Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Schedule of Fair Value Assets and Liabilities Measured on Recurring Basis

The following tables present the Company’s fair value hierarchy for its assets and liabilities, which are measured at fair value on a recurring basis (in thousands):


	Fair Value Measurements at September 30, 2025
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	83,746	$	—	$	—	$	83,746
Marketable securities:
Commercial paper		—		79,720		—		79,720
Corporate bonds		—		581,799		—		581,799
Government and agency securities		—		143,974		—		143,974
U.S. treasury bills		—		21,858		—		21,858
	$	83,746	$	827,351	$	—	$	911,097
Liabilities:
Related party revenue share liability	$	—	$	—	$	45,220	$	45,220


	Fair Value Measurements at December 31, 2024
	Level 1		Level 2		Level 3		Total
Assets:
Cash equivalents	$	135,902	$	—	$	—	$	135,902
Marketable securities:
Commercial paper		—		251,309		—		251,309
Corporate bonds		—		468,617		—		468,617
Government and agency securities		—		162,886		—		162,886
U.S. treasury bills		—		89,799		—		89,799
	$	135,902	$	972,611	$	—	$	1,108,513
Liabilities:
Related party revenue share liability	$	—	$	—	$	17,940	$	17,940

Schedule of Estimated Fair Value of Company's Related Party Revenue Share Liability

The following table sets forth the changes in estimated fair value of the Company’s related party revenue share liability for the nine months ended September 30, 2025, which represents a Level 3 measurement within the fair value hierarchy (in thousands):


Estimated fair value as of December 31, 2024	$	17,940
Change in fair value		27,280
Estimated fair value as of September 30, 2025	$	45,220

Nuvalent, Inc. 10-Q