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Note 6 - Fair Value Measurements | 9 Months Ended
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Nov. 01, 2025
Notes to Financial Statements |
Fair Value Measurement and Measurement Inputs, Recurring and Nonrecurring [Text Block] | Note 6 – Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability (an exit price) in an orderly transaction between market participants on the measurement date. The Company uses a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value. These tiers include: Level 1, defined as observable inputs such as quoted prices in active markets; Level 2, defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and Level 3, defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The carrying amounts of cash and cash equivalents, accounts receivable and accounts payable approximate fair value because of their short maturities. The revolving line of credit approximates fair value due to the one, three or six-month interest terms. In fiscal 2024, the Company also had a non-depleting collateral trust with the Company’s workers’ compensation and general liability insurance provider named as beneficiary. The assets in this trust were invested in financial instruments that would fall within Level 1 of the fair value hierarchy, and were approximately $4.8 million as of February 1, 2025 and November 2, 2024, and they were included in other assets on the consolidated balance sheets. On February 19, 2025, the Company dissolved the non-depleting collateral trust and received cash from the trust for the then outstanding balance. The Company posted a $4.3 million letter of credit under the revolving line of credit for the benefit of the Company’s workers’ compensation and general liability insurance provider in lieu of the trust. Fair value of the Beyond Term Loan, the Convertible Term Loan, the Additional Term Loan, and the Collaboration Agreement fees, which were entered into on October 21, 2024 and amended on May 7, 2025, are summarized as follows (in thousands):
|  |  | November 1, 2025 |  |  | February 1, 2025 |  |  | November 2, 2024 |
| Fair Value Hierarchy |  | Carrying Value (1) |  |  | Fair Value |  |  | Carrying Value (1) |  |  | Fair Value |  |  | Carrying Value |  |  | Fair Value |
Beyond Term Loan (2) | Level 2 |  | $ | — |  |  | $ | — |  |  | $ | 5,531 |  |  | $ | 7,980 |  |  | $ | 5,401 |  |  | $ | 6,393 |
Convertible Term Loan (2) | Level 2 |  |  | — |  |  |  | — |  |  |  | 6,676 |  |  |  | 7,003 |  |  |  | 6,586 |  |  |  | 7,753 |
Additional Term Loan(2) | Level 2 |  |  | 11,482 |  |  |  | 12,215 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Collaboration Agreement fees (3) | Level 3 |  |  | 6,598 |  |  |  | 10,098 |  |  |  | 3,995 |  |  |  | 5,439 |  |  |  | 3,806 |  |  |  | 4,450 |
(1) | See “Note 10 — Long-Term Debt” for further discussion of the carrying values.
(2) | The fair value was estimated using available market information for debt instruments with similar maturities and credit risk.
(3) | The fair value estimate uses the Company’s estimated future revenue projections over the term of the Collaboration Agreement discounted using current market rates for debt investments with similar maturities and credit risk.
The Company measures certain assets at fair value on a non-recurring basis, including the evaluation of long-lived assets for impairment using Company-specific assumptions, including forecasts of projected financial information that would fall within Level 3 of the fair value hierarchy. The Company uses market participant rents (Level 2 input) to calculate the fair value of right-of-use assets and discounted future cash flows of the asset or asset group using a discount rate that approximates the cost of capital of a market participant (Level 2 input) to quantify fair value for other long-lived assets. See “Note 12 — Impairment” for further discussion.

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- Definition The entire disclosure of the fair value measurement of assets and liabilities, which includes financial instruments measured at fair value that are classified in shareholders' equity, which may be measured on a recurring or nonrecurring basis. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent + Details
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