REGENXBIO Inc. Fair Value Disclosure
4. Fair Value Measurements
Financial instruments reported at fair value on a recurring basis include cash equivalents and marketable securities. The following tables present the fair value of cash equivalents and marketable securities in accordance with the fair value hierarchy discussed in Note 2 (in thousands):
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market mutual funds |
|
$ |
— |
|
|
$ |
21,418 |
|
|
$ |
— |
|
|
$ |
21,418 |
|
U.S. government and agency securities |
|
|
— |
|
|
|
2,496 |
|
|
|
— |
|
|
|
2,496 |
|
Total cash equivalents |
|
|
— |
|
|
|
23,914 |
|
|
|
— |
|
|
|
23,914 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government and agency securities |
|
|
— |
|
|
|
83,144 |
|
|
|
— |
|
|
|
83,144 |
|
Corporate bonds |
|
|
— |
|
|
|
123,245 |
|
|
|
— |
|
|
|
123,245 |
|
Total marketable securities |
|
|
— |
|
|
|
206,389 |
|
|
|
— |
|
|
|
206,389 |
|
Total cash equivalents and marketable securities |
|
$ |
— |
|
|
$ |
230,303 |
|
|
$ |
— |
|
|
$ |
230,303 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
December 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market mutual funds |
|
$ |
— |
|
|
$ |
43,895 |
|
|
$ |
— |
|
|
$ |
43,895 |
|
U.S. government and agency securities |
|
|
— |
|
|
|
2,498 |
|
|
|
— |
|
|
|
2,498 |
|
Total cash equivalents |
|
|
— |
|
|
|
46,393 |
|
|
|
— |
|
|
|
46,393 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. government and agency securities |
|
|
— |
|
|
|
44,215 |
|
|
|
— |
|
|
|
44,215 |
|
Certificates of deposit |
|
|
— |
|
|
|
1,462 |
|
|
|
— |
|
|
|
1,462 |
|
Corporate bonds |
|
|
— |
|
|
|
141,663 |
|
|
|
— |
|
|
|
141,663 |
|
Total marketable securities |
|
|
— |
|
|
|
187,340 |
|
|
|
— |
|
|
|
187,340 |
|
Total cash equivalents and marketable securities |
|
$ |
— |
|
|
$ |
233,733 |
|
|
$ |
— |
|
|
$ |
233,733 |
|
Management estimates that the carrying values of its current accounts receivable, other current assets, accounts payable, accrued expenses and other current liabilities approximate fair value due to the short-term nature of those instruments. Certain non-current accounts receivable and non-current payables reported as other liabilities are recorded at their present values using a discount rate that is based on prevailing market rates on the date the amounts were initially recorded. Management does not believe there have been any significant changes in market conditions or credit quality that would cause the discount rates initially used to be materially different
from those that would be used as of December 31, 2025 to determine the present value of these instruments. Accordingly, management estimates that the carrying values of its non-current accounts receivable and other liabilities approximate the fair value of those instruments. Management estimates that the carrying values of its royalty monetization liabilities approximate fair value. As discussed in Note 7, the carrying values of royalty monetization liabilities are based on the Company’s estimate of future royalties, milestones and other consideration to be paid over the life of the arrangement, which are considered Level 3 inputs, as well as any remaining repayment obligations upon maturity of the instruments.
Long-lived assets, if determined to be impaired, are measured at fair value on a nonrecurring basis using Level 3 inputs. Please refer to Note 6 for further information on nonrecurring fair value measurements of long-lived assets during the years ended December 31, 2025 and 2024.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Mar 13, 2025 | |
| 2023 | Feb 27, 2024 | |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 1, 2022 | |
| 2020 | Mar 1, 2021 | |
| 2019 | Feb 26, 2020 | |
| 2018 | Feb 27, 2019 | |
| 2017 | Mar 6, 2018 | |
| 2016 | Mar 7, 2017 | |
| 2015 | Mar 3, 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.