Company: SKLZ
Filing Date: 2025-11-06
Form Type: 10-K
Source: 0001801661-25-000050
Chunk: 174

Company: Skillz Inc.
Filing Date: 2025-11-06
Form: 10-K
Item: Item 8
Chunk 174
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 $251,948 Total assets$251,948 $— $— $251,948 Liabilities:Common Stock Warrants:Private Common Stock Warrants— — — — Total liabilities$— $— $— $— Fair Value Measurements as of December 31, 2023Level 1Level 2Level 3TotalAssets:Cash Equivalents:Money market funds$287,060 $— $— $287,060 Available-for-Sale Investments:Asset-backed securities— 1,125 — 1,125 Total assets$287,060 $1,125 $— $288,185 Liabilities:Common Stock Warrants:Private Common Stock Warrants— — 11 11 Total liabilities$— $— $11 $11 Available-for-Sale InvestmentsAvailable-for-sale investments were classified within Level 1 or Level 2 as the Company uses quoted market prices or alternative pricing sources and models utilizing market observable inputs to determine their fair value. The market values of Level 2 investments are determined based on observable inputs for securities other than quoted prices, such as interest rates, yield curves, and credit spreads, or quoted prices for identical or similar securities in markets that are not considered active. There were no transfers between levels during the periods presented.Private Common Stock WarrantsThe Private Warrants were classified within Level 3 as they were valued based on a Black-Scholes-Merton pricing model, which involved the use of certain unobservable inputs, such as expected volatility estimated based on the average historical stock price volatility of comparable companies. As of December 31, 2024 and 2023, the fair value of the Private Warrants liability was $0.0 and $11.0 thousand, respectively.

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TABLE OF CONTENTSSKILLZ INC.NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS(Amounts in tables are in thousands, unless otherwise noted)

The following sets forth the activity for Private Warrants:Private WarrantsBalance at December 31, 2023$11 Private warrant shares exercised— Fair market value adjustment(11)Balance as of December 31, 2024$— 2021 Senior Secured NotesThe 2021 Senior Secured Notes are classified as Level 2 financial instruments, and the fair value of the notes is presented for disclosure purposes only. The Company determined the fair value of