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:
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Fair Value Measurements as of December 31, 2024 (000's): |
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Quoted Prices |
Significant |
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in Active |
Other |
Significant |
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Markets for |
Observable |
Unobservable |
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Identical Assets |
Inputs |
Inputs |
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(Level 1) |
(Level 2) |
(Level 3) |
Fair Value |
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Assets |
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Corporate bonds |
$ | — | $ | 44,963 | $ | — | $ | 44,963 | ||||||||
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Certificates of deposit |
— | 15,269 | — | 15,269 | ||||||||||||
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Commercial paper |
12,084 | — | — | 12,084 | ||||||||||||
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U.S. government treasuries |
4,399 | — | — | 4,399 | ||||||||||||
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Asset-backed securities |
— | 6,524 | — | 6,524 | ||||||||||||
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Money market funds (cash equivalents) |
23,880 | — | — | 23,880 | ||||||||||||
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Total assets |
$ | 40,363 | $ | 66,756 | $ | — | $ | 107,119 | ||||||||
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Fair Value Measurements as of December 31, 2023 (000's): |
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|
Quoted Prices |
Significant |
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|
in Active |
Other |
Significant |
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|
Markets for |
Observable |
Unobservable |
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|
Identical Assets |
Inputs |
Inputs |
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|
(Level 1) |
(Level 2) |
(Level 3) |
Fair Value |
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Assets |
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Corporate bonds |
$ | — | $ | 54,281 | $ | — | $ | 54,281 | ||||||||
| Certificates of deposit | — | 18,866 | — | 18,866 | ||||||||||||
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Commercial paper |
28,534 | — | — | 28,534 | ||||||||||||
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U.S. government treasuries |
16,080 | — | 16,080 | |||||||||||||
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Asset-backed securities |
— | 10,472 | — | 10,472 | ||||||||||||
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Money market funds (cash equivalents) |
575 | — | — | 575 | ||||||||||||
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Total assets |
$ | 45,189 | $ | 83,619 | $ | — | $ | 128,808 | ||||||||
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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.