||||||||||||
| Corporate notes | 361,739 | — | 361,739 | — | ||||||||||||||||||||||
| Commercial paper | 35,408 | — | 35,408 | — | ||||||||||||||||||||||
Municipal securities | 5,003 | — | 5,003 | — | ||||||||||||||||||||||
| Marketable equity securities | 8,156 | 8,156 | — | — | ||||||||||||||||||||||
| Restricted cash (money market funds) | 910 | 910 | — | — | ||||||||||||||||||||||
| Total financial assets | $ | 1,988,854 | $ | 199,845 | $ | 1,789,009 | $ | — | ||||||||||||||||||
| Financial liabilities | ||||||||||||||||||||||||||
| $ | 486,919 | $ | — | $ | — | $ | 486,919 | |||||||||||||||||||
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 10, 2022 | |
| 2020 | Feb 11, 2021 | |
| 2019 | Feb 13, 2020 | |
| 2018 | Feb 14, 2019 | |
| 2017 | Feb 15, 2018 | |
| 2016 | Feb 15, 2017 | |
| 2015 | Feb 12, 2016 | |
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.