Mineralys Therapeutics, Inc.MLYS

Mineralys Therapeutics, Inc. Fair Value Disclosure

10-KFiled Feb 12, 20252 min read
Fair Value of Financial Instruments
The following table presents financial instruments measured at fair value on a recurring basis based on the fair value hierarchy as of December 31, 2024 and 2023 (in thousands):
December 31,
20242023
Level 1
Assets
Cash equivalents
Money market funds$83,602 $48,661 
There were no transfers within the fair value hierarchy during the years presented.
The following methods and assumptions were used by the Company in estimating the fair values of each class of financial instrument disclosed herein:
Money Market Funds —The carrying amounts of money market funds reported as cash and cash equivalents in the balance sheets approximate their fair values due to their short-term nature. The fair values of money market funds are determined by Level 1 inputs utilizing quoted prices (unadjusted) in active markets for identical assets.
U.S. Treasury Bills—As of December 31, 2024 and 2023, the Company had short- and long-term U.S. Treasury bills. Fair values of these securities are determined by Level 2 inputs utilizing quoted prices (unadjusted) in active markets for similar assets. The following table presents information about the Company’s investments in held-to-maturity U.S. Treasury bills as of each reported date (in thousands):
As of December 31, 2024
Balance Sheet LocationOriginal MaturitiesAmortized
Cost		Estimated
Fair Value
Cash and cash equivalentsless than 3 months$29,825 $29,829 
Investmentsbetween 3 and 12 months84,096 84,123 
Total$113,921 $113,952 
As of December 31, 2023
Balance Sheet LocationOriginal MaturitiesAmortized
Cost		Estimated
Fair Value
Investmentsbetween 3 and 12 months$187,263 $187,293 
Investments, noncurrentgreater than 1 year2,482 2,486 
Total$189,745 $189,779 
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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.

Other Available Disclosures

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