Strata Critical Medical, Inc. Annual report [Section 13 and 15(d), not S-K Item 405]

Annual report [Section 13 and 15(d), not S-K Item 405]

Fair Value Measurements (Tables)

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2025

Summary of Assets and Liabilities Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2025 and 2024, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value.





	Level	December 31, 2025		December 31, 2024
Assets
Money market fund (1)	1	$	23,111	$	13,751
Contingent consideration asset related to sale of business (2)	3	27,700		—
Indemnity holdback related to sale of business (2)	3	8,700		—
Total assets at fair value		$	59,511	$	13,751

Liabilities
Warrant liabilities - Public Warrants	1	$	990	$	3,758
Warrant liabilities - Private Warrants	2	540		2,050
Share-based payment liability-classified related to sale of business (3)	3	15,138		—
Equity consideration in escrow and contingent consideration - Keystone acquisition (4)	3	9,072		—
Total liabilities at fair value		$	25,740	$	5,808

(1) As of December 31, 2025 and 2024, the Company had cash equivalents held in a money market fund. The Company has concluded that due to the highly liquid nature of the fund, the carrying value approximates fair value, which represents a Level 1 input. The balance of cash equivalents held in the money market fund is included in cash and cash equivalents.

(2) Contingent consideration and indemnity holdback related to sale of business, presented under “Prepaid expenses and other current assets” and “Other non-current asset” in the consolidated balance sheets, was established during the period ended September 30, 2025. Refer to Note 5 for additional information. Changes in fair value of these items during the year totaled $167 of income and were recognized within “Change in fair value of other liabilities”, in the consolidated statement of operations.

(3) Share-based payment liability-classified, presented under “Other Non-Current Liabilities” in the consolidated balance sheets, was established during the period ended September 30, 2025. Refer to Note 5 for additional information. Changes in fair value of these items during the year totaled $1,246 of expense and were recognized within “Change in fair value of other liabilities”, in the consolidated statement of operations.

(4) Equity consideration in escrow and contingent consideration is presented under “Accounts payable and Accrued Expenses” and “Other Non-Current Liabilities” as applicable, in the consolidated balance sheets, was established during the period ended September 30,

2025. Refer to Note 4 for additional information. Changes in fair value of these items during the year totaled $42 of income and were recognized within “Change in fair value of other liabilities”, in the consolidated statement of operations.

Summary of Change in Fair Value of Warrant Liabilities

The following table presents the changes in fair value of the warrant liabilities:


	Public Warrants		Private Placement Warrants		Total Warrant Liability
Fair value as of January 1, 2024	$	3,208	$	1,750	$	4,958
Change in fair value of warrant liabilities	550		300		850
Fair value as of December 31, 2024	$	3,758	$	2,050	$	5,808

Change in fair value of warrant liabilities	(2,768)		(1,510)		(4,278)
Fair value as of December 31, 2025	$	990	$	540	$	1,530