Seer, Inc. Fair Value Disclosure
The following tables set forth the fair value of the Company’s financial assets that were measured at fair value on a recurring basis by level within the fair value hierarchy (in thousands):
|
|
December 31, 2024 |
|
|||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
36,097 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
36,097 |
|
Commercial paper |
|
|
— |
|
|
|
4,191 |
|
|
|
— |
|
|
|
4,191 |
|
Total cash equivalents |
|
|
36,097 |
|
|
|
4,191 |
|
|
|
— |
|
|
|
40,288 |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities |
|
|
— |
|
|
|
150,116 |
|
|
|
— |
|
|
|
150,116 |
|
Commercial paper |
|
|
— |
|
|
|
12,239 |
|
|
|
— |
|
|
|
12,239 |
|
Corporate debt securities |
|
|
— |
|
|
|
96,405 |
|
|
|
— |
|
|
|
96,405 |
|
Total investments |
|
|
— |
|
|
|
258,760 |
|
|
|
— |
|
|
|
258,760 |
|
Total assets measured at fair value |
|
$ |
36,097 |
|
|
$ |
262,951 |
|
|
$ |
— |
|
|
$ |
299,048 |
|
|
|
December 31, 2023 |
|
|||||||||||||
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
22,646 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,646 |
|
Corporate debt securities |
|
|
— |
|
|
|
1,550 |
|
|
|
— |
|
|
|
1,550 |
|
U.S. Treasury securities |
|
|
— |
|
|
|
4,985 |
|
|
|
— |
|
|
|
4,985 |
|
Total cash equivalents |
|
|
22,646 |
|
|
|
6,535 |
|
|
|
— |
|
|
|
29,181 |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities |
|
|
— |
|
|
|
225,180 |
|
|
|
— |
|
|
|
225,180 |
|
U.S. Non-Treasury securities |
|
|
— |
|
|
|
11,901 |
|
|
|
— |
|
|
|
11,901 |
|
Commercial paper |
|
|
— |
|
|
|
18,186 |
|
|
|
— |
|
|
|
18,186 |
|
Corporate debt securities |
|
|
— |
|
|
|
85,316 |
|
|
|
— |
|
|
|
85,316 |
|
Total investments |
|
|
— |
|
|
|
340,583 |
|
|
|
— |
|
|
|
340,583 |
|
Total assets measured at fair value |
|
$ |
22,646 |
|
|
$ |
347,118 |
|
|
$ |
— |
|
|
$ |
369,764 |
|
There were no financial liabilities measured at fair value. The Company classifies money market funds within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The Company classifies its investments in U.S. Treasury securities (Treasury bills, Treasury notes, and Treasury bonds), U.S. Non-Treasury securities (government agency debt), commercial paper, and corporate debt securities as Level 2 instruments and obtains fair value from an independent pricing service, which may use quoted market prices for identical or comparable instruments or model-driven valuations using observable market data or inputs corroborated by observable market data.
The carrying amount of the Company’s accounts receivable, other receivables, prepaid expenses and other current assets, accounts payable and accrued expenses approximate fair value due to their short maturities.
The following is a summary of the Company’s cash equivalents and investments and the gross unrealized holding gains and losses (in thousands):
|
|
December 31, 2024 |
|
|||||||||||||
|
|
Amortized Cost Basis |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
36,097 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
36,097 |
|
Commercial paper |
|
|
4,191 |
|
|
|
— |
|
|
|
— |
|
|
|
4,191 |
|
Total cash equivalents |
|
|
40,288 |
|
|
|
— |
|
|
|
— |
|
|
|
40,288 |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities |
|
|
150,095 |
|
|
|
121 |
|
|
|
(100 |
) |
|
|
150,116 |
|
Commercial paper |
|
|
12,227 |
|
|
|
12 |
|
|
|
— |
|
|
|
12,239 |
|
Corporate debt securities |
|
|
96,302 |
|
|
|
209 |
|
|
|
(106 |
) |
|
|
96,405 |
|
Total investments |
|
|
258,624 |
|
|
|
342 |
|
|
|
(206 |
) |
|
|
258,760 |
|
Total assets measured at fair value |
|
$ |
298,912 |
|
|
$ |
342 |
|
|
$ |
(206 |
) |
|
$ |
299,048 |
|
|
|
December 31, 2023 |
|
|||||||||||||
|
|
Amortized Cost Basis |
|
|
Unrealized Gains |
|
|
Unrealized Losses |
|
|
Fair Value |
|
||||
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Cash equivalents: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
Money market funds |
|
$ |
22,646 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
22,646 |
|
Corporate debt securities |
|
|
1,549 |
|
|
|
1 |
|
|
|
— |
|
|
|
1,550 |
|
U.S. Treasury securities |
|
|
4,984 |
|
|
|
1 |
|
|
|
— |
|
|
|
4,985 |
|
Total cash equivalents |
|
|
29,179 |
|
|
|
2 |
|
|
|
— |
|
|
|
29,181 |
|
Investments: |
|
|
|
|
|
|
|
|
|
|
|
|
||||
U.S. Treasury securities |
|
|
225,517 |
|
|
|
55 |
|
|
|
(392 |
) |
|
|
225,180 |
|
U.S. Non-Treasury securities |
|
|
11,904 |
|
|
|
2 |
|
|
|
(5 |
) |
|
|
11,901 |
|
Commercial paper |
|
|
18,166 |
|
|
|
26 |
|
|
|
(6 |
) |
|
|
18,186 |
|
Corporate debt securities |
|
|
85,190 |
|
|
|
142 |
|
|
|
(16 |
) |
|
|
85,316 |
|
Total investments |
|
|
340,777 |
|
|
|
225 |
|
|
|
(419 |
) |
|
|
340,583 |
|
Total assets measured at fair value |
|
$ |
369,956 |
|
|
$ |
227 |
|
|
$ |
(419 |
) |
|
$ |
369,764 |
|
As of December 31, 2024 and 2023, unrealized losses on available-for-sale investments are not attributable to credit risk and are considered to be temporary. As of December 31, 2024, approximately $29.6 million of the Company's investments have been in a continuous unrealized loss position for twelve months or longer. The Company believes it is more likely than not that investments in an unrealized loss position will be held until maturity or the recovery of the cost basis of the investment. To date, the Company has not recorded any impairment charges on marketable securities related to other-than-temporary declines in market value. As of December 31, 2024, $63.1 million of available-for-sale investments had remaining maturities between and two years. The remainder of the available-for-sale investments have a remaining maturity of one year or less. As of December 31, 2024 and 2023, the Company recorded $1.9 million and $1.3 million of accrued interest, respectively, related to its available-for-sale investments and is presented as other receivables on the consolidated balance sheets.
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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.