Apogee Therapeutics, Inc. Fair Value Disclosure
The following table presents information about the Company’s financial assets and liabilities measured at fair value on a reoccurring basis and indicates the level of fair value hierarchy utilized to determine such values (in thousands):
|
|
AS OF DECEMBER 31, 2025 |
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|
|
LEVEL 1 |
|
|
LEVEL 2 |
|
|
LEVEL 3 |
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|
TOTAL |
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||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
86,669 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
86,669 |
|
U.S. treasury securities |
|
|
5,903 |
|
|
|
— |
|
|
|
— |
|
|
|
5,903 |
|
Commercial paper |
|
|
— |
|
|
|
26,428 |
|
|
|
— |
|
|
|
26,428 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury securities |
|
|
350,157 |
|
|
|
— |
|
|
|
— |
|
|
|
350,157 |
|
Debt securities issued by U.S. government agencies |
|
|
— |
|
|
|
142,716 |
|
|
|
— |
|
|
|
142,716 |
|
Commercial paper |
|
|
— |
|
|
|
69,556 |
|
|
|
— |
|
|
|
69,556 |
|
Corporate debt securities |
|
|
— |
|
|
|
208,944 |
|
|
|
— |
|
|
|
208,944 |
|
Total |
|
$ |
442,729 |
|
|
$ |
447,644 |
|
|
$ |
— |
|
|
$ |
890,373 |
|
|
|
AS OF DECEMBER 31, 2024 |
|
|||||||||||||
|
|
LEVEL 1 |
|
|
LEVEL 2 |
|
|
LEVEL 3 |
|
|
TOTAL |
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
132,491 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
132,491 |
|
Marketable securities: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury securities |
|
|
248,935 |
|
|
|
— |
|
|
|
— |
|
|
|
248,935 |
|
Debt securities issued by U.S. government agencies |
|
|
— |
|
|
|
218,696 |
|
|
|
— |
|
|
|
218,696 |
|
Commercial paper |
|
|
— |
|
|
|
35,557 |
|
|
|
— |
|
|
|
35,557 |
|
Corporate debt securities |
|
|
— |
|
|
|
86,092 |
|
|
|
— |
|
|
|
86,092 |
|
Total |
|
$ |
381,426 |
|
|
$ |
340,345 |
|
|
$ |
— |
|
|
$ |
721,771 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 2, 2026 | Showing above |
| 2024 | Mar 3, 2025 | |
| 2023 | Mar 5, 2024 | |
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.