Whitehawk Therapeutics, Inc. Fair Value Disclosure
3. Fair Value Measurement
The following table sets forth the recurring fair value of the Company’s financial assets and liabilities, allocated into the Level 1, Level 2 and Level 3 hierarchy that were measured at fair value on a recurring basis (in thousands):
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Fair Value Measurements as of December 31, 2025 |
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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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Money market funds (1) |
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$ |
37,318 |
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|
$ |
— |
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|
$ |
— |
|
|
$ |
37,318 |
|
U.S. government treasury bills |
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|
43,881 |
|
|
|
— |
|
|
|
— |
|
|
|
43,881 |
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Commercial paper |
|
|
— |
|
|
|
16,262 |
|
|
|
— |
|
|
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16,262 |
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Corporate bonds |
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|
— |
|
|
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47,986 |
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|
|
— |
|
|
|
47,986 |
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Total financial assets |
|
$ |
81,199 |
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|
$ |
64,248 |
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|
$ |
— |
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|
$ |
145,447 |
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Fair Value Measurements as of December 31, 2024 |
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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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|
|
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|
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|
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|
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Money market funds (1) |
|
$ |
27,485 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27,485 |
|
U.S. government treasury bills |
|
|
12,562 |
|
|
|
— |
|
|
|
— |
|
|
|
12,562 |
|
Commercial paper |
|
|
— |
|
|
|
1,744 |
|
|
|
— |
|
|
|
1,744 |
|
Corporate bonds |
|
|
— |
|
|
|
4,261 |
|
|
|
— |
|
|
|
4,261 |
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Total financial assets |
|
$ |
40,047 |
|
|
$ |
6,005 |
|
|
$ |
— |
|
|
$ |
46,052 |
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Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Mar 12, 2026 | Showing above |
| 2024 | Mar 28, 2025 | |
| 2023 | Mar 13, 2024 | |
| 2022 | Mar 29, 2023 | |
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.