Fair Value Measurement (Tables)

6 Months Ended

Jun. 30, 2025

Summary of Investments Measured and Recognized at Fair Value

The Company measures and reports certain financial instruments as assets and liabilities at fair value on a recurring basis. The following tables set forth the fair value of the Company’s financial assets, which consist of cash equivalents and marketable securities measured and recognized at fair value (in thousands):


		June 30, 2025
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	53,845	$	—	$	—	$	53,845
Total		$	53,845	$	—	$	—	$	53,845
Liabilities
Warrant liability	Level 3	$	21,786	$	—	$	—	$	21,786
Total		$	21,786	$	—	$	—	$	21,786


		December 31, 2024
	Fair Value Hierarchy Level	Amortized Cost		Gross Unrealized Gains		Gross Unrealized Losses		Fair Value
Financial assets included in cash and cash equivalents:
Money market funds	Level 1	$	56,031	$	—	$	—	$	56,031
Total		$	56,031	$	—	$	—	$	56,031

Summary of Roll Forward of Aggregate Fair Value of Warrant Liability Categorized within Level 3 Inputs

The following table provides a full roll forward of the aggregate fair value of the warrant liability categorized within Level 3 inputs:


	Warrant Liability
Balance at December 31, 2024	$	—
Issuance of common warrants		22,013
Change in fair value		(227	)
Balance at June 30, 2025	$	21,786

Biomea Fusion, Inc. 10-Q