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Investments and Fair Value Instruments | 6 Months Ended
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Jun. 30, 2025
Investments And Fair Value Instruments [Abstract] |
Investments and Fair Value Instruments | 6. Investments and Fair Value Instruments Investments The Company classified its investments in corporate securities of Above Food Ingredients, Inc. ("AFII") as short-term investments. The investments were carried at fair value, based on quoted market prices or other readily available market information. Unrealized and realized gains and losses are recognized as other income in the consolidated statements of operations and comprehensive income (loss). As of June 30, 2025, the fair value of the AFII common stock was $3.1 million. The following tables summarize the amortized cost and fair value of the investment securities portfolio at December 31, 2024:
(Dollars in thousands) |  | Amortized Cost |  |  | Unrealized Gains |  |  | Unrealized Losses |  |  | Estimated Fair Value |
December 31, 2024 |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 2,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,757 |
Total Assets at Fair Value |  | $ | 2,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,757 |
The Company did no t have any investment categories that were in a continuous unrealized loss position for more than twelve months as of June 30, 2025. Fair Value Measurement The fair value of the investment securities at June 30, 2025 and December 31, 2024 were as follows:
|  | Fair Value Measurements at June 30, 2025 |
(Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |  |
Short-term investments: |  |  |  |  |  |  |  |  |  |  |  |
Corporate securities |  |  | 3,067 |  |  |  | — |  |  |  | — |  |  |  | 3,067 |
Total Assets at Fair Value |  | $ | 3,067 |  |  | $ | — |  |  | $ | — |  |  | $ | 3,067 |
|  | Fair Value Measurements at December 31, 2024 |
(Dollars in thousands) |  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Assets at Fair Value |  |  |  |  |  |  |  |  |  |  |  |
Cash equivalents: |  |  |  |  |  |  |  |  |  |  |  |
Money market funds |  | $ | 2,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,757 |
Total Assets at Fair Value |  | $ | 2,757 |  |  | $ | — |  |  | $ | — |  |  | $ | 2,757 |
The Company uses the market approach technique to value its financial instruments and there were no changes in valuation techniques during 2025 or 2024. The Company’s financial instruments consist primarily of cash and cash equivalents, accounts receivable and other receivables, accounts payable and accrued liabilities. For accounts receivable and other receivables and accounts payable and accrued liabilities, the carrying amounts of these financial instruments as of June 30, 2025 and December 31, 2024 were considered representative of their fair values due to their short term to maturity or repayment. Cash equivalents are carried at cost, which approximates their fair value. The Company’s Level 3 liabilities consist of preferred investment options related to the March 2023 Private Placement and August 2022 Registered Direct offerings. The preferred investment option liabilities were measured and recorded on a recurring basis using the Black-Scholes Model with the following assumptions as of June 30, 2025 and December 31, 2024:
|  | March 2023 Options - Series A & March 2023 Placement Agent Options |  |  | August 2022 Options & August 2022 Placement Agent Options |
|  | June 30, 2025 |  |  | December 31, 2024 |  |  | June 30, 2025 |  |  | December 31, 2024 |
Remaining term (in years) |  |  | 2.64 |  |  |  | 3.14 |  |  |  | 2.17 |  |  |  | 2.67 |
Expected volatility |  |  | 94.4 | % |  |  | 101.7 | % |  |  | 93.3 | % |  |  | 95.9 | %
Risk-free interest rate |  |  | 3.7 | % |  |  | 4.3 | % |  |  | 3.7 | % |  |  | 4.3 | %
Expected dividend yield |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
The significant input used in the fair value measurement of the Company’s Level 3 options liabilities is volatility. A significant increase (decrease) in volatility could result in a significantly higher (lower) fair value measurement. The following table sets forth the establishment of the Company’s Level 3 assets and liabilities, as well as a summary of the changes in the fair value and other adjustments (in thousands):
(Dollars in thousands) |  | March 2023 Options - Series A |  |  | March 2023 Placement Agent Options |  |  | August 2022 Options |  |  | August 2022 Placement Agent Options |  |  | Note Receivable Bifurcated Derivatives |  |  | Contingent Liabilities |  |  | Total |
Balance as of December 31, 2024 |  | $ | 2,285 |  |  | $ | 90 |  |  | $ | 349 |  |  | $ | 7 |  |  | $ | 250 |  |  | $ | 2,000 |  |  | $ | 4,981 |
Change in fair value |  |  | (1,100 | ) |  |  | (38 | ) |  |  | (172 | ) |  |  | (5 | ) |  |  | (250 | ) |  |  | (2,000 | ) |  |  | (3,565 | )
Balance as of June 30, 2025 |  | $ | 1,185 |  |  | $ | 52 |  |  | $ | 177 |  |  | $ | 2 |  |  | $ | — |  |  | $ | — |  |  | $ | 1,416 |

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