NEUROCRINE BIOSCIENCES INC Fair Value Disclosure
| December 31, 2025 | December 31, 2024 | ||||||||||||||||||||||||||||||||||
| Fair Value | Leveling | Fair Value | Leveling | ||||||||||||||||||||||||||||||||
| (in millions) | Level 1 | Level 2 | Level 1 | Level 2 | |||||||||||||||||||||||||||||||
| Cash and cash equivalents | $ | 713.0 | $ | 713.0 | $ | — | $ | 233.0 | $ | 233.0 | $ | — | |||||||||||||||||||||||
| Available-for-sale debt securities | 1,830.4 | — | 1,830.4 | 1,582.6 | — | 1,582.6 | |||||||||||||||||||||||||||||
| Equity investments | 120.8 | 120.8 | — | 124.8 | 124.8 | — | |||||||||||||||||||||||||||||
| $ | 2,664.2 | $ | 833.8 | $ | 1,830.4 | $ | 1,940.4 | $ | 357.8 | $ | 1,582.6 | ||||||||||||||||||||||||
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 11, 2026 | Showing above |
| 2024 | Feb 10, 2025 | |
| 2023 | Feb 9, 2024 | |
| 2022 | Feb 9, 2023 | |
| 2021 | Feb 11, 2022 | |
| 2020 | Feb 5, 2021 | |
| 2019 | Feb 7, 2020 | |
| 2018 | Feb 8, 2019 | |
| 2017 | Feb 13, 2018 | |
| 2016 | Feb 14, 2017 | |
| 2015 | Feb 11, 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.