Spero Therapeutics, Inc. Fair Value Disclosure
3. Fair Value Measurements and Marketable Securities
The following tables present information about the Company’s assets that are measured at fair value on a recurring basis (in thousands):
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Fair Value Measurements at December 31, 2025 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
— |
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$ |
39,672 |
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$ |
— |
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$ |
39,672 |
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Total cash equivalents |
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— |
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39,672 |
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— |
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39,672 |
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Fair Value Measurements at December 31, 2024 Using: |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Assets: |
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Cash equivalents: |
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Money market funds |
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$ |
— |
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$ |
52,258 |
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$ |
— |
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$ |
52,258 |
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Total cash equivalents |
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— |
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52,258 |
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— |
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52,258 |
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Excluded from the tables above is cash of $0.6 million and $0.6 million as of December 31, 2025 and 2024, respectively. During the years ended December 31, 2025 and 2024, there were no transfers between Level 1, Level 2 and Level 3 categories.
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 26, 2026 | Showing above |
| 2024 | Mar 27, 2025 | |
| 2023 | Mar 13, 2024 | |
| 2022 | Mar 30, 2023 | |
| 2021 | Mar 31, 2022 | |
| 2020 | Mar 11, 2021 | |
| 2019 | Mar 16, 2020 | |
| 2018 | Mar 14, 2019 | |
| 2017 | Apr 2, 2018 | |
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.