Autolus Therapeutics plc Fair Value Disclosure
| December 31, 2025 | |||||||||||||||||||||||
| Aggregate estimated fair value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets classified as cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 71,191 | $ | 71,191 | $ | — | $ | — | |||||||||||||||
United Kingdom Government Securities | 301 | — | 301 | — | |||||||||||||||||||
| Corporate debt securities | 1,753 | — | 1,753 | — | |||||||||||||||||||
| $ | 73,245 | $ | 71,191 | $ | 2,054 | $ | — | ||||||||||||||||
Assets classified as marketable securities: available-for-sale debt securities | |||||||||||||||||||||||
Commercial paper | $ | 52,589 | $ | — | $ | 52,589 | $ | — | |||||||||||||||
Corporate debt securities | 58,299 | — | 58,299 | — | |||||||||||||||||||
United Kingdom Government Securities | 66,175 | — | 66,175 | — | |||||||||||||||||||
United States Treasury Bills | 19,515 | 19,515 | — | — | |||||||||||||||||||
| $ | 196,578 | $ | 19,515 | $ | 177,063 | $ | — | ||||||||||||||||
| $ | 269,823 | $ | 90,706 | $ | 179,117 | $ | — | ||||||||||||||||
| December 31, 2024 | |||||||||||||||||||||||
| Aggregate estimated fair value | Quoted Prices in Active Markets for Identical Assets (Level 1) | Significant Other Observable Inputs (Level 2) | Significant Unobservable Inputs (Level 3) | ||||||||||||||||||||
Assets classified as cash equivalents: | |||||||||||||||||||||||
Money market funds | $ | 113,447 | $ | 113,447 | $ | — | $ | — | |||||||||||||||
Commercial paper | 14,301 | — | 14,301 | — | |||||||||||||||||||
| United Kingdom Government Securities | 84,255 | — | 84,255 | — | |||||||||||||||||||
United States Treasury Bills | 7,989 | 7,989 | — | — | |||||||||||||||||||
| $ | 219,992 | $ | 121,436 | $ | 98,556 | $ | — | ||||||||||||||||
Assets classified as marketable securities: available-for-sale debt securities | |||||||||||||||||||||||
Commercial paper | $ | 21,141 | $ | — | $ | 21,141 | $ | — | |||||||||||||||
Corporate debt securities | 151,124 | — | 151,124 | — | |||||||||||||||||||
| United Kingdom Government Securities | 141,307 | — | 141,307 | — | |||||||||||||||||||
| United States Treasury Bills | 47,071 | 47,071 | — | — | |||||||||||||||||||
| $ | 360,643 | $ | 47,071 | $ | 313,572 | $ | — | ||||||||||||||||
| $ | 580,635 | $ | 168,507 | $ | 412,128 | $ | — | ||||||||||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 27, 2026 | Showing above |
| 2024 | Mar 20, 2025 | |
| 2023 | Mar 21, 2024 | |
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.