Coya Therapeutics, Inc. Fair Value Disclosure
3. Fair value measurements
The Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible. The Company determines fair value based on assumptions that market participants would use in pricing an asset or liability in the principal or most advantageous market. When considering market participant assumptions in fair value measurements, the following fair value hierarchy distinguishes between observable and unobservable inputs, which are categorized in one of the following levels:
In accordance with the fair value hierarchy described above, the following table sets forth the Company’s assets and liabilities
measured at fair value on a recurring basis:
December 31, 2025 |
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Note |
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Input Level |
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Fair Value |
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Carrying |
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Assets: |
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Cash and cash equivalents (money market funds) |
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Level 1 |
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$ |
46,822,786 |
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$ |
46,822,786 |
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December 31, 2024 |
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Note |
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Input Level |
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Fair Value |
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Carrying |
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Assets: |
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Cash and cash equivalents (money market funds) |
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Level 1 |
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$ |
38,339,762 |
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$ |
38,339,762 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 16, 2026 | Showing above |
| 2024 | Mar 18, 2025 | |
| 2023 | Mar 19, 2024 | |
| 2022 | Mar 29, 2023 | |
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.