Fair Value Measurements
Assets measured at fair value on a recurring basis as of December 31, 2025 were as follows (in thousands):
Financial AssetsDecember 31,
2025
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash equivalents:
Money market funds$146,645 $146,645 $— $— 
Restricted cash and other non-current assets:
Money market funds2,670 2,670 — — 
Total financial assets$149,315 $149,315 $— $— 
Assets measured at fair value on a recurring basis as of December 31, 2024 were as follows (in thousands):
Financial AssetsDecember 31,
2024
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
Significant
Other
Observable
Inputs
(Level 2)
Significant
Unobservable
Inputs
(Level 3)
Cash equivalents:
Money market funds$131,541 $131,541 $— $— 
Marketable securities:
Government agency securities— — — — 
Corporate bonds6,501 — 6,501 — 
U.S. Treasuries131,871 131,871 — — 
Restricted cash and other non-current assets:
Money market funds3,877 3,877 — — 
Total financial assets$273,790 $267,289 $6,501 $— 
The fair value of the Company’s liability for sale of future revenues approximates the amount recorded on the Company’s balance sheet as of December 31, 2025 and 2024, which represents a level 3 fair value measurement.
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Historical Timeline

Fiscal YearFiled
2025Mar 9, 2026Showing above
2024Mar 5, 2025
2023Feb 28, 2024
2022Feb 22, 2023
2021Feb 24, 2022
2020Feb 26, 2021

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.