MetaVia Inc. Fair Value Disclosure
11.Fair value measurements
Fair value is a market-based measurement, not an entity specific measurement and is defined as “the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.” Fair value measurements are defined on a three-level hierarchy:
Level 1: | Unadjusted quoted prices for identical assets or liabilities in active markets; |
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, whether directly or indirectly, for substantially the full term of the asset or liability; and |
Level 3: Unobservable inputs that reflect our own assumptions about the assumptions market participants would use in pricing the asset or liability in which there is little, if any, market activity for the asset or liability at the measurement date.
The following table sets forth our financial assets and liabilities, subject to fair value measurements on a recurring basis, by level within the fair value hierarchy (in thousands):
As of December 31, 2025 | As of December 31, 2024 | |||||||||||||||||||||||
Description | | Total | | Level 1 | | Level 2 | | Level 3 | | Total | | Level 1 | | Level 2 | | Level 3 | ||||||||
Assets | ||||||||||||||||||||||||
Bank money market funds | $ | 8,519 | $ | 8,519 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Total assets at fair value | $ | 8,519 | $ | 8,519 | $ | — | $ | — | $ | — | $ | — | $ | — | $ | — | ||||||||
Liabilities | ||||||||||||||||||||||||
Warrant liabilities | $ | 136 | $ | — | $ | 136 | $ | — | $ | 361 | $ | — | $ | 361 | $ | — | ||||||||
Total liabilities at fair value | $ | 136 | $ | — | $ | 136 | $ | — | $ | 361 | $ | — | $ | 361 | $ | — | ||||||||
The bank money market funds are carried at cost, which approximates market fair value. We estimated the fair value of our warrant liabilities using the trading market price of our common stock due to a cashless exercise provision of these warrants whereby eight warrants can be exercised for one share of common stock for no additional consideration, which results in the warrant exercise price to be zero. Accordingly, our warrant liabilities were considered to be Level 2 of the fair value hierarchy.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 20, 2025 | |
| 2023 | Mar 28, 2024 | |
| 2022 | Mar 30, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Apr 15, 2021 | |
| 2019 | Mar 30, 2020 | |
| 2018 | Mar 18, 2019 | |
| 2017 | Mar 20, 2018 | |
| 2016 | Mar 21, 2017 | |
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.