Company: CNTB
Filing Date: 2025-03-31
Form Type: 10-K
Source: 0001835268-25-000014
Chunk: 264

Company: Connect Biopharma Holdings Ltd
Filing Date: 2025-03-31
Form: 10-K
Item: Item 8
Chunk 264
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 classified as Level 1 are valued using quoted market prices. The Company obtains the fair value of its Level 2 financial instruments from third-party pricing services. The pricing services utilize industry standard valuation models whereby all significant inputs, including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, bids, offers, or other market-related data, are observable. The Company validates the prices provided by the third-party pricing services by reviewing their pricing methods and matrices and obtaining market values from other pricing sources. After completing the validation procedures, the Company did not adjust or override any fair value measurements provided by these pricing services as of December 31, 2024 and 2023. The Company does not have any investments classified as Level 3.

4.Balance Sheet Details

Available-for-Sale InvestmentsThe following is a summary of our available-for-sale investments (in thousands):December 31, 2024Amortized CostGross UnrealizedGainsGross UnrealizedLossesEstimated FairValueU.S. treasury bills$5,934 $2 $— $5,936 U.S. government agency obligations8,326 — (1)8,325 U.S. corporate debt securities1,387 — — 1,387 U.S. commercial paper1,831 — — 1,831 Foreign commercial paper980 — — 980 Total$18,458 $2 $(1)$18,459 

120

December 31, 2023Amortized CostGross UnrealizedGainsGross UnrealizedLossesEstimated FairValueU.S. treasury bills$1,747 $— $(3)$1,744 U.S. government agency obligations3,958 $— (5)3,953 U.S. commercial paper1,991 $— $— 1,991 Foreign commercial paper4,955 $— (3)4,952 Total$12,651 $— $(11)$12,640 At each reporting date, the Company performs an evaluation of impairment to determine if any unrealized losses are the result of credit losses. Impairment is assessed at the individual security level. Factors considered in determining whether a loss resulted from a credit loss or other factors include the Company’s intent and ability to hold the investment until the recovery of its amortized cost basis, the extent to which the fair value is less than the amortized cost basis