v3.26.1
Fair Value Measurement
 3 Months Ended
Mar. 31, 2026
Fair Value Disclosures [Abstract]  
Fair value measurement

4. Fair value measurement

The Company’s financial instruments consist of cash and cash equivalents, accounts payable, accrued expenses, deferred consideration and warrant liabilities. Cash, cash equivalents (except for investments in money market funds), accounts payable and accrued expenses are initially recorded and subsequently measured at cost, which is considered to approximate their fair value due to the short-term nature of such financial instruments.

The following table summarizes the Company’s financial assets and liabilities measured at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy:

 

 

As of March 31, 2026

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (investments in money market funds)

 

 

23,589

 

 

 

—

 

 

 

23,589

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

21

 

 

 

—

 

 

 

21

 

 

 

—

 

 

 

As of December 31, 2025

 

 

Total

 

 

Level 1

 

 

Level 2

 

 

Level 3

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

 

($'000)

 

Financial assets

 

 

 

 

 

 

 

 

 

 

 

 

Cash equivalents (investments in money market funds)

 

 

22,749

 

 

 

—

 

 

 

22,749

 

 

 

—

 

Financial liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liabilities

 

 

38

 

 

 

—

 

 

 

38

 

 

 

—

 

There were no transfers between any levels of the fair value hierarchy during the three months ended March 31, 2026 and 2025.

Fair values of the investments in money market funds are determined based on the net asset value per share of each fund stated in the fund manager's statement.

 

As of March 31, 2026 and December 31, 2025, warrant liabilities solely related to those warrants outstanding to the former lenders of the Company as described in Note 10.