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Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value Measurements  
Fair Value Measurements

5.    Fair Value Measurements

The Company has adopted ASC 820 the Fair Value Measurements and Disclosure Topic of the FASB. This Topic applies to certain assets and liabilities that are being measured and reported on a fair value basis. The Fair Value Measurements Topic defines fair value, establishes a framework for measuring fair value in accordance with U.S. GAAP, and expands disclosure about fair value measurements. This Topic enables the reader of the financial statements to assess the inputs used to develop those measurements by establishing a hierarchy for ranking the quality and reliability of the information used to determine fair values. The Topic requires that financial assets and liabilities carried at fair value be classified and disclosed in one of the following three categories:

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Level 1: Quoted market prices in active markets for identical assets or liabilities.

Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data.

Level 3: Unobservable inputs that are not corroborated by market data.

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Financial assets and liabilities are classified in their entirety within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The Company measures the fair value of the Processa Pharmaceuticals, Inc (“Processa”) common shares held by the Company by taking into consideration valuations obtained from public financial markets. The Company uses Yahoo Finance to obtain share price data and Oanda for foreign currency pricing services to estimate fair value. These inputs include reported trades of and broker- dealer quotes on the same or similar securities, issuer credit spreads, benchmark securities and other observable inputs.

As of March 31, 2025, the Company had financial assets valued based on Level 1 inputs consisting of cash and cash equivalents and had financial assets based on Level 2 inputs consisting of Processa common shares. During

the three months ended March 31, 2025, the Company did not have any transfers of financial assets between Levels 1 and 2.

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Fair Value Measurement at March 31, 2025 and December 31, 2024

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(in thousands)

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Quoted Price in Active

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Market for Identical

Significant Other

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Significant

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Instruments

Observable Inputs

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Unobservable Inputs

 

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Level 1

Level 2

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Level 3

 

Total

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2025

    

2024

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2025

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2024

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2025

    

2024

    

2025

     

2024

Assets

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Cash and cash equivalents

$

1,618

(1)

$

1,314

(1)

$

21,057

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$

49,870

$

-

$

-

$

22,675

$

51,184

Processa common shares

$

1

(2)

$

4

(2)

$

-

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$

-

$

-

$

-

$

1

$

4

(1)

The Company held approximately $1,618 in cash as of March 31, 2025, of which approximately $1,514 was held in foreign currencies (translated into U.S. dollars). As of December 31, 2024, the Company held approximately $1,314 in cash of which approximately $363 was in foreign currencies (translated into U.S. dollars).

(2)

The Company holds 51 unrestricted common shares of Processa (NASDAQ:PCSA).