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Fair Value Measurements
 9 Months Ended
Sep. 30, 2025
Fair Value Measurements [Abstract]  
Fair Value Measurements

Note J – Fair Value Measurements

Assets and liabilities measured at fair value are summarized below (in thousands):

Description

 

September 30, 2025

 

 

Quoted Prices in
Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (Note C)

 

$

413

 

 

$

413

 

 

$

—

 

 

$

—

 

Related party note receivable

 

 

5,725

 

 

 

—

 

 

 

5,725

 

 

 

—

 

Investment in MiNK Therapeutics, Inc.

 

 

30,482

 

 

 

30,482

 

 

 

—

 

 

 

—

 

Long-term investments

 

 

849

 

 

 

849

 

 

 

—

 

 

 

—

 

Total

 

$

37,469

 

 

$

31,744

 

 

$

5,725

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Description

 

December 31, 2024

 

 

Quoted Prices in
Active
Markets for
Identical Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (Note C)

 

$

6,954

 

 

$

6,954

 

 

$

—

 

 

$

—

 

Long-term investments

 

 

1,006

 

 

 

1,006

 

 

 

—

 

 

 

—

 

Total

 

$

7,960

 

 

$

7,960

 

 

$

—

 

 

$

—

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Purchaser Upsize Option (Note F)

 

$

69

 

 

 

 

 

 

 

 

$

69

 

Contingent purchase price consideration

 

 

318

 

 

 

—

 

 

 

—

 

 

 

318

 

Total

 

$

387

 

 

$

—

 

 

$

—

 

 

$

387

 

We measure the Related party note receivable at fair value. The fair value of the Note Receivable at September 30, 2025 was approximately $5.7 million, using a scenario based present value methodology that was derived by evaluating the nature and terms of the Note Receivable and considering the prevailing economic and market conditions at the balance sheet date, some of which are considered Level 2 inputs under the fair value measurements standard. As of September 30, 2025 the Note Receivable had a principal balance of $5.0 million.

Our long-term equity investment in MiNK is measured at fair value and is calculated using readily determinable pricing available on a securities exchange and is classified as a Level 1 asset.

Other long-term investments are included in "Other long-term assets" in our condensed consolidated balance sheets.

We measured our contingent purchase price considerations at fair value. The fair value of our contingent purchase price considerations at December 31, 2024, of $0.3 million, included in "Other long-term liabilities" in our condensed consolidated balance sheets, were based on significant inputs not observable in the market, which require them to be reported as Level 3 liabilities within the fair value hierarchy. The valuation of these liabilities used assumptions we believe would be made by a market participant and were mainly based on estimates from a Monte Carlo simulation of our share price, as well as other factors impacting the probability of triggering the milestone payments. Share price was evolved using a geometric Brownian motion, calculated daily for the life of the contingent purchase price considerations.

The fair value of our outstanding debt balance at September 30, 2025 and December 31, 2024 was $35.6 million and $36.3 million, respectively, based on the Level 2 valuation hierarchy of the fair value measurements standard using a present value methodology that was derived by evaluating the nature and terms of each note and considering the prevailing economic and market conditions at the balance sheet date. The principal amount of our outstanding debt balance at September 30, 2025 and December 31, 2024 was $35.6 million and $35.2 million, respectively.