Trevi Therapeutics, Inc. Fair Value Disclosure
The following table summarizes the Company’s financial assets and financial liabilities measured at fair value on a recurring basis and the basis for that measurement, by level within the fair value hierarchy as follows:
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Fair Value Measurement Using: |
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Balance Sheet Classification |
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Type of Instrument |
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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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December 31, 2024 |
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Financial assets: |
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Cash equivalents |
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Money market funds |
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$ |
28,605 |
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$ |
— |
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|
$ |
— |
|
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$ |
28,605 |
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Marketable securities |
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U.S. treasury securities |
|
|
— |
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22,851 |
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— |
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22,851 |
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Marketable securities |
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Corporate bonds |
|
|
— |
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18,941 |
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— |
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|
|
18,941 |
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Marketable securities |
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Commercial paper |
|
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— |
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13,000 |
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|
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— |
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13,000 |
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Marketable securities |
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U.S. government agency securities |
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— |
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11,423 |
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— |
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11,423 |
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Marketable securities |
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Asset backed securities |
|
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— |
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7,310 |
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— |
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7,310 |
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Cash equivalents |
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Commercial paper |
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— |
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4,479 |
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— |
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|
4,479 |
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Total assets |
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$ |
28,605 |
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|
$ |
78,004 |
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$ |
— |
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$ |
106,609 |
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Fair Value Measurement Using: |
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Balance Sheet Classification |
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Type of Instrument |
|
Level 1 |
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Level 2 |
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Level 3 |
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Total |
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December 31, 2023 |
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Financial assets: |
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Cash equivalents |
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Money market funds |
|
$ |
30,404 |
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|
$ |
— |
|
|
$ |
— |
|
|
$ |
30,404 |
|
Marketable securities |
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Corporate bonds |
|
|
— |
|
|
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45,653 |
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|
|
— |
|
|
|
45,653 |
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Marketable securities |
|
U.S. government agency securities |
|
|
— |
|
|
|
4,921 |
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|
|
— |
|
|
|
4,921 |
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Total assets |
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$ |
30,404 |
|
|
$ |
50,574 |
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$ |
— |
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$ |
80,978 |
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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.