Immuneering Corp Fair Value Disclosure
| December 31, 2024 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| Money market | $ | 35,865,754 | $ | — | $ | — | $ | 35,865,754 | |||||||||||||||
| Total cash equivalents | $ | 35,865,754 | $ | — | $ | — | $ | 35,865,754 | |||||||||||||||
| December 31, 2023 | |||||||||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | ||||||||||||||||||||
| Assets: | |||||||||||||||||||||||
| Cash equivalents | |||||||||||||||||||||||
| U.S. Treasuries | $ | 3,488,205 | $ | — | $ | — | $ | 3,488,205 | |||||||||||||||
| Money market | 50,122,883 | — | — | 50,122,883 | |||||||||||||||||||
| Government securities | — | 2,981,550 | — | 2,981,550 | |||||||||||||||||||
| Commercial paper | — | 2,494,670 | — | 2,494,670 | |||||||||||||||||||
| Total cash equivalents | 53,611,088 | 5,476,220 | — | 59,087,308 | |||||||||||||||||||
| Marketable securities: | |||||||||||||||||||||||
| U.S. Treasuries | $ | 2,989,890 | $ | — | $ | — | $ | 2,989,890 | |||||||||||||||
| Government securities | — | 15,340,568 | — | 15,340,568 | |||||||||||||||||||
| Commercial paper | — | 7,929,410 | — | 7,929,410 | |||||||||||||||||||
| Total marketable securities | 2,989,890 | 23,269,978 | — | 26,259,868 | |||||||||||||||||||
| Total cash equivalents and marketable securities | $ | 56,600,978 | $ | 28,746,198 | $ | — | $ | 85,347,176 | |||||||||||||||
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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.