Vaxcyte次季淨虧損擴至2.84億美元 研發開支增38%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
___________________________________________________
FORM 10-Q
___________________________________________________
(Mark One)

xQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the quarterly period ended June 30, 2026
OR
 
oTRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ___________ to ____________
Commission File Number: 001-39323
___________________________________________________
VAXCYTE, INC.
(Exact Name of Registrant as Specified in its Charter)
___________________________________________________

Delaware46-4233385
(State or other jurisdiction of
incorporation or organization)
(I.R.S. Employer
Identification No.)

825 Industrial Road, Suite 300
San Carlos, California
94070
(Address of principal executive offices)(Zip Code)

 Registrant’s telephone number, including area code: (650) 837-0111
___________________________________________________
Securities registered pursuant to Section 12(b) of the Act: 

Title of each classTrading
Symbol(s)
Name of each exchange on which registered
Common Stock, $0.001 par value per sharePCVXThe Nasdaq Stock Market

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes  x         No o
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).     Yes   x     No   o
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer
xAccelerated filero

Non-accelerated fileroSmaller reporting companyo

Emerging growth companyo

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. o
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes o     No   x
As of August 3, 2026, the registrant had 148,805,278 shares of common stock, $0.001 par value per share, outstanding.

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.Table of Contents

Page
PART I.
FINANCIAL INFORMATION

Item 1.
Condensed Consolidated Financial Statements (unaudited)
1

Condensed Consolidated Balance Sheets
1

Condensed Consolidated Statements of Operations
2

Condensed Consolidated Statements of Comprehensive Loss
3

Condensed Consolidated Statements of Stockholders’ Equity
4

Condensed Consolidated Statements of Cash Flows
6

Notes to Unaudited Condensed Consolidated Financial Statements
7

Item 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
21

Item 3.
Quantitative and Qualitative Disclosures About Market Risk
39

Item 4.
Controls and Procedures
41

PART II.
OTHER INFORMATION

Item 1.
Legal Proceedings
42

Item 1A.
Risk Factors
42

Item 2.
Unregistered Sales of Equity Securities and Use of Proceeds
84
Item 3.
Defaults Upon Senior Securities
84
Item 4.
Mine Safety Disclosures
85

Item 5.
Other Information
85

Item 6.
Exhibits
86

Signatures
87

Unless the context otherwise requires, all references in this Quarterly Report on Form 10-Q to “we,” “us,” “our,” “our company” and “Vaxcyte” refer to Vaxcyte, Inc. and its wholly owned consolidated subsidiary.
“Vaxcyte,” “eCRM,” and other trademarks of ours appearing in this report are our property. This report contains additional trade names and trademarks of other companies. We do not intend our use or display of other companies’ trade names or trademarks to imply an endorsement or sponsorship of us by such companies, or any relationship with any of these companies.
i

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Special Note Regarding Forward-Looking Statements
This Quarterly Report on Form 10-Q contains forward-looking statements about us and our industry that involve substantial risks and uncertainties. All statements other than statements of historical facts contained in this Quarterly Report on Form 10-Q, including statements regarding our future results of operations or financial condition, business strategy and plans and objectives of management for future operations, are forward-looking statements. In some cases, you can identify forward-looking statements because they contain words such as “anticipate,” “believe,” “contemplate,” “continue,” “could,” “estimate,” “expect,” “intend,” “may,” “plan,” “potential,” “predict,” “project,” “seek,” “should,” “target,” “will,” or “would,” or the negative of these words or other similar terms or expressions. Forward-looking statements contained in this Quarterly Report on Form 10-Q include, but are not limited to, statements about: 
•our expectations regarding the potential benefits, spectrum of coverage and immunogenicity of our vaccine candidates;
•our expectations regarding our preclinical study results and prior clinical study results potentially being predictive of future clinical study results;
•the timing of the initiation, progress and potential results of our preclinical studies, clinical trials and our research and development programs; 
•our ability to advance vaccine candidates into, and successfully complete, preclinical studies and clinical trials; 
•the commercialization of our vaccine candidates, if approved;
•estimates of our future expenses, capital requirements and our needs for additional financing;
•our ability to compete effectively with existing competitors and new market entrants;
•our ability to establish and maintain intellectual property protection for our products or avoid claims of infringement;
•our and our third-party manufacturers’ manufacturing capabilities and the scalable nature of our manufacturing process;
•potential effects of extensive or changes in government regulation;
•the pricing, coverage and reimbursement of our vaccine candidates, if approved;
•our ability and the ability of our third-party contract manufacturers to operate and continue operations;
•our ability to hire and retain key personnel;
•our ability to obtain additional financing; and
•the volatility of the trading price of our common stock.
Actual events or results may differ from those expressed in forward-looking statements. You should not rely on forward-looking statements as predictions of future events. We have based the forward-looking statements contained in this Quarterly Report on Form 10-Q primarily on our current expectations and projections about future events and trends that we believe may affect our business, financial condition and operating results. The outcome of the events described in these forward-looking statements is subject to risks, uncertainties and other factors described in the section titled “Risk Factors” and elsewhere in this Quarterly Report on Form 10-Q. Moreover, we operate in a very competitive and rapidly changing environment. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all risks and uncertainties that could have an impact on the forward-looking statements contained in this Quarterly Report on Form 10-Q. The results, events and circumstances reflected in the forward-looking statements may not be achieved or occur, and actual results, events or circumstances could differ materially from those described in the forward-looking statements. 
In addition, statements that “we believe” and similar statements reflect our beliefs and opinions on the relevant subject. These statements are based on information available to us as of the date of this Quarterly Report on Form 10-Q. While we 
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believe that information provides a reasonable basis for these statements, that information may be limited or incomplete. Our statements should not be read to indicate that we have conducted an exhaustive inquiry into, or review of, all relevant information. These statements are inherently uncertain, and investors are cautioned not to unduly rely on these statements. 
The forward-looking statements made in this Quarterly Report on Form 10-Q relate only to events as of the date on which the statements are made. We undertake no obligation to update any forward-looking statements made in this Quarterly Report on Form 10-Q to reflect events or circumstances after the date of this Quarterly Report on Form 10-Q or to reflect new information or the occurrence of unanticipated events, except as required by law. We may not actually achieve the plans, intentions or expectations disclosed in our forward-looking statements, and you should not place undue reliance on our forward-looking statements. Our forward-looking statements do not reflect the potential impact of any future acquisitions, mergers, dispositions, joint ventures or investments. 
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Summary of Risks Affecting Our Business
Our business is subject to numerous risks and uncertainties, including those discussed more fully in the section titled “Risk Factors” in this Quarterly Report on Form 10-Q. These risks include, but are not limited to, the following:
•We are in the clinical or preclinical stages of vaccine development and have a limited operating history and no products approved for commercial sale, which may make it difficult for you to evaluate the success of our business to date and to assess our future viability.
•We have incurred significant net losses since inception and anticipate that we will continue to incur substantial net losses for the foreseeable future. We currently have no source of product revenue and may never achieve profitability. Our stock is a highly speculative investment.
•We will require substantial additional funding to finance our operations, which may not be available to us on acceptable terms, or at all. If we are unable to raise additional capital when needed, we could be forced to delay, reduce or terminate certain of our development programs or other operations.
•Our approach to the discovery and development of our vaccine candidates is based on novel technologies that are unproven, which may expose us to unforeseen risks, require us to modify processes, and make it difficult to predict the time and cost of vaccine candidate development and the timing to apply for and obtain regulatory approvals.
•Our vaccine candidates are in clinical or preclinical stages of development and may fail in development or suffer delays that materially and adversely affect their commercial viability. If we are unable to complete development of or commercialize our vaccine candidates or experience significant delays in doing so, our business would be materially harmed.
•The U.S. Food and Drug Administration ("FDA") may disagree with our regulatory plan, and we may fail to obtain regulatory approval of our vaccine candidates.
•Our business is highly dependent on the success of our pneumococcal conjugate vaccine ("PCV") candidates. If we are unable to successfully develop, obtain approval for and effectively commercialize our PCV candidates, our business would be significantly harmed. 
•Our primary competitors have significantly greater resources and experience than we do, which may make it difficult for us to successfully develop and commercialize our vaccine candidates, or may result in others discovering, developing or commercializing products before or more successfully than us.
•We may not be successful in our efforts to use our cell-free protein synthesis platform to expand our pipeline of vaccine candidates and develop marketable products.
•We currently rely on third-party manufacturing and supply partners to supply raw materials and components for, and the manufacture of, our preclinical and clinical supplies as well as our vaccine candidates. Our inability to procure necessary raw materials or to have sufficient quantities of preclinical and clinical supplies or the inability to have our vaccine candidates manufactured, including delays or interruptions at our third-party manufacturers, or our failure to comply with applicable regulatory requirements or to supply sufficient quantities at acceptable quality levels or prices, or at all, would materially and adversely affect our business.
•The FDA regulatory approval process is lengthy and time-consuming, and we may experience significant delays in the clinical development and regulatory approval of our vaccine candidates.

•The development, review and approval of our product candidates are subject to the operational capacity, processes and resource levels of regulatory authorities, which may fluctuate over time and could delay or adversely affect our business. 
•If we are unable to obtain and maintain patent protection for our technology and products, or if the scope of the patent protection obtained is not sufficiently broad, we may not be able to compete effectively in our markets.
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PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

VAXCYTE, INC. 
Condensed Consolidated Balance Sheets 
(in thousands, except share and per share data) 
(unaudited)

June 30,
2026December 31, 2025
Assets
Current assets:
Cash and cash equivalents$183,190 $173,959 
Short-term investments1,303,648 1,387,000 
Prepaid expenses and other current assets65,830 66,402 
Total current assets1,552,668 1,627,361 
Property and equipment, net260,390 257,370 
Operating lease right-of-use assets110,178 116,009 
Long-term investments1,020,896 881,664 
Restricted cash1,465 1,466 
Other assets192,557 118,847 
Total noncurrent assets1,585,486 1,375,356 
Total assets$3,138,154 $3,002,717 

Liabilities and Stockholders' Equity
Current liabilities:
Accounts payable$100,919 $70,904 
Accrued compensation13,822 23,000 
Accrued contract manufacturing expenses125,298 74,654 
Accrued expenses24,728 31,068 
Operating lease liabilities — current6,510 6,124 
Total current liabilities271,277 205,750 
Operating lease liabilities — long-term108,935 111,457 

Total liabilities380,212 317,207 

Commitments and contingencies (Note 6)
Stockholders' Equity
Preferred stock, $0.001 par value — 10,000,000 shares authorized at June 30, 2026 and December 31, 2025; no shares issued and outstanding at June 30, 2026 and December 31, 2025
— — 
Common stock, $0.001 par value — 500,000,000 shares authorized at June 30, 2026 and December 31, 2025; 144,785,934 and 131,058,858 shares issued and outstanding at June 30, 2026 and December 31, 2025, respectively
148 134 
Additional paid-in capital5,525,211 4,838,736 
Accumulated other comprehensive (gain) loss(7,546)1,587 
Accumulated deficit(2,759,871)(2,154,947)
Total stockholders' equity2,757,942 2,685,510 
Total liabilities and stockholders' equity$3,138,154 $3,002,717 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 
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VAXCYTE, INC. 
Condensed Consolidated Statements of Operations 
(in thousands, except share and per share data) 
(unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,

2026202520262025
Operating expenses:
Research and development$267,852 $194,179 $580,631 $342,313 
General and administrative34,925 32,040 67,996 64,699 
Total operating expenses302,777 226,219 648,627 407,012 
Loss from operations(302,777)(226,219)(648,627)(407,012)
Other income, net:

Interest income25,755 31,073 52,365 64,008 
Other (expense) income(7,280)28,573 (8,662)35,713 
Total other income, net18,475 59,646 43,703 99,721 
Net loss$(284,302)$(166,573)$(604,924)$(307,291)
Net loss per share, basic and diluted$(1.97)$(1.22)$(4.26)$(2.26)
Weighted-average shares outstanding, basic and diluted144,494,106 136,033,746 142,014,171 135,863,299 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 
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VAXCYTE, INC. 
Condensed Consolidated Statements of Comprehensive Loss 
(in thousands)
(unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net loss$(284,302)$(166,573)$(604,924)$(307,291)
Other comprehensive loss:
Unrealized (losses) gains on investments, net(4,120)952 (12,851)5,586 
Foreign currency translation adjustments, net3,408 (2,517)3,718 (3,600)
Comprehensive loss$(285,014)$(168,138)$(614,057)$(305,305)

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements.
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VAXCYTE, INC. 
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands, except share data) 
(unaudited)

Common StockAdditional 
Paid-in 
CapitalAccumulated 
DeficitAccumulated 
Other
Comprehensive 
 Gain (Loss)Total 
Stockholders’ 
Equity
SharesAmount
Balance — December 31, 2025131,058,858 $134 $4,838,736 $(2,154,947)$1,587 $2,685,510 
Issuance of common stock in connection with employee incentive plans606,123 — 9,032 — — 9,032 
Issuance of common stock in connection with follow-on public offering, net of commissions and offering expenses of $30,654
12,650,000 13 601,833 — — 601,846 
Taxes paid related to the net share settlement of equity awards— — (9,295)— — (9,295)
Stock-based compensation expense—— 37,964 — — 37,964 
Other comprehensive loss—— — — (8,421)(8,421)
Net loss—— — (320,622)— (320,622)
Balance — March 31, 2026144,314,981$147 $5,478,270 $(2,475,569)$(6,834)$2,996,014 
Issuance of common stock in connection with employee incentive plans470,9531 7,760 — — 7,761 
Taxes paid related to the net share settlement of equity awards—— (2,060)— — (2,060)
Stock-based compensation expense—— 41,241 — — 41,241 
Other comprehensive loss—— — — (712)(712)
Net loss—— — (284,302)— (284,302)
Balance — June 30, 2026144,785,934$148 $5,525,211 $(2,759,871)$(7,546)$2,757,942 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 

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VAXCYTE, INC. 
Condensed Consolidated Statements of Stockholders’ Equity
(in thousands, except share data) 
(unaudited)

Common StockAdditional 
Paid-in 
Capital Accumulated 
Deficit Accumulated 
Other 
Comprehensive 
Gain (Loss)Total 
Stockholders’ 
Equity 
SharesAmount
Balance — December 31, 2024124,893,034$128 $4,697,883 $(1,388,319)$(3,873)$3,305,819 
Issuance of common stock in connection with employee incentive plans546,4191 6,048 — — 6,049 
Issuance of common stock from underlying pre-funded warrants in connection with follow-on public offerings3,499,9593 (3)— — — 
Taxes paid related to the net share settlement of equity awards—— (5,290)— — (5,290)
Stock-based compensation expense—— 30,615 — — 30,615 
Other comprehensive gain—— — — 3,551 3,551 
Net loss—— — (140,718)— (140,718)
Balance — March 31, 2025128,939,412$132 $4,729,253 $(1,529,037)$(322)$3,200,026 
Issuance of common stock in connection with employee incentive plans236,375— 3,235 — — 3,235 
Issuance of common stock from underlying pre-funded warrants in connection with follow-on public offering640,6851 — — — 1 
Taxes paid related to the net share settlement of equity awards—— (717)— — (717)
Stock-based compensation expense—— 36,927 — — 36,927 
Other comprehensive loss—— — — (1,565)(1,565)
Net loss—— — (166,573)— (166,573)
Balance — June 30, 2025129,816,472$133 $4,768,698 $(1,695,610)$(1,887)$3,071,334 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 
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VAXCYTE, INC. 
Condensed Consolidated Statements of Cash Flows 
(in thousands) 
(unaudited)
Six Months Ended
June 30,
20262025
Cash flows from operating activities:
Net loss$(604,924)$(307,291)
Adjustments to reconcile net loss to net cash used in operating activities:  
Depreciation and amortization5,949 5,835 
Stock-based compensation expense79,205 67,542 
Amortization of operating lease right-of-use assets5,831 4,028 
Net accretion of discounts on investments
(4,294)(9,406)
Unrealized foreign exchange loss (gain)7,374 (32,324)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets4,929 (8,166)
Operating lease right-of-use assets— (17,575)
Other assets(69,825)(17,031)
Operating lease liabilities(2,136)14,635 
Accounts payable31,285 (19,638)
Accrued compensation(9,152)(9,872)
Accrued contract manufacturing expenses52,036 43,217 
Accrued expenses(9,374)(1,394)
Net cash used in operating activities(513,096)(287,440)
Cash flows from investing activities:
Purchases of property and equipment(6,426)(7,235)
Purchases of manufacturing facility build-out and equipment construction-in-progress(12,942)(29,271)
Purchases of investments(852,806)(663,535)
Maturities of investments739,095 832,964 
Sales of investments
47,388 68,136 
Net cash (used in) provided by investing activities(85,691)201,059 
Cash flows from financing activities:    
Proceeds from issuance of shares through employee equity incentive plans16,793 9,284 
Proceeds from issuance of common stock from follow-on offering, net of issuance costs601,846 — 
Taxes paid related to the net share settlement of equity awards(11,355)(6,007)
Net cash provided by financing activities607,284 3,277 
Effect of exchange rate changes on cash and cash equivalents733 1,972 
Net increase (decrease) in cash, cash equivalents and restricted cash9,230 (81,132)
Cash, cash equivalents and restricted cash, beginning of period175,425 389,195 
Cash, cash equivalents and restricted cash, end of period$184,655 $308,063 
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents$183,190 $306,744 
Restricted cash1,465 1,319 
Cash, cash equivalents and restricted cash$184,655 $308,063 
Supplemental disclosure of non-cash investing and financing activities:
Purchases of property and equipment recorded in accounts payable and accrued expenses$4,659 $3,471 

The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 
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VAXCYTE, INC. 
Notes to Unaudited Condensed Consolidated Financial Statements 

1. Company Organization and Nature of Business 
Vaxcyte, Inc. (“we,” “our,” “us,” “Vaxcyte” and the “Company”) refers to Vaxcyte, Inc., a Delaware corporation, and our wholly-owned consolidated subsidiary, or as the context may require, Vaxcyte, Inc. only. We are headquartered in San Carlos, California, and were incorporated in the state of Delaware on November 27, 2013 as SutroVax, Inc., and changed our name to Vaxcyte, Inc. on May 15, 2020. We are a clinical-stage vaccine innovation company engineering high-fidelity vaccines to protect humankind from the consequences of bacterial diseases. We are re-engineering the way highly complex vaccines are made through the XpressCF™ cell-free protein synthesis platform. Unlike conventional cell-based approaches, our system for producing difficult-to-make proteins and antigens is intended to develop and deliver high-fidelity vaccines with enhanced immunological benefits that are beyond the capabilities of conventional approaches. 
Our primary activities since incorporation have been to perform research and development, undertake preclinical and clinical studies and conduct manufacturing activities in support of our product development and commercial readiness efforts; organize and staff our Company; establish our intellectual property portfolio; and raise capital to support and expand such activities. 

2. Basis of Presentation and Summary of Significant Accounting Policies 
Basis of Presentation and Principles of Consolidation
These condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) and applicable rules and regulations of the Securities and Exchange Commission (“SEC”) regarding interim financial reporting. Certain information and footnote disclosures normally included in the condensed consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted in accordance with such rules and regulations. 
The condensed consolidated financial statements include the Company and its wholly owned subsidiary. All intercompany transactions and balances have been eliminated upon consolidation.
Unaudited Interim Condensed Consolidated Financial Statements 
The condensed consolidated balance sheets as of June 30, 2026, the condensed consolidated statements of operations, comprehensive loss and stockholders’ equity for the three and six months ended June 30, 2026 and 2025 and the condensed consolidated statements of cash flows for the six months ended June 30, 2026 and 2025 are unaudited. The unaudited interim condensed consolidated financial statements have been prepared on the same basis as the audited annual consolidated financial statements and reflect, in the opinion of management, all adjustments of a normal and recurring nature that are necessary for the fair statement of our financial information. The financial data disclosed in the footnotes to the condensed consolidated financial statements related to the three and six months ended June 30, 2026 and 2025 are also unaudited. The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the year ending December 31, 2026 or for any other future annual or interim period. These interim condensed consolidated financial statements should be read in conjunction with our audited consolidated financial statements and related notes thereto for the year ended December 31, 2025 included in our Annual Report on Form 10-K filed with the SEC on February 24, 2026.

Use of Estimates
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the condensed consolidated financial statements. On an ongoing basis, we evaluate our estimates and assumptions, including those related to stock-based compensation expense, accruals for certain research and development costs, the valuation of deferred tax assets and income taxes. Management bases our estimates on historical experience and on various other assumptions that are believed to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ materially from those estimates.
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Summary of Significant Accounting Policies
There have been no material changes to our significant policies as of and for the six months ended June 30, 2026 from our Annual Report on Form 10-K for the fiscal year ended December 31, 2025.
Recently Issued Accounting Standards Not Yet Adopted
In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40), (“ASU 2024-03”). The amendments in ASU 2024-03 intend to improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses (including purchases of inventory, employee compensation, depreciation, amortization, and depletion). This new guidance is effective for us for the annual periods beginning after December 15, 2026. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued ASU No. 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, (“ASU 2025-06”). The amendments in ASU 2025-06 intend to modernize the accounting for software costs that are accounted for under Subtopic 350-40, Intangibles—Goodwill and Other—Internal-Use Software (referred to as “internal-use software”). This new guidance is effective for us for the annual periods beginning after December 15, 2027. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. The amendments in ASU 2025-10 intend to establish authoritative guidance on the accounting for government grants received by business entities. This guidance is effective for us beginning with our 2029 fiscal year annual reporting period, with early adoption permitted. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-11 to amend the guidance in “Interim Reporting” (Topic 270). The update provides clarifications intended to improve the consistency and usability of interim disclosure requirements, including a comprehensive listing of required interim disclosures and a new disclosure principle for reporting material events occurring after the most recent annual period. The amendments do not change the underlying objectives of interim reporting but are designed to enhance clarity in application. The guidance is effective for fiscal years beginning after December 15, 2027, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.
In December 2025, the FASB issued ASU 2025-12 “Codification Improvements” to address suggestions received from stakeholders on the Accounting Standards Codification ("the Codification") and to make other incremental improvements to U.S. GAAP. The update represents changes to the Codification that (i) clarify, (ii) correct errors, or (iii) make minor improvements. The amendments make the Codification easier to understand and apply. The guidance is effective for fiscal years beginning after December 15, 2026, including interim periods within those fiscal years. We are currently evaluating the impact of this guidance on our consolidated financial statements and related disclosures.

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3. Fair Value Measurements and Fair Value of Financial Instruments 
The following tables set forth our financial instruments measured at fair value on a recurring basis by level within the fair value hierarchy at June 30, 2026 and December 31, 2025: 

June 30, 2026
Fair Value 
Hierarchy Level
Amortized 
Cost
Gross 
Unrealized Gains
Gross 
Unrealized Losses 
Fair 
Value

Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$90,530 $— $— $90,530 
Money market fundsLevel 142,400 — 42,400 
Commercial paperLevel 250,267 — (7)50,260 
Asset-backed securitiesLevel 2— — — 
Total cash and cash equivalents183,197 — (7)183,190 
Investments:
U.S. Treasury securitiesLevel 1761,223 131 (1,663)759,691 
Commercial paperLevel 231,784 5 (7)31,782 
Corporate debt Level 21,147,835 263 (4,453)1,143,645 
Asset-backed securitiesLevel 2145,916 13 (920)145,009 
U.S. government agency securitiesLevel 2205,388 10 (981)204,417 
Certificates of DepositLevel 240,000 — — 40,000 
Total investments2,332,146 422 (8,024)2,324,544 

Total assets measured at fair value$2,515,343 $422 $(8,031)$2,507,734 

December 31, 2025
Fair Value 
Hierarchy Level
Amortized 
Cost
Gross 
Unrealized Gains
Gross 
Unrealized Losses 
Fair 
Value

Assets(in thousands)
Cash and cash equivalents:
CashLevel 1$85,417 $— $— $85,417 
Money market fundsLevel 152,302 — — 52,302 

Commercial paperLevel 236,245 — (5)36,240 
Total cash and cash equivalents173,964 — (5)173,959 
Investments:
U.S. Treasury securitiesLevel 1945,072 1,969 (40)947,001 
Commercial paperLevel 228,763 3 — 28,766 
Corporate debt Level 2897,564 2,862 (30)900,396 
Asset backed securitiesLevel 2152,164 249 (27)152,386 
U.S. government agency securitiesLevel 2219,854 289 (28)220,115 
Certificate of DepositLevel 220,000 — — 20,000 
Total investments2,263,417 5,372 (125)2,268,664 

Total assets measured at fair value$2,437,381 $5,372 $(130)$2,442,623 

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We had no Level 3 securities either as of June 30, 2026 or 2025.
There were no transfers within the hierarchies during the six months ended June 30, 2026. 
As of June 30, 2026 and December 31, 2025, we had investments with a total fair market value of $1.8 billion and $0.3 billion, respectively, in an unrealized loss position, of which $426.9 million and $120.2 million, respectively, were in a continuous unrealized loss position for more than 12 months. As of June 30, 2026, the gross unrealized losses of securities that have been in a continuous unrealized loss position was $8.0 million, of which $7.4 million related to securities that have been in a continuous unrealized loss position for less than 12 mon