Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Measurements

Schedule of asset and liabilities measured at fair value on recurring and nonrecurring basis


					Fair value measurement at reporting date using
					Quoted prices in
					active markets			Significant other			Significant
					for identical			observable			unobservable
		Balance			assets (Level 1)			inputs (Level 2)			inputs (Level 3)
As of June 30, 2025:
Recurring fair value measurements
Equity and debt securities:
Route1, Inc.		$	20		$	—		$	20		$	—
Marketable securities			2,885			2,885			—			—
Total equity and debt securities			2,905			2,885			20			—
Derivatives:
Derivative liability			1,036			—			—			1,036
Total derivatives			1,036			—			—			1,036
Total recurring fair value measurements		$	3,941		$	2,885		$	20		$	1,036

As of December 31, 2024
Recurring fair value measurements
Equity and debt securities:
Route1		$	85		$	—		$	85		$	—
Marketable securities			7,247			7,247			—			—
Total equity and debt securities			7,332			7,247			85			—
Derivatives:
Derivative liability			—			—			—			—
Total derivatives			—			—			—			—
Total recurring fair value measurements		$	7,332		$	7,247		$	85		$	—
Nonrecurring fair value measurements
Property, plant and equipment		$	1,809		$	—		$	—		$	1,809
Operating lease right-of-use asset			3,409			—			—			3,409
Total nonrecurring fair value measurements		$	5,218		$	—		$	—		$	5,218

Schedule of change in the fair value of warrant liability and bifurcated embedded derivative liability

The following table sets forth a summary of the change in the fair value of the warrant liability that is measured at fair value on a recurring basis:


Balance on January 1, 2025			—
Issuance of warrants reported as fair value			5,873
Change in fair value of warrant liability			(3,215)
Reclassification to APIC due to warrant modification (Note 11)			(2,658)
Balance on June 30, 2025		$	—

The following table sets forth a summary of the change in the fair value of the bifurcated embedded derivative liability that is measured at fair value on a recurring basis:


Balance on January 1, 2025			—
Issuance of convertible preferred stock with bifurcated embedded derivative			1,315
Change in fair value of bifurcated embedded derivative			(279)
Balance on June 30, 2025		$	1,036

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.

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