MBX Biosciences, Inc. Fair Value Disclosure
The following table presents information about the Company’s financial instruments as of December 31, 2025 and December 31, 2024, that are measured at fair value on a recurring basis and indicates the fair value hierarchy of the inputs the Company utilized to determine such fair value (in thousands):
|
|
December 31, 2025 |
|
|||||||||||||
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
||||
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds (cash equivalents) |
|
$ |
61,646 |
|
|
$ |
61,646 |
|
|
$ |
— |
|
|
$ |
— |
|
Marketable securities (cash equivalents) |
|
|
12,466 |
|
|
|
12,466 |
|
|
|
— |
|
|
|
— |
|
Marketable securities |
|
|
298,416 |
|
|
|
287,443 |
|
|
|
10,973 |
|
|
|
— |
|
Total financial assets measured at fair value |
|
$ |
372,528 |
|
|
$ |
361,555 |
|
|
$ |
10,973 |
|
|
$ |
— |
|
|
|
December 31, 2024 |
|
|||||||||||||
|
|
Total |
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
||||
Financial assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds (cash equivalents) |
|
$ |
37,989 |
|
|
$ |
37,989 |
|
|
$ |
— |
|
|
$ |
— |
|
Marketable securities (cash equivalents) |
|
|
9,990 |
|
|
|
4,997 |
|
|
|
4,993 |
|
|
|
— |
|
Marketable securities |
|
|
212,798 |
|
|
|
204,385 |
|
|
|
8,413 |
|
|
|
— |
|
Total financial assets measured at fair value |
|
$ |
260,777 |
|
|
$ |
247,371 |
|
|
$ |
13,406 |
|
|
$ |
— |
|
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 17, 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.