Pyxis Oncology, Inc. Fair Value Disclosure
6. Fair Value Measurements
The following tables present the financial instruments carried at fair value on a recurring basis as of December 31, 2025 and 2024, respectively, in accordance with the fair value hierarchy (in thousands):
|
December 31, 2025 |
|
|||||||||||||
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Cash equivalents |
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
$ |
673 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
673 |
|
Marketable debt securities |
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities |
|
51,435 |
|
|
|
— |
|
|
|
— |
|
|
|
51,435 |
|
Total |
$ |
52,108 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
52,108 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
December 31, 2024 |
|
|||||||||||||
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Cash Equivalents |
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
$ |
9,491 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
9,491 |
|
Marketable debt securities |
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities |
|
107,458 |
|
|
|
— |
|
|
|
— |
|
|
|
107,458 |
|
Total |
$ |
116,949 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
116,949 |
|
The Company’s cash equivalents represent deposits in a short-term money market fund quoted in an active market and classified as Level 1 assets. Marketable debt securities include investments in U.S. Treasury securities and are classified as Level 1 assets as they are valued using quoted prices in active markets. There were no transfers between Level 1 and Level 2 of the fair value hierarchy during the years ended December 31, 2025 and 2024.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 23, 2026 | Showing above |
| 2024 | Mar 18, 2025 | |
| 2023 | Mar 21, 2024 | |
| 2022 | Mar 22, 2023 | |
| 2021 | Mar 29, 2022 | |
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.