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FAIR VALUE MEASUREMENTS (Tables) | 12 Months Ended
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Dec. 31, 2024
Fair Value Disclosures [Abstract] |
Fair Value, Assets Measured on Recurring Basis | Financial assets and liabilities measured at fair value on a recurring basis were as follows:
| Level 1 |  | Level 2 |  | Level 3 |  | Total
| (In thousands)
Assets |  |  |  |  |  |  |
December 31, 2024: |  |  |  |  |  |  |
Equity securities | $ | 23,135 |  |  | $ | — |  |  | $ | — |  |  | $ | 23,135 |
Commodity derivative instruments | — |  |  | 2,114 |  |  | — |  |  | 2,114 |
Total | $ | 23,135 |  |  | $ | 2,114 |  |  | $ | — |  |  | $ | 25,249 |
December 31, 2023: |  |  |  |  |  |  |
Equity securities | $ | 63,068 |  |  | $ | — |  |  | $ | — |  |  | $ | 63,068 |
Commodity derivative instruments | — |  |  | 2,723 |  |  | — |  |  | 2,723 |
Total | $ | 63,068 |  |  | $ | 2,723 |  |  | $ | — |  |  | $ | 65,791 |
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation | The following table sets forth a summary of the changes in the estimated fair value of the Company’s Level 3 liabilities, which were measured at fair value on a recurring basis. There are no Level 3 liabilities as of December 31, 2024. The changes in the estimated fair value of the Company’s Level 3 liabilities as of December 31, 2023 were as follows:
|  |  | Series A Embedded Derivative Liabilities |  | Series B Warrant Liabilities |  | Total
|  |  | (In thousands)
Balance at December 31, 2022 |  |  | $ | 16,835 |  |  | $ | 84,780 |  |  | $ | 101,615 |
Exercise of warrants |  |  | — |  |  | (82,018) |  |  | (82,018) |
Conversion of redeemable convertible preferred stock |  |  | (12,881) |  |  | — |  |  | (12,881) |
Remeasurement to fair value |  |  | (3,954) |  |  | (2,762) |  |  | (6,716) |
Balance at December 31, 2023 |  |  | — |  |  | — |  |  | — |

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- Definition Tabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 101 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-101 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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