v3.25.2
Note 11 - Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]

Description

 

Level

  

June 30,

2025

  

December 31,

2024

 
      

(Unaudited)

     

Assets:

            

Money Market Account

  1  $243  $487 
             

Liabilities:

            

Warrant liabilities (Note 9)

  3  $16,266  $5,639 

Convertible note payable and accrued interest (Note 7)

  3  $9,854  $6,257 
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
  

June 30,

 
  

2025

 

Stock price on valuation date

  $3.26 

Time to expiration

  0.540.83 

Cost of debt

  12.66% 

Equity volatility

  117.5%138.0% 

Risk-free rate

  4.07% 

Probability of credit default prior to maturity

  0% 
  

June 30,

2025

  

December 31,

2024

 

Stock price on valuation date

  $3.26  $2.20 

Exercise price per share

  $1.7711.50  $2.08 

Expected life

  0.904.58   4.69 

Volatility

  123.50%162.1%   111%

Risk-free rate

  

3.77%

4.10%   4.37%

Dividend yield

  0.00%   0.0%

Fair value of warrants

  $0.093.24  $1.76 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]

Fair value of Anson Notes as of December 31, 2024

 $6,257 

Fair value of Anson III Note at issuance

  2,522 

Conversion and repayments of principal and interest (shares)

  (1,347)

Fair value adjustment through earnings

  965 

Fair value of Anson Notes as of March 31, 2025

  8,397 

Conversion and repayments of principal and interest (shares)

  (4,108)

Fair value adjustment through earnings

  5,565 

Fair value of Anson Notes as of June 30, 2025

 $9,854 
     

Convertible note payable - current portion as of June 30, 2025

 $9,854 

Convertible note payable, net of current portion as of June 30, 2025

 $ 

Balance as of December 31, 2023

 $17 

Loss upon re-measurement

  9 

Balance as of March 31, 2024

  26 

Gain upon re-measurement

  (18)

Balance as of June 30, 2024

 $8 

Balance as of December 31, 2024

 $5,639 

Initial recognition of issuance of warrants

  7,109 

Change in fair value of warrant liabilities

  (2,896)

Balance as of March 31, 2025

 $9,852 

Change in fair value of warrant liabilities

  6,414 

Balance as of June 30, 2025

 $16,266