Compass Therapeutics, Inc. Fair Value Disclosure
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4. |
Fair Value Measurements |
The following tables present information about the Company’s financial assets and liabilities that are measured at fair value on a recurring basis and indicate the level of the fair value hierarchy utilized to determine such fair values:
| Fair Value Measurements as of December 31, 2025 (000's): | ||||||||||||||||
|
Quoted Prices |
Significant |
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|
in Active |
Other |
Significant |
||||||||||||||
|
Markets for |
Observable |
Unobservable |
||||||||||||||
|
Identical Assets |
Inputs |
Inputs |
||||||||||||||
|
(Level 1) |
(Level 2) |
(Level 3) |
Fair Value |
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|
Assets |
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|
Corporate bonds |
$ | — | $ | 86,636 | $ | — | $ | 86,636 | ||||||||
|
Certificates of deposit |
— | 14,960 | — | 14,960 | ||||||||||||
|
Commercial paper |
68,977 | — | — | 68,977 | ||||||||||||
|
U.S. government treasuries |
1,664 | — | — | 1,664 | ||||||||||||
|
Asset-backed securities |
— | 6,026 | — | 6,026 | ||||||||||||
|
Money market funds (cash equivalents) |
8,383 | — | — | 8,383 | ||||||||||||
|
Total assets |
$ | 79,024 | $ | 107,622 | $ | — | $ | 186,646 | ||||||||
|
Fair Value Measurements as of December 31, 2024 (000's): |
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|
Quoted Prices |
Significant |
|||||||||||||||
|
in Active |
Other |
Significant |
||||||||||||||
|
Markets for |
Observable |
Unobservable |
||||||||||||||
|
Identical Assets |
Inputs |
Inputs |
||||||||||||||
|
(Level 1) |
(Level 2) |
(Level 3) |
Fair Value |
|||||||||||||
|
Assets |
||||||||||||||||
|
Corporate bonds |
$ | — | $ | 44,963 | $ | — | $ | 44,963 | ||||||||
|
Certificates of deposit |
— | 15,269 | — | 15,269 | ||||||||||||
|
Commercial paper |
12,084 | — | — | 12,084 | ||||||||||||
|
U.S. government treasuries |
4,399 | — | — | 4,399 | ||||||||||||
|
Asset-backed securities |
— | 6,524 | — | 6,524 | ||||||||||||
|
Money market funds (cash equivalents) |
23,880 | — | — | 23,880 | ||||||||||||
|
Total assets |
$ | 40,363 | $ | 66,756 | $ | — | $ | 107,119 | ||||||||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 5, 2026 | Showing above |
| 2024 | Feb 27, 2025 | |
| 2023 | Mar 21, 2024 | |
| 2022 | Mar 15, 2023 | |
| 2021 | Mar 18, 2022 | |
| 2020 | Mar 5, 2021 | |
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.