Quarterly report [Sections 13 or 15(d)]

Basis of Presentation and Significant Accounting Policies (Tables)

v3.26.1
Basis of Presentation and Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2026
Basis of Presentation and Significant Accounting Policies  
Schedule of cash, cash equivalents and restricted cash

The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the condensed consolidated statements of cash flows (in thousands):

​

​

​

​

​

​

​

​

​

March 31, 

​

December 31, 

​

​

2026

​

2025

Unrestricted cash

​

$

10,260

​

$

34,768

Unrestricted cash equivalents

​

​

75,340

​

​

48,140

Total unrestricted cash and cash equivalents

​

$

85,600

​

$

82,908

Short-term restricted cash

​

​

8,862

​

​

5,441

Long-term restricted cash

​

​

44,281

​

​

45,361

Total restricted cash

​

$

53,143

​

$

50,802

Total unrestricted and restricted cash and cash equivalents

​

$

138,743

​

$

133,710

Schedule of cash equivalents classified as available-for-sale debt securities

Cash equivalents classified as available-for-sale debt securities consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

March 31, 2026

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated Fair

​

​

Cost Basis

​

Gains

​

Losses

​

Value

U.S. treasury bills

​

$

25,386

​

$

119

​

$

—

​

$

25,505

Total debt securities

​

$

25,386

​

$

119

​

$

—

​

$

25,505

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31, 2025

​

​

Amortized

​

Unrealized

​

Unrealized

​

Estimated Fair

​

​

Cost Basis

​

Gains

​

Losses

​

Value

U.S. treasury bills

​

$

6,277

​

$

53

​

$

—

​

$

6,330

Total debt securities

​

$

6,277

​

$

53

​

$

—

​

$

6,330

Schedule of restricted cash

Restricted cash consisted of the following (in thousands):

​

​

​

​

​

​

​

​

​

March 31, 

​

December 31, 

​

​

2026

​

2025

Short-term restricted cash held for Blue Owl Loan

​

$

1,410

​

$

160

Short-term restricted cash held for Boston Lease payments

​

​

5,320

​

​

5,281

Short-term restricted cash held for Binney Lease security deposit

​

​

2,051

​

​

—

Short-term restricted cash held for Generation Bio post-closing expenses

​

​

81

​

​

—

Total short-term restricted cash

​

$

8,862

​

$

5,441

​

​

​

​

​

​

​

Long-term restricted cash held for Blue Owl Loan

​

​

680

​

​

2,011

Long-term restricted cash held for Boston Lease security deposit

​

​

1,631

​

​

1,631

Long-term restricted cash held for Boston Lease payments

​

​

34,866

​

​

35,386

Long-term restricted cash held for LAVA CVR payments

​

​

6,744

​

​

6,333

Long-term restricted cash held for Generation Bio post-closing expenses

​

​

360

​

​

—

Total long-term restricted cash

​

$

44,281

​

$

45,361

Total restricted cash

​

$

53,143

​

$

50,802