v3.25.2
FAIR VALUE MEASUREMENT (Tables)
6 Months Ended
Jun. 30, 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 as of June 30, 2025 and December 31, 2024, by level within the fair value hierarchy:

June 30, 2025

Level 1Level 2Level 3Total
Financial assets:
Stanley Brothers USA Holdings purchase option$$$$— 
Debt interest rate conversion feature500500 
Total financial assets$$$500$500
Investment in unconsolidated entity:$$$9,600$9,600 
Financial liabilities:
Debt conversion option$$664$$664 

December 31, 2024

Level 1Level 2Level 3Total
Financial assets:
Stanley Brothers USA Holdings purchase option$$$52 $52 
Debt interest rate conversion feature1,023$1,023 
Total financial assets$$$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:
June 30,December 31,
 20252024
Expected term (years)
5.05.3
Volatility89.9%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:
June 30,December 31,
 20252024
Stated interest rate5.0%5.0%
Adjusted interest rate1.5%1.5%
Implied debt yield9.9%9.9%
Federal regulation probabilityVariousVarious
Year of eventVariousVarious
The following table provides the assumption regarding Level 2 fair value measurements inputs at their measurement dates:
June 30,December 31,
 20252024
Expected volatility
87.9%87.9%
Expected term (years)
4.44.9
Risk-free interest rate
3.8%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%