EUPRAXIA PHARMACEUTICALS INC.
For the period ended Dec 31, 2024. Filed Mar 20, 2025.
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The yearly report of certain Canadian companies, filed under a joint US and Canadian system. It is the main yearly account these companies give US investors, largely as filed in Canada.
FY2024 · Filed Mar 20, 2025
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Contents
EX-99.3 · Fair Value Measurement
Fair Value Measurement
The Company categorizes its financial instruments measured at fair value into one of three different levels depending on the observation of inputs used in the measurement.
Level 1: Fair value is based on unadjusted quoted prices for identical assets or liabilities in active markets.
Level 2: Fair value is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
Level 3: Fair value is based on valuation techniques that require one or more significant unobservable inputs.
The Company’s financial instruments consist of cash, amounts receivable, accounts payable and accrued liabilities and loans payable and convertible debt. With the exception of convertible debt, the carrying value of the Company’s financial instruments approximate their fair values due to their short-term maturities.
The following table summarizes information regarding the carrying values of the Company’s financial instruments measured at amortized cost:
| Financial assets/liabilities | December 31, 2024 | December 31, 2023 |
|---|---|---|
| Cash | $33,101,294 | $19,341,756 |
| Amounts receivable | 228,872 | 190,612 |
| Accounts payable and accrued liabilities | 3,031,527 | 3,921,875 |
| Payable to Auritec | Nil | 5,000,000 |
| Loans payable | Nil | 62,709 |
The following table summarizes information regarding the changes in fair value of the SVB debt facility which was categorized as Level 3 ((there were no key inputs that affected the valuation since the balance was paid via cash during the year ended December 31, 2024):
| Balance - December 31, 2022 | $8,741,996 | |
|---|---|---|
| Accrued interest | 1,162,773 | |
| Interest paid | (591,170) | |
| Change in fair value | 836,595 | |
| Foreign exchange | 185,809 | |
| Balance - December 31, 2023 | $10,336,003 | |
| Accrued interest | 601,637 | |
| Interest paid | (360,040) | |
| Change in fair value | (1,200,541) | |
| Loan repayment | (9,074,813) | |
| Foreign exchange | (302,246) | |
| Balance – December 31, 2024 | $ | - |
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