FAIR VALUE OF FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

FAIR VALUE OF FINANCIAL INSTRUMENTS

NOTE 4. FAIR VALUE OF FINANCIAL INSTRUMENTS

The following tables represent the financial instruments measured at fair value on a recurring basis in the consolidated financial statements of the Company and the valuation approach applied to each class of financial instruments as of the dates indicated:

	December 31, 2024
	(in thousands)
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds	$	11,924	$	—	$	—	$	11,924
Total cash and cash equivalents	11,924		—		—		11,924
Equity investments:
Mutual funds	1,199		—		—		1,199
Total equity investments	1,199		—		—		1,199
Total assets measured at fair value	$	13,123	$	—	$	—	$	13,123
Liabilities:
Common warrants	$	—	$	—	$	4,559	$	4,559

	December 31, 2023
	(in thousands)
	Quoted Prices in Active Markets for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Cash and cash equivalents:
Money market funds	$	7,406	$	—	$	—	$	7,406
Total cash and cash equivalents	7,406		—		—		7,406
Equity investments:
Mutual funds	1,081		—		—		1,081
Total equity investments	1,081		—		—		1,081
Purchase obligation put option asset	—		—		3,419		3,419
Total assets measured at fair value	$	8,487	$	—	$	3,419	$	11,906

Highly liquid investments with an original maturity of three months or less at time of purchase are included in cash and cash equivalents on the consolidated balance sheets.

Level 1: Assets are priced using quoted prices in active markets for identical assets which include money market funds, U.S. Treasury securities and mutual funds as these specific assets are liquid;

Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and

Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e., supported by little or no market activity).

There were no transfers between levels during the years ended December 31, 2024 and 2023.

For certain other financial assets and liabilities, including accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances.

Liabilities for Which Fair Value is Only Disclosed

At December 31, 2024, the Company’s 5.00% Notes, issued in June 2023, had an outstanding principal balance of $71.0 million and a fair value of $54.8 million, using Level 3 measurement assumptions.

At December 31, 2023, the Company’s 5.00% Notes had an outstanding principal balance of $67.6 million and a fair value of $50.8 million, using Level 3 measurement assumptions.

The 2.50% Notes matured on March 15, 2023 and became due and payable on such date. The amortized carrying amount of the 2.50% Notes is $0.7 million as of December 31, 2023 and approximates the related fair value due to the instrument being fully matured and payable.

See Note 11, Convertible Notes, for further detail on the 2.50% and 5.00% Notes.

The fair value of short-term debt obligations, or the 16.00% Notes, approximates the carrying value due to the short maturities of the debt instruments.

See Note 10, Notes Payable, for further detail on the 16.00% Notes.