Altimmune, Inc. Fair Value Disclosure
3. Fair Value Measurement
The Company records cash equivalents and short-term investments at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability.
The Company’s assets measured at fair value on a recurring basis as of December 31, 2024 consisted of the following (in thousands):
Fair Value Measurement at December 31, 2024 | ||||||||||||
| Total |
| Level 1 |
| Level 2 |
| Level 3 | |||||
Assets: | ||||||||||||
Cash equivalents - money market funds | $ | 27,279 | $ | 27,279 | $ | — | $ | — | ||||
Short-term investments |
| 94,965 |
| — |
| 94,965 |
| — | ||||
Total | $ | 122,244 | $ | 27,279 | $ | 94,965 | $ | — | ||||
The Company’s assets measured at fair value on a recurring basis as of December 31, 2023 consisted of the following (in thousands):
Fair Value Measurement at December 31, 2023 | ||||||||||||
| Total |
| Level 1 |
| Level 2 |
| Level 3 | |||||
Assets: | ||||||||||||
Cash equivalents - money market funds | $ | 123,233 |
| $ | 123,233 | $ | — | $ | — | |||
Short-term investments |
| 62,698 |
| — |
| 62,698 |
| — | ||||
Total | $ | 185,931 | $ | 123,233 | $ | 62,698 | $ | — | ||||
Short-term investments have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third party pricing services or other market observable data (Level 2). The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value.
Short-term investments with quoted prices as of December 31, 2024 as shown below (in thousands):
December 31, 2024 | ||||||||||||
Unrealized Gain | Unrealized Gain | |||||||||||
Amortized Cost | Unrealized (Loss) Gain | Credit loss | Market Value | |||||||||
United States treasury securities |
| $ | 21,375 |
| $ | 16 |
| $ | — |
| $ | 21,391 |
Commercial paper and corporate debt securities | 52,641 | 15 | — | 52,656 | ||||||||
Asset backed securities |
| 5,951 |
| 14 |
| — |
| 5,965 | ||||
Agency debt securities | 14,931 | 22 | — | 14,953 | ||||||||
Total | $ | 94,898 | $ | 67 | $ | — | $ | 94,965 | ||||
Short-term investments with quoted prices as of December 31, 2023 as shown below (in thousands):
December 31, 2023 | ||||||||||||
Unrealized Gain | Unrealized Gain | |||||||||||
Amortized Cost | Unrealized (Loss) Gain | Credit Loss | Market Value | |||||||||
United States treasury securities |
| $ | 19,472 |
| $ | 12 |
| $ | — |
| $ | 19,484 |
Commercial paper and corporate debt securities | 31,301 | 24 | — | 31,325 | ||||||||
Asset backed securities |
| 2,966 |
| (4) |
| — |
| 2,962 | ||||
Agency debt securities | 8,923 | 4 | — | 8,927 | ||||||||
Total | $ | 62,662 | $ | 36 | $ | — | $ | 62,698 | ||||
Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. Assets recorded at fair value on a non-recurring basis, such as property and equipment and intangible assets are recognized at fair value when they are impaired. During the years ended December 31, 2024 and 2023, the Company had no assets or liabilities that were measured at fair value on a non-recurring basis.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2024 | Feb 27, 2025 | Showing above |
| 2022 | Feb 28, 2023 | |
| 2021 | Mar 15, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Mar 27, 2020 | |
| 2017 | Apr 2, 2018 | |
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.