Fair value measurements and investments (Tables)
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6 Months Ended |
Jun. 30, 2025 |
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| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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| Schedule of Financial Assets and Liabilities Recorded at Fair Value on Recurring Basis |
The fair value measurements of the Company's financial assets and liabilities measured on a recurring basis were as follows:
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June 30,
2025 |
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December 31,
2024 |
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(U.S. Dollars, in thousands) |
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Level 1 |
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Level 2 |
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Level 3 |
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Total |
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Total |
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(Unaudited) |
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Assets |
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Neo Medical convertible loan agreement |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Neo Medical preferred equity securities |
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— |
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— |
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— |
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— |
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— |
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Total |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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$ |
— |
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Liabilities |
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Lattus contingent consideration |
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$ |
— |
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$ |
— |
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$ |
(14,027 |
) |
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$ |
(14,027 |
) |
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$ |
(15,400 |
) |
Deferred compensation plan |
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— |
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(1,695 |
) |
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— |
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(1,695 |
) |
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(1,703 |
) |
Total |
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$ |
— |
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$ |
(1,695 |
) |
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$ |
(14,027 |
) |
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$ |
(15,722 |
) |
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$ |
(17,103 |
) |
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| Schedule of Reconciliation of Investments in Equity Securities |
The table below presents a reconciliation of the beginning and ending balances of the Company's investment in Neo Medical preferred equity securities:
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(Unaudited, U.S. Dollars, in thousands) |
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2025 |
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|
2024 |
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Fair value of Neo Medical preferred equity securities at January 1 |
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$ |
— |
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$ |
4,951 |
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Conversion of loan into preferred equity securities |
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— |
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8,224 |
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Unrealized loss recognized in other expense, net |
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— |
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(2,233 |
) |
Fair value of Neo Medical preferred equity securities at June 30 |
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$ |
— |
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$ |
10,942 |
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Cumulative unrealized loss on Neo Medical preferred equity securities |
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$ |
— |
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$ |
(2,953 |
) |
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| Schedule of Reconciliation For Contingent Consideration Measured At Fair Value Using Significant Unobservable Inputs |
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(Unaudited, U.S. Dollars, in thousands) |
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2025 |
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2024 |
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Lattus Contingent Consideration estimated fair value at January 1 |
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$ |
15,400 |
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$ |
8,500 |
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Change in fair value recognized in acquisition-related amortization, impairment, and remeasurement |
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(1,373 |
) |
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4,240 |
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Lattus Contingent Consideration estimated fair value at June 30 |
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$ |
14,027 |
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$ |
12,740 |
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| Fair Value, Inputs, Level 3 [Member] |
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| Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] |
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| Schedule of Reconciliation For Convertible Loans Measured At Fair Value Using Significant Unobservable Inputs |
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(Unaudited, U.S. Dollars, in thousands) |
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2025 |
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|
2024 |
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Fair value of Neo Medical Convertible Loan at January 1 |
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$ |
— |
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$ |
6,760 |
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Gain recognized in other comprehensive income |
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— |
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1,671 |
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Interest recognized in interest income, net |
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— |
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162 |
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Foreign currency remeasurement recognized in other expense, net |
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— |
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(602 |
) |
Expected credit loss recognized in other income, net |
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— |
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260 |
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Conversion into preferred equity securities |
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— |
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(8,224 |
) |
Realized foreign currency loss recognized in other expense, net |
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— |
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(27 |
) |
Fair value of Neo Medical Convertible Loan at June 30 |
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$ |
— |
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$ |
— |
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Contractual value of Neo Medical Convertible Loan at June 30 |
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$ |
— |
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$ |
— |
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Allowance for credit loss recognized in other income (expense), net |
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— |
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— |
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Amortized cost basis of Neo Medical Convertible Loan at June 30 |
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$ |
— |
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$ |
— |
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| Schedule of Changes in Valuation of Securities |
The following table provides quantitative information related to certain key assumptions utilized within the valuation as of June 30, 2025:
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(Unaudited, U.S. Dollars, in thousands) |
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Fair Value as of
June 30, 2025 |
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Unobservable inputs |
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Estimate |
Lattus Contingent Consideration |
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$ |
14,027 |
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Counterparty discount rates |
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10.8% - 11.0% |
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Revenue risk-adjusted discount rates |
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6.4% - 6.8% |
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