Valion Bio, Inc. Fair Value Disclosure
The Company’s financial instruments consist of money market funds. The following tables show the Company’s cash equivalent's carrying value and fair value at December 31, 2024 and 2023 (in thousands):
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As of December 31, 2024 |
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Carrying |
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Fair |
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Quoted |
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Significant other |
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Significant |
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Assets |
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Money market funds |
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$ |
1,819 |
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$ |
1,819 |
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$ |
1,819 |
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$ |
— |
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$ |
— |
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Total assets |
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$ |
1,819 |
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$ |
1,819 |
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$ |
1,819 |
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$ |
— |
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$ |
— |
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As of December 31, 2023 |
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Carrying |
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Fair |
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Quoted |
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Significant other |
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Significant |
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Assets |
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Money market funds |
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$ |
3,243 |
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$ |
3,243 |
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$ |
3,243 |
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$ |
— |
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$ |
— |
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Total assets |
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$ |
3,243 |
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$ |
3,243 |
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|
$ |
3,243 |
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|
$ |
— |
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$ |
— |
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Cash equivalents – Cash equivalents of $1.8 million and $3.2 million as of December 31, 2024 and 2023, respectively, consisted of money market funds. Money market funds are classified as Level 1 of the fair value hierarchy because they are valued using quoted market prices in active markets.
Certain assets and liabilities are carried at fair value under GAAP. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs.
There have been no changes to the valuation methods utilized by the Company during the years ended December 31, 2024 and 2023. The Company evaluates transfers between levels at the end of each reporting period. There were no transfers of financial instruments between levels during the years ended December 31, 2024 and 2023.
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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.