Neurocrine Biosciences NBIX Cash, Cash Equivalents, and Marketable Securities

As of March 31, 2026 and December 31, 2025, we held available-for-sale debt securities with a total fair value of $1.58 billion and $335.1 million, respectively, that were in unrealized loss positions totaling $7.2 million and $0.6 million, respectively. Available-for-sale debt securities that had been in unrealized loss positions for longer than twelve months were not significant as of March 31, 2026 or December 31, 2025. Unrealized losses on available-for-sale debt securities are primarily caused by changes in interest rates. Our investments in available-for-sale debt securities are of high credit quality. Further, as of March 31, 2026, we did not intend to sell, and it was not more likely than not that we would be required to sell, these investments before recovery of their amortized cost basis. Subsequent to March 31, 2026, we entered into an Agreement and Plan of Merger to acquire Soleno Therapeutics, Inc. If the proposed acquisition is consummated, we expect to fund the transaction with cash on hand and available investments and, accordingly, may sell certain available-for-sale debt securities prior to maturity. As of March 31, 2026, potential realized losses on such investments that may be sold prior to maturity were not expected to be material.