v3.25.1
FAIR VALUE MEASUREMENT (Tables)
3 Months Ended
Mar. 31, 2025
Fair Value Disclosures [Abstract]  
Schedule of Financial Instruments Measured at Fair Value on a Recurring Basis
The following table sets forth the Company's financial instruments that were measured at fair value on a recurring basis at March 31, 2025 and December 31, 2024, by level within the fair value hierarchy:

March 31, 2025

Level 1Level 2Level 3Total
Financial assets:
Stanley Brothers USA Holdings purchase option$$$$— 
Debt interest rate conversion feature970970 
Total financial assets$$$970$970
Investment in unconsolidated entity:$$$10,700$10,700
Financial liabilities:
Debt conversion option$$709$$709 

December 31, 2024

Level 1Level 2Level 3Total
Financial assets:
Stanley Brothers USA Holdings purchase option$$$52$52 
Debt interest rate conversion feature1,0231,023 
Total financial assets$$$1,075$1,075
Investment in unconsolidated entity:$$$10,800$10,800
Financial liabilities:
Debt conversion option$$786$$786 
Schedule of Measurement inputs
The following additional assumptions are used in the model:
March 31,December 31,
 20252024
Expected term (years)
5.05.27
Volatility86.3%83.6%
Risk-free interest rate4.0%4.4%
Expected dividend yield—%—%
Discount for lack of marketability31.0%31.0%
The following additional assumptions are used in the model:
March 31,December 31,
 20252024
Stated interest rate5.0%5.0%
Adjusted interest rate1.5%1.5%
Implied debt yield9.6%9.9%
Federal regulation probabilityVariousvarious
Year of eventVariousvarious
The following table provides the assumptions regarding Level 2 fair value measurements inputs at their measurement dates:
March 31,December 31,
 20252024
Expected volatility
87.9%87.9%
Expected term (years)
4.64.9
Risk-free interest rate
4.1%4.5%
Expected dividend yield
—%—%
Value of underlying share
C$0.13C$0.13
Exercise priceC$2.00C$2.00
The following additional assumptions are used in the fair value model of the SBH Purchase Option as of December 31, 2024:
 December 31,
 2024
Expected volatility
112.0%
Expected term (years)
1.2
Risk-free interest rate
4.9%
Weighted average cost of capital
52.9%