v3.25.2
Note 12 - Fair Value (Tables)
6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
   

June 30, 2025

 

(in thousands)

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Cash equivalents:

                               

Money market funds

  $ 2,636     $     $     $ 2,636  

Common stock warrant liabilities

                2,546       2,546  

Derivative liabilities

                1,096       1,096  
   

December 31, 2024

 

(in thousands)

 

Level 1

   

Level 2

   

Level 3

   

Total

 

Cash equivalents:

                               

Money market funds

  $ 7,002     $     $     $ 7,002  

Common stock warrant liabilities

                4,541       4,541  

Derivative liabilities

                1,804       1,804  

(in thousands)

 

Common Stock Warrant Liabilities

   

Derivative Liabilities

 

Balance – December 31, 2024

  $ 4,541     $ 1,804  

Change in fair value

    (1,995 )     (708 )

Balance – June 30, 2025

  $ 2,546     $ 1,096  

(in thousands)

 

Common Stock Warrant Liabilities

   

Clene Nanomedicine Contingent Earn-out

   

Initial Stockholders Contingent Earn-out

 

Balance – December 31, 2023

  $ 1,481     $ 75     $ 10  

Change in fair value

    (259 )     (75 )     (10 )

Balance – June 30, 2024

  $ 1,222     $     $  
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
   

June 30,

   

December 31,

 
   

2025

   

2024

 

Expected stock price volatility

    104.20 %     101.50 %

Risk-free interest rate

    4.00% – 4.30 %     4.20 %

Expected dividend yield

    0.00 %     0.00 %

Expected term (in years)

    0.33 – 0.97       0.50 – 1.47  

Probability of change of control

    20.00 %     10.00 %

Probability of dissolution

    45.00 %     45.00 %

Probability of other outcome

    35.00 %     45.00 %
   

June 30,

   

December 31,

 
   

2025

   

2024

 

Expected stock price volatility

    96.50% – 99.20 %     100.20% – 101.40 %

Risk-free interest rate

    3.70% – 4.20 %     4.20% – 4.30 %

Expected dividend yield

    0.00 %     0.00 %

Expected term (in years)

    0.67 – 3.00       0.75 – 3.50  

Probability of change of control

    20.00 %     10.00 %

Probability of dissolution

    45.00 %     45.00 %

Probability of other outcome

    35.00 %     45.00 %
   

June 30,

   

December 31,

 
   

2025

   

2024

 

Expected stock price volatility

    96.30% – 104.30 %     97.80% – 101.90 %

Risk-free interest rate

    4.00% – 4.40 %     4.20 %

Expected dividend yield

    0.00 %     0.00 %

Expected term (in years)

    0.29 – 0.96       0.71 – 1.46  

Probability of NDA acceptance

    20.00 %     20.00 %

Probability of fundamental transaction

    20.00 %     10.00 %

Probability of dissolution

    45.00 %     45.00 %

Probability of other outcome

    15.00 %     25.00 %
   

June 30,

   

December 31,

 
   

2025

   

2024

 

Expected stock price volatility

    99.60 %     107.50 %

Risk-free interest rate

    3.70 %     4.40 %

Expected dividend yield

    0.00 %     0.00 %

Expected term (in years)

    4.25       4.75  

Probability of dissolution

    45.00 %     45.00 %

Probability of other outcome

    55.00 %     55.00 %