Contineum Therapeutics, Inc.CTNM

Contineum Therapeutics, Inc. Fair Value Disclosure

10-KFiled Mar 5, 20262 min read
Fair Value Measurements
The accounting guidance defines fair value, establishes a consistent framework for measuring fair value and expands disclosure for each major asset and liability category measured at fair value on either a recurring or nonrecurring basis. Fair value is defined as an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that should be determined based on assumptions that market participants would use in pricing an asset or liability. As a basis for considering such assumptions, the accounting guidance establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
Level 1—Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities.
Level 2—Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs which are observable, either directly or indirectly, for substantially the full term of the asset or liability.
Level 3—Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity).
Assets and liabilities measured at fair value on a recurring basis are as follows (in thousands):
Fair Value Measurements Using
TotalQuoted Prices in
Active Markets
for Identical
Assets (Level 1)		Significant Other
Observable
Inputs
(Level 2)		Significant
Unobservable
Inputs
(Level 3)
December 31, 2025:
Assets:
Cash equivalents$75,051 $75,051 $— $— 
U.S. Government agency securities41,373 41,373 — — 
Certificates of deposit3,013 — 3,013 — 
Corporate debt securities81,698 — 81,698 — 
Commercial paper48,453 — 48,453 — 
Yankee debt4,465 — 4,465 — 
Asset-backed securities8,291 — 8,291 — 
Total financial assets$262,344 $116,424 $145,920 $— 
December 31, 2024:
Assets:
Cash equivalents$21,042 $21,042 $— $— 
U.S. Government agency securities57,155 57,155 — — 
Certificates of deposits8,524 — 8,524 — 
Corporate debt securities80,822 — 80,822 — 
Commercial paper22,275 — 22,275 — 
Yankee Debt2,146 — 2,146 — 
Asset-backed securities11,895 — 11,895 — 
Total financial assets$203,859 $78,197 $125,662 $— 
The carrying amounts of the Company’s financial instruments, including cash, cash equivalents, prepaid and other current assets, accounts payable, and accrued liabilities, approximate fair value due to their short maturities. Included in cash and cash equivalents at December 31, 2025 and 2024 are money market funds with a carrying value and fair value of $6.5 million and $3.9 million, respectively, based upon a Level 1 fair value assessment.
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Historical Timeline

Fiscal YearFiled
2025Mar 5, 2026Showing above
2024Mar 6, 2025

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.

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