Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENT (Tables)

v3.25.1
FAIR VALUE MEASUREMENT (Tables)
 3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
SUMMARY OF ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON RECURRING BASIS

Assets and liabilities measured at fair value on a recurring basis are as follows:

 

    Level 1     Level 2     Level 3     Total  
    March 31, 2025  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Money market funds   $ 32,932     $ -     $ -     $ 32,932  
Alternative fuel credits     -       47       -       47  
Total assets   $ 32,932     $ 47     $ -     $ 32,979  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 24     $ 24  
Common stock consideration payable     -       -       21,707       21,707  
Total liabilities   $ -     $ -     $ 21,731     $ 21,731  

 

    Level 1     Level 2     Level 3     Total  
    December 31, 2024  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Marketable securities   $ 13,630     $ -     $ -     $ 13,630  
Money market funds     27,347       -       -       27,347  
Alternative fuel credits     -       51       -       51  
Total assets   $ 40,977     $ 51     $ -     $ 41,028  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 22     $ 22  
Common stock consideration payable     -       -       21,028       21,028  
Total liabilities   $ -     $ -     $ 21,050     $ 21,050  
SUMMARY OF ASSUMPTIONS USED FOR VALUATION OF WARRANT LIABILITIES

Assumptions utilized in the valuation of warrant liabilities are described as follows:

 

    2025     2024  
    For the Three Months Ended  
    March 31,  
    2025     2024  
Risk-free interest rate     4.03 %     5.03 %
Contractual term (years)     1.00       1.00  
Expected volatility     74.00 %     88.00 %
Expected dividend yield     0.00 %     0.00 %
SUMMARY OF CHANGES IN FAIR VALUE OF LEVEL 3 WARRANT LIABILITIES MEASURED AT RECURRING BASIS

The following table sets forth a summary of the changes in the fair value of Level 3 warrant liabilities that are measured at fair value on a recurring basis:

 

    2025  
       
Common Stock Consideration Payable        
Beginning balance as of January 1   $ 21,028  
Change in fair value of consideration payable     679  
Ending balance as of March 31,   $ 21,707  
         
Warrant Liability        
Beginning balance as of January 1   $ 22  
Change in fair value of warrant liability     2  
Ending balance as of March 31,   $ 24