Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

The Company’s assets measured at fair value on a recurring basis as of September 30, 2025 consisted of the following (in thousands):


	Fair Value Measurement at September 30, 2025
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	16,640	$	16,640	$	—	$	—
Cash equivalents - agency debt securities		1,990		—		1,990		—
Cash equivalents - commercial paper		11,621		—		11,621		—
Cash equivalents - US treasury		5,964		—		5,964		—
Short-term investments		149,540		—		149,540		—
Total	$	185,755	$	16,640	$	169,115	$	—

The Company’s assets measured at fair value on a recurring basis as of December 31, 2024 consisted of the following (in thousands):


	Fair Value Measurement at December 31, 2024
	Total		Level 1		Level 2		Level 3
Assets:
Cash equivalents - money market funds	$	27,279	$	27,279	$	—	$	—
Short-term investments		94,965		—		94,965		—
Total	$	122,244	$	27,279	$	94,965	$	—

Short-term investments with quoted prices as of September 30, 2025 as shown below (in thousands):


	September 30, 2025
			Unrealized Gain		Unrealized Gain
	Amortized Cost		Unrealized (Loss) Gain		Credit loss		Market Value
United States treasury securities	$	49,233	$	7	$	—	$	49,240
Commercial paper and corporate debt securities		86,356		8		—		86,364
Asset backed securities		8,001		5		—		8,006
Agency debt securities		5,927		3		—		5,930
Total	$	149,517	$	23	$	—	$	149,540

Short-term investments with quoted prices as of December 31, 2024 as shown below (in thousands):


	December 31, 2024
			Unrealized Gain		Unrealized Gain
	Amortized Cost		Unrealized (Loss) Gain		Credit Loss		Market Value
United States treasury securities	$	21,375	$	16	$	—	$	21,391
Commercial paper and corporate debt securities		52,641		15		—		52,656
Asset backed securities		5,951		14		—		5,965
Agency debt securities		14,931		22		—		14,953
Total	$	94,898	$	67	$	—	$	94,965

Altimmune, Inc. 10-Q