v3.25.1
Fair Value Measurements
 3 Months Ended
Mar. 31, 2025
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Abstract]  
FAIR VALUE MEASUREMENTS

NOTE 2: FAIR VALUE MEASUREMENTS

The following represents assets and liabilities measured at fair value on a recurring basis by the Company (in thousands):

March 31, 2025

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

14,843

 

 

$

14,843

 

 

$

—

 

 

$

—

 

Investment in iECURE

 

 

3,206

 

 

 

—

 

 

 

—

 

 

 

3,206

 

Assets held for sale

 

 

169

 

 

 

—

 

 

 

—

 

 

 

169

 

 

 

$

18,218

 

 

$

14,843

 

 

$

—

 

 

$

3,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Final payment fee

 

$

197

 

 

$

—

 

 

$

197

 

 

$

—

 

Warrant liability

 

 

3,600

 

 

 

—

 

 

 

—

 

 

 

3,600

 

 

 

$

3,797

 

 

$

—

 

 

$

197

 

 

$

3,600

 

 

December 31, 2024

 

Fair Value

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

Assets:

 

 

 

 

 

 

 

 

 

 

 

 

Money market funds

 

$

14,687

 

 

$

14,687

 

 

$

—

 

 

$

—

 

Investment in iECURE

 

 

3,206

 

 

 

—

 

 

 

—

 

 

 

3,206

 

Imugene Marketable Securities

 

 

413

 

 

 

413

 

 

 

—

 

 

 

—

 

Assets held for sale

 

 

169

 

 

 

—

 

 

 

—

 

 

 

169

 

 

 

$

18,475

 

 

$

15,100

 

 

$

-

 

 

$

3,375

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Liabilities:

 

 

 

 

 

 

 

 

 

 

 

 

Final payment fee

 

$

194

 

 

$

—

 

 

$

194

 

 

$

—

 

Warrant Liability

 

 

2,796

 

 

 

—

 

 

 

—

 

 

 

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 three months ended March 31, 2025 (in thousands). The warrant reconciliation is disclosed in Note 13, Warrants:

 

Investment in iECURE

 

Assets held for sale

 

Balance December 31, 2024

 

$

3,206

 

$

169

 

Gains from changes in fair value included in earnings

 

—

 

—

 

Assets sold

 

—

 

—

 

Write-offs

 

—

 

—

 

Balance March 31, 2025

 

$

3,206

 

$

169

 

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