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

Fair Value Measurements (Tables)

v3.26.1
Fair Value Measurements (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Measurements [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

A summary of financial assets and liabilities that are measured at fair value on a recurring basis were as follows:

 

    December 31, 2025
Fair Value Measurements		  
(dollars in thousands)   Level 1     Level 2     Level 3     Total  
Assets                        
Cash equivalents (money market funds)     302,688      
-
      
-
       302,688  
Short-term investments                                
Publicly traded stock     17,779      
-
      
-
       17,779  
Warrants in publicly traded companies    
-
      
-
       1,123       1,123  
Total assets     320,467      
-
       1,123       321,590  
Liabilities                                
Government grants    
-
      
-
       3,657       3,657  
Warrant liabilities    
-
      
-
       489,434       489,434  
Total liabilities    
-
      
-
       493,091       493,091  

 

    December 31, 2024
Fair Value Measurements		  
    Level 1     Level 2     Level 3     Total  
Assets                        
Cash equivalents (money market funds)     11,262      
-
      
-
       11,262  
Total assets     11,262      
-
      
-
       11,262  
Liabilities                                
Government grants    
-
      
-
       2,557       2,557  
Total liabilities    
-
               2,557       2,557  
Schedule of Investment Marketable Equity Securities The following table summarizes the Company’s investments in marketable equity securities:
    As of December 31, 2025
(dollars in thousands)   Fair Value
Hierarchy		   Cost Basis     Net Unrealized Gains     Fair Value  
Publicly traded stock   Level 1   $ 12,797     $ 4,982     $ 17,779  
Warrants exercisable for publicly traded stock   Level 3     706       417       1,123  
Total       $ 13,503     $ 5,399     $ 18,902  
Schedule of Key Assumptions of Black-Scholes Model For the year ended December 31, 2025, the key assumptions used in the Black-Scholes Model are as follows:
    As of
December 31,
2025		  
Stock price   $ 4.16  
Risk-free interest rate     3.55 %
Expected volatility     102.87 %
Remaining contractual life in years     2.64  
Dividend yield     0 %

The assumptions used to estimate the fair value of warrants during the period were as follows:

 

    October 9,
2026		     December 31,
2025		  
Stock price   $ 9.91     $ 9.76  
Risk-free interest rate     3.9 %     3.9 %
Volatility     92.7 %     86.9 %
Expected life in years     7       6.75  
Dividend yield     - %     - %
Schedule of Warrant Asset Measured at Fair value

The following table provides a reconciliation of the beginning and ending balances for the Level 3 warrant assets measured at fair value using significant unobservable inputs:

 

(dollars in thousands)   Warrants  
Balance as of January 1, 2025   $
-
  
Warrants purchased, adjusted to fair value     706  
Net gain on change in fair value     417  
Balance as of December 31, 2025   $ 1,123  
Schedule of Liability Measured at Fair Value of Unobservable Inputs The following table provides a reconciliation of the beginning and ending balances for the Level 3 government grant liability measured at fair value using significant unobservable inputs:
(dollars in thousands)   Government
Grant
Liability		  
Balance as of January 1, 2024   $ 2,750  
Repayment on liability     (278 )
Government grant proceeds received, adjusted to fair value     180  
Net gain on change in fair value of liability     (95 )
Balance as of December 31, 2024   $ 2,557  
Government grant liability assumed in SPO business combination     958  
Repayment on liability     (342 )
Government grant proceeds received, adjusted to fair value     208  
Effect of foreign currency translation on liability     72  
Net loss on change in fair value of liability     204  
Balance as of December 31, 2025   $ 3,657