| Schedule of fair value liabilities measured on a recurring basis |
The following table presents the Company’s financial liabilities that are measured at fair value on a recurring basis and the level of inputs used in such measurements (in thousands):
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|
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|
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|
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|
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March 31, 2026 |
|
|
|
Balance |
|
|
Quoted Prices
in Active
Markets
(Level 1) |
|
|
Significant
Other
Observable
Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, at fair value |
|
$ |
79,098 |
|
|
$ |
79,098 |
|
|
$ |
— |
|
|
$ |
— |
|
Marketable securities |
|
|
10 |
|
|
|
10 |
|
|
|
— |
|
|
|
— |
|
Datavault warrants |
|
|
420 |
|
|
|
— |
|
|
|
— |
|
|
|
420 |
|
Digital assets |
|
|
65,345 |
|
|
|
65,345 |
|
|
|
— |
|
|
|
— |
|
Total assets |
|
$ |
144,873 |
|
|
$ |
144,453 |
|
|
$ |
— |
|
|
$ |
420 |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Oramed Note |
|
$ |
28,862 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
28,862 |
|
Tranche B Notes |
|
|
12,010 |
|
|
|
— |
|
|
|
— |
|
|
|
12,010 |
|
Purchased revenue liability |
|
|
8,400 |
|
|
|
— |
|
|
|
— |
|
|
|
8,400 |
|
Derivative liabilities |
|
|
25,541 |
|
|
|
— |
|
|
|
— |
|
|
|
25,541 |
|
Contingent consideration liability |
|
|
5 |
|
|
|
5 |
|
|
|
— |
|
|
|
— |
|
Other long-term liabilities |
|
|
177 |
|
|
|
— |
|
|
|
— |
|
|
|
177 |
|
Total liabilities |
|
$ |
74,995 |
|
|
$ |
5 |
|
|
$ |
— |
|
|
$ |
74,990 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Balance |
|
|
Quoted Prices
in Active
Markets
(Level 1) |
|
|
Significant
Other
Observable
Inputs (Level 2) |
|
|
Significant Unobservable Inputs (Level 3) |
|
Assets |
|
|
|
|
|
|
|
|
|
|
|
|
Equity method investment, at fair value |
|
$ |
159,403 |
|
|
$ |
159,403 |
|
|
$ |
— |
|
|
$ |
— |
|
Marketable securities |
|
|
6,026 |
|
|
|
6,026 |
|
|
|
— |
|
|
|
— |
|
Digital assets |
|
|
64,711 |
|
|
|
64,711 |
|
|
|
— |
|
|
|
— |
|
Total assets |
|
$ |
230,140 |
|
|
$ |
230,140 |
|
|
$ |
— |
|
|
$ |
— |
|
Liabilities |
|
|
|
|
|
|
|
|
|
|
|
|
Oramed Note |
|
$ |
27,688 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
27,688 |
|
Tranche B Notes |
|
|
17,500 |
|
|
|
— |
|
|
|
— |
|
|
|
17,500 |
|
Purchased revenue liability |
|
|
8,400 |
|
|
|
— |
|
|
|
— |
|
|
|
8,400 |
|
Derivative liabilities |
|
|
50,599 |
|
|
|
— |
|
|
|
— |
|
|
|
50,599 |
|
Contingent consideration liability |
|
|
3,013 |
|
|
|
3,013 |
|
|
|
— |
|
|
|
— |
|
Other long-term liabilities |
|
|
174 |
|
|
|
— |
|
|
|
— |
|
|
|
174 |
|
Total liabilities measured at fair value |
|
$ |
107,374 |
|
|
$ |
3,013 |
|
|
$ |
— |
|
|
$ |
104,361 |
|
|
| Schedule of the derivative liabilities measured at fair value using significant unobservable inputs Level 3 |
The following table includes a summary of the warrant derivative liabilities measured at fair value during the three months ended March 31, 2026 (in thousands):
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|
|
|
|
|
Fair Value |
|
Ending Balance as of December 31, 2025 |
|
$ |
50,599 |
|
Change in fair value measurement of warrant liabilities |
|
|
(25,709 |
) |
Issuance of February 2026 Warrants |
|
|
651 |
|
Ending Balance as of March 31, 2026 |
|
$ |
25,541 |
|
|
| Schedule of quantitative information regarding Level 3 fair value measurements |
A summary of the inputs used in valuing the derivative warrant liabilities as of March 31, 2026 is as follows:
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|
|
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Warrants |
|
|
February 2024 BDO Firm Warrants |
|
|
Deposit Warrant |
|
|
October 2024 Noteholder Warrants |
|
|
December 2024 RDO Common Warrants (5yr) |
|
|
December 2024 RDO Common Warrants (2.5yr) |
|
|
Exchange Warrants |
|
September 2025 Warrants |
|
November 2025 Warrants |
|
February 2026 Warrants |
|
Exercise price |
|
$ |
402.50 |
|
|
$ |
59.50 |
|
|
$ |
1.20 |
|
|
$ |
36.40 |
|
|
$ |
22.72 |
|
|
$ |
22.72 |
|
|
$ |
40.00 |
|
$ |
20.00 |
|
$ |
29.00 |
|
$ |
20.00 |
|
Term, in years |
|
|
1.61 |
|
|
|
2.93 |
|
|
|
3.22 |
|
|
|
3.52 |
|
|
|
3.70 |
|
|
|
1.20 |
|
|
|
3.52 |
|
|
3.70 |
|
|
4.70 |
|
|
3.70 |
|
Volatility |
|
|
120.0 |
% |
|
|
99.0 |
% |
|
|
90.0 |
% |
|
|
93.0 |
% |
|
|
91.0 |
% |
|
|
116.0 |
% |
|
|
93.0 |
% |
|
87.0 |
% |
|
84.0 |
% |
|
99.0 |
% |
Risk-free rate |
|
|
3.71 |
% |
|
|
3.77 |
% |
|
|
3.79 |
% |
|
|
3.80 |
% |
|
|
3.81 |
% |
|
|
3.67 |
% |
|
|
3.80 |
% |
|
3.81 |
% |
|
3.86 |
% |
|
3.81 |
% |
Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
A summary of the inputs used in valuing the derivative warrant liabilities as of December 31, 2025 is as follows:
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Warrants |
|
|
February 2024 BDO Firm Warrants |
|
|
Deposit Warrant |
|
|
October 2024 Noteholder Warrants |
|
|
December 2024 RDO Common Warrants (5yr) |
|
|
December 2024 RDO Common Warrants (2.5yr) |
|
|
Exchange Warrants |
|
September 2025 Warrants |
|
November 2025 Warrants |
|
Exercise price |
|
$ |
402.50 |
|
|
$ |
59.50 |
|
|
$ |
1.20 |
|
|
$ |
36.40 |
|
|
$ |
22.72 |
|
|
$ |
22.72 |
|
|
$ |
40.00 |
|
$ |
20.00 |
|
$ |
29.00 |
|
Term, in years |
|
|
1.86 |
|
|
|
3.18 |
|
|
|
3.47 |
|
|
|
3.77 |
|
|
|
3.95 |
|
|
|
1.45 |
|
|
|
3.77 |
|
|
3.95 |
|
|
4.90 |
|
Volatility |
|
|
98.0 |
% |
|
|
81.0 |
% |
|
|
76.0 |
% |
|
|
79.0 |
% |
|
|
78.0 |
% |
|
|
93.0 |
% |
|
|
79.0 |
% |
|
74.0 |
% |
|
80.0 |
% |
Risk-free rate |
|
|
3.44 |
% |
|
|
3.53 |
% |
|
|
3.56 |
% |
|
|
3.59 |
% |
|
|
3.60 |
% |
|
|
3.45 |
% |
|
|
3.59 |
% |
|
3.60 |
% |
|
3.69 |
% |
Dividend yield |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
|
0.0 |
% |
|
0.0 |
% |
|
0.0 |
% |
|