v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
FAIR VALUE MEASUREMENTS  
Schedule of fair value measurements on recurring and non-recurring basis

June 30, 2026

(thousands of dollars)

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Current assets

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalent:

Money market account

$

38,001

$

$

$

38,001

Current liabilities

 

  ​

 

  ​

 

  ​

 

  ​

Series A-1 Convertible Notes

(1,688)

(1,688)

Series B-1 Convertible Notes

(550)

(550)

Total current assets (liabilities), net recorded at fair value

$

38,001

$

$

(2,238)

$

35,763

December 31, 2025

(thousands of dollars)

  ​ ​ ​

Level 1

  ​ ​ ​

Level 2

  ​ ​ ​

Level 3

  ​ ​ ​

Total

Current assets

 

  ​

 

  ​

 

  ​

 

  ​

Cash equivalent:

Money market account

$

48,395

$

$

$

48,395

Current liabilities

 

  ​

 

  ​

 

  ​

 

  ​

Series A-1 Convertible Notes

(1,848)

(1,848)

Series B-1 Convertible Notes

(4,125)

(4,125)

Total current assets (liabilities), net recorded at fair value

$

48,395

$

$

(5,973)

$

42,422

Schedule of estimated fair value of the Convertible Notes

June 30, 2026

  ​ ​ ​

Series A-1 Convertible Notes

  ​ ​ ​

Series B-1 Convertible Notes

Expected volatility

103.1%

101.6%

Expected dividend rate

Risk-free interest rate

3.97%

4.00%

December 31, 2025

  ​ ​ ​

Series A-1 Convertible Notes

  ​ ​ ​

Series B-1 Convertible Notes

Expected volatility

104.2%

99.6%

Expected dividend rate

Risk-free interest rate

3.48%

3.47%

Schedule of the net carrying amounts of the liability

Six months ended June 30, 2026

Balances,

Balances,

(thousands of dollars)

December 31, 2025

Conversions

Change in Fair Value

June 30, 2026

Series A-1 Convertible Notes

$

(1,848)

$

$

160

$

(1,688)

Series B-1 Convertible Notes

(4,125)

2,860

715

(550)

Total

$

(5,973)

$

2,860

$

875

$

(2,238)

Three months ended June 30, 2026

Balances,

Balances,

(thousands of dollars)

March 31, 2026

Conversions

Change in Fair Value

June 30, 2026

Series A-1 Convertible Notes

$

(1,602)

$

$

(86)

$

(1,688)

Series B-1 Convertible Notes

(2,106)

1,245

311

(550)

Total

$

(3,708)

$

1,245

$

225

$

(2,238)