XML 20 R8.htm IDEA: XBRL DOCUMENT v3.25.2
FAIR VALUE MEASUREMENTS
 6 Months Ended
Jun. 30, 2025
Fair Value Disclosures [Abstract]  
FAIR VALUE MEASUREMENTS FAIR VALUE MEASUREMENTS
The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):
June 30, 2025Fair ValueLevel 1Level 2Level 3
Assets:
Money market funds$14,979 $14,979 $— $— 
Investment in iECURE744 — — 744 
Assets held for sale140 — — 140 
$15,863 $14,979 $— $884 
Liabilities:
Final payment fee$200 $— $200 $— 
Warrant liability2,847 — — 2,847 
$3,047 $— $200 $2,847 
December 31, 2024Fair ValueLevel 1Level 2Level 3
Assets:
Money market funds$14,687 $14,687 $— $— 
Investment in iECURE3,206 — — 3,206 
Imugene Marketable Securities413 413 — — 
Assets held for sale169 — — 169 
$18,475 $15,100 $— $3,375 
Liabilities:
Final payment fee$194 $— $194 $— 
Warrant Liability2,796 — — 2,796 
$2,990 $— $194 $2,796 
The following represents a reconciliation of assets measured and carried at fair value on a recurring basis with the use of significant unobservable inputs (Level 3) for the six months ended June 30, 2025 (in thousands). The warrant reconciliation is disclosed in Note 13, Warrants:
Investment in iECUREAssets held for sale
Balance December 31, 2024$3,206 $169 
(Loss) gain from changes in fair value included in earnings(2,462)1 
Assets sold— (4)
Write-offs— (26)
Balance June 30, 2025$744 $140 
The carrying amounts of the Company’s accounts receivable, accounts payable, and accrued expenses and other current liabilities, approximate their respective fair values due to their short-term nature. The Company uses a three-tier fair value hierarchy to classify and disclose all assets and liabilities measured at fair value on a recurring basis and to minimize the use of unobservable inputs when determining their fair value. The three tiers are defined as follows:
Level 1—Observable inputs based on unadjusted quoted prices in active markets for identical assets or liabilities
Level 2—Inputs, other than quoted prices in active markets, which are observable either directly or indirectly
Level 3—Unobservable inputs for which there is little or no market data, which require the Company to develop its own assumptions