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Note 15 - Fair Value Measurements

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

Financial Instruments Disclosure [Text Block]

15. Fair Value Measurements

Fair value is the price that would be received upon selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-level fair value hierarchy that prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

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Level 1 — Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.

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Level 2 — Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

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Level 3 — Unobservable inputs for the asset or liability.

Financial assets and liabilities measured at fair value on a recurring basis are classified in the categories described in the table below:

		*June 30, 2025*
		(in thousands)
		Level 1				Level 2				Level 3				Total
Assets
Cash Equivalents:
Certificates of deposit ⁽¹⁾		$	—			$	1,692			$	—			$	1,692
Money market funds			—				4,167				—				4,167
U.S. treasury bills			—				185,119				—				185,119
Short-term investments:
Certificates of deposit ⁽¹⁾			—				338				—				338
Other assets:
Certificates of deposit ⁽¹⁾			—				206				—				206
Notes receivables ⁽²⁾			—				—				4,304				4,304
Total		$	—			$	191,522			$	4,304			$	195,826
Liabilities:
Accrued expenses and other current liabilities:
Mandatorily redeemable noncontrolling interest ⁽³⁾		$	—			$	—			$	6,903			$	6,903
Total		$	—			$	—			$	6,903			$	6,903

		*December 31, 2024*
		(in thousands)
		Level 1				Level 2				Level 3				Total
Assets
Cash Equivalents:
Certificates of deposit ⁽¹⁾		$	—			$	1,504			$	—			$	1,504
Money market funds			—				4,188				—				4,188
U.S. treasury bills			—				181,210				—				181,210
Short-term investments:
Certificates of deposit ⁽¹⁾			—				165				—				165
Other assets:
Certificates of deposit ⁽¹⁾			—				39				—				39
Notes receivables⁽²⁾			—				—				3,938				3,938
Total		$	—			$	187,106			$	3,938			$	191,044
Liabilities:
Other liabilities:
Warrant liabilities ⁽⁴⁾		$	—			$	1,861			$	—			$	1,861
Total		$	—			$	1,861			$	—			$	1,861

⁽¹⁾The majority of certificates of deposit are foreign deposits.

⁽²⁾ During 2023, the Company extended a credit facility to LCP with a total commitment of up to $5.0 million and maturities of greater than twelve months (the “LCP Notes Receivable”). Refer to “Note 13 — Growth Equity Fund” for further details. The LCP Notes Receivable bear interest at an annual rate equal to 8%. As of June 30, 2025 and December 31, 2024, the LCP Notes Receivable in the amounts of $4.0 million and $3.8 million, respectively, were included in other assets within the condensed consolidated balance sheets. Fair values are based on discounted future cash flows using current interest rates offered for similar notes to third parties with similar credit ratings for the same remaining maturities. The change of 1% of the current interest rate will change the fair value by $0.3 million.

⁽³⁾The fair value of mandatorily redeemable noncontrolling interest is based on discounted redemption value using risk-free rates offered for similar financing with the same remaining maturities.

⁽⁴⁾Refer to “Note 11 — Warrant Liabilities” for further details.

The following tables summarize the Company’s available-for-sale securities measured at fair value as of June 30, 2025 and December 31, 2024.

		*June 30, 2025*
		(in thousands)
		Amortized Cost				Fair Value				Gross Unrealized Losses
U.S. treasury bills		$	185,143			$	185,119			$	(24	)
Total		$	185,143			$	185,119			$	(24	)

		*December 31, 2024*
		(in thousands)
		Amortized Cost				Fair Value				Gross Unrealized Losses
U.S. treasury bills		$	181,217			$	181,210			$	(7	)
Total		$	181,217			$	181,210			$	(7	)

The contractual maturity of the available-for-sale securities held as of June 30, 2025 and December 31, 2024 was within one year.