Immunome Inc. Fair Value Disclosure
3. Fair value measurement
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:
Level 1 – Quoted prices in active markets for identical assets or liabilities.
Level 2 – Observable inputs other than Level 1 prices such as quoted prices for similar assets or liabilities, quoted prices in markets that are not active, or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities.
Level 3 – Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
The following tables summarize the Company’s financial assets measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
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December 31, 2025 |
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Level |
|
Amortized Cost |
|
|
Unrealized Gain |
|
|
Unrealized Loss |
|
|
Fair Value |
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Cash equivalents: |
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|
|
|
|
|
|
|
|
|
|
|
|
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||||
Money market funds |
|
1 |
|
$ |
652,112 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
652,112 |
|
Total financial assets |
|
|
|
$ |
652,112 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
652,112 |
|
|
|
December 31, 2024 |
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|
|
Level |
|
Amortized Cost |
|
|
Unrealized Gain |
|
|
Unrealized Loss |
|
|
Fair Value |
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
1 |
|
$ |
46,987 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
46,987 |
|
U.S. treasury securities |
|
2 |
|
|
94,379 |
|
|
|
40 |
|
|
|
— |
|
|
|
94,419 |
|
Marketable securities: |
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|
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. treasury securities |
|
2 |
|
|
73,935 |
|
|
|
17 |
|
|
|
— |
|
|
|
73,952 |
|
Total financial assets |
|
|
|
$ |
215,301 |
|
|
$ |
57 |
|
|
$ |
— |
|
|
$ |
215,358 |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 3, 2026 | Showing above |
| 2024 | Mar 19, 2025 | |
| 2020 | Mar 25, 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.