Quarterly report [Sections 13 or 15(d)]

FAIR VALUE MEASUREMENT (Tables)

v3.25.3
FAIR VALUE MEASUREMENT (Tables)
 9 Months Ended
Sep. 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  
    September 30, 2025  
    Level 1     Level 2     Level 3     Total  
Assets:                                
Money market funds   $ 13,861     $ -     $ -     $ 13,861  
Total assets   $ 13,861     $ -     $ -     $ 13,861  
                                 
Liabilities:                                
Warrant liability   $ -     $ -     $ 30     $ 30  
Earn-out liabilities     -       -       2,194       2,194  
Total liabilities   $ -     $ -     $ 2,224     $ 2,224  

 

    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 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 liabilities that are measured at fair value on a recurring basis during the nine months ended September 30, 2025:

 

    2025  
       
Common Stock Consideration Payable        
Beginning balance as of January 1,   $ 21,028  
Change in fair value of consideration payable and gain on settlement     (9,238 )
Issuance of common stock and warrants in satisfaction of consideration payable     (11,790 )
Ending balance as of September 30,   $ -  
         
Warrant Liability        
Beginning balance as of January 1,   $ 22  
Change in fair value of warrant liability     8  
Ending balance as of September 30,   $ 30  
         
Earn-Out Liabilities        
Beginning balance as of January 1,   $ -  
Contingent consideration assumed in Zemetric acquisition     2,194  
Ending balance as of September 30,   $ 2,194  
SUMMARY OF ASSUMPTIONS USED FOR VALUATION OF WARRANT LIABILITIES

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

 

    For the Three Months Ended     For the Nine Months Ended  
    September 30,     September 30,  
    2025     2024     2025     2024  
Risk-free interest rate     3.96 %     3.98 %     3.96%-4.03%       3.98%-5.09%  
Contractual term (years)     1.00       1.00       1.00       1.00  
Expected volatility     80 %     92 %     74%-80%       88%-92%  
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %