Altimmune, Inc.

3. Fair Value Measurement

The Company records cash equivalents and short-term investments at fair value on a recurring basis. Fair value is an exit price, representing the amount that would be received from the sale of an asset or paid to transfer a liability in an orderly transaction between market participants based on assumptions that market participants would use in pricing an asset or liability.

The Company’s assets measured at fair value on a recurring basis as of December 31, 2025 consisted of the following (in thousands):

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

Short-term investments have been initially valued at the transaction price and subsequently valued at the end of each reporting period utilizing third party pricing services or other market observable data (Level 2). The pricing services utilize industry standard valuation models, including both income and market-based approaches and observable market inputs to determine value.

Short-term investments with quoted prices as of December 31, 2025 as shown below (in thousands):

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

The carrying amounts of the Company’s debt approximate fair value because the rates are floating rates based on the prime lending rate, which approximates market rates (see Note 7) and represents a Level 2 fair value measurement.

Separate disclosure is required for assets and liabilities measured at fair value on a recurring basis from those measured at fair value on a non-recurring basis. Assets recorded at fair value on a non-recurring basis, such as property and equipment and intangible assets are recognized at fair value when they are impaired. During the years ended December 31, 2025 and 2024, the Company hadno assets or liabilities that were measured at fair value on a non-recurring basis.