Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENT (Tables)

v3.25.2
FAIR VALUE MEASUREMENT (Tables)
 6 Months Ended
Jun. 30, 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  
    June 30, 2025  
    Level 1     Level 2     Level 3     Total  
Assets:                        
Money market funds   $ 13,715     $ -     $ -     $ 13,715  
Alternative fuel credits     -       48       -       48  
Total assets   $ 13,715     $ 48     $ -     $ 13,763  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 15     $ 15  
Common stock consideration payable     -       -       23,491       23,491  
Total liabilities   $ -     $ -     $ 23,506     $ 23,506  

 

    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:

 

    For the Three Months Ended     For the Six Months Ended  
    June 30,     June 30,  
    2025     2024     2025     2024  
Risk-free interest rate     3.96 %     5.09 %     3.96%-4.03%       5.03%-5.09%  
Contractual term (years)     1.00       1.00       1.00       1.00  
Expected volatility     80 %     90 %     74%-80%       88%-90%  
Expected dividend yield     0.00 %     0.00 %     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     2,463  
Ending balance as of June 30,   $ 23,491  
         
Warrant Liability        
Beginning balance as of January 1,   $ 22  
Change in fair value of warrant liability     (7 )
Ending balance as of June 30,   $ 15