Investments, at Fair Value (Tables)
|
6 Months Ended |
Jun. 30, 2026 |
|---|
| Investments, at Fair Value [Abstract] |
|
| Schedule of Assumptions and Estimates Value |
The following table summarizes the assumptions and estimates used to value the Tranche B Note as of June 30, 2026: | Parameters and Assumptions | | | | | Share Price | | $ | 7.80 | | | Conversion Rate | | | 36.40 | | | Floor Rate | | | 36.40 | | | Expected Term | | | 0.27 | | | Volatility | | | 61.40 | % | | Risk Free Rate | | | 3.67 | % | | Yield | | | 75.21 | % | The following table summarizes the assumptions and estimates used to value the Tranche B Warrants as of June 30, 2026: | Parameters and Assumptions | | | | | Share Price | | $ | 7.80 | | | Exercise Price | | $ | 20 – 36.40 | | | Expected Term | | | 3.28 – 3.46 | | | Volatility | | | 65.07 – 65.70 | % | | Risk Free Rate | | | 4.135 – 4.139 | % | | Dividend Rate | | | 0 | % |
|
| Schedule of Fair Value Composition |
The table below represents the fair value composition of the Tranche B Note: | | | June 30, 2026 | | | December 31, 2025 | | | | | Short term | | | Long term | | | Total | | | Short term | | | Long term | | | Total | | | Tranche Note B | | $ | 10,770 | | | $ | - | | | $ | 10,770 | | | $ | 11,473 | | | $ | - | | | $ | 11,473 | | | Warrant | | $ | - | | | $ | 299 | | | $ | 299 | | | $ | - | | | $ | 850 | | | $ | 850 | | | Royalty Purchase Agreement | | $ | 1,137 | | | $ | 1,089 | | | $ | 2,226 | | | $ | 1,072 | | | $ | 1,137 | | | $ | 2,209 | | | Total | | $ | 11,907 | | | $ | 1,388 | | | $ | 13,295 | | | $ | 12,545 | | | $ | 1,987 | | | $ | 14,532 | |
|
| Schedule of Scilex Transaction |
The table below represents the fair value cycle of 2023 Scilex Transaction and 2024 Refinancing throughout December 31, 2025 and June 30, 2026: | | | Tranche A | | | Tranche B | | | Total | | | Balance as of December 31, 2024 | | $ | 16,486 | | | $ | 18,322 | | | $ | 34,808 | | | Amounts receivable from the royalty agreement (*) | | | - | | | | (1,640 | ) | | | (1,640 | ) | | Principal payments | | | - | | | | (9,875 | ) | | | (9,875 | ) | | Proceeds from the sale of Subsequent Penny Warrants | | | (28,500 | ) | | | - | | | | (28,500 | ) | | Interest payments | | | - | | | | (1,845 | ) | | | (1,845 | ) | | Change in fair value | | | 35,077 | | | | 9,570 | | | | 44,647 | | | Balance as of December 31, 2025 | | | 23,063 | | | | 14,532 | | | | 37,595 | | | Amounts receivable from the royalty agreement (*) | | | - | | | | (721 | ) | | | (721 | ) | | Principal payments | | | - | | | | (3,125 | ) | | | (3,125 | ) | | Penalty payment | | | (500 | ) | | | - | | | | (500 | ) | | Interest payments | | | - | | | | (271 | ) | | | (271 | ) | | Change in fair value | | | (413 | ) | | | 2,880 | | | | 2,467 | | | Balance as of June 30, 2026 | | $ | 22,150 | | | $ | 13,295 | | | $ | 35,445 | | | (*) | As of June 30, 2026 and December 31, 2025, $773 and $449, respectively, were included under prepaid expenses and other current assets. |
|
| Schedule of Fair Value Breakdown |
The table below presents the fair value breakdown as of June 30, 2026: | | | Tranche A Note | | | Tranche B Note | | | Total | | | | | Amount | | | Accrued
Interest | | | Fair
Value | | | Amount | | | Accrued
Interest | | | Fair
Value | | | Fair
Value | | | Notes | | $ | 7,675 | | | $ | 18,755 | | | $ | 22,150 | | | $ | 12,000 | | | $ | 454 | | | $ | 10,770 | | | $ | 32,920 | | | Warrants | | | - | | | | - | | | | - | | | | 207 | | | | - | | | $ | 299 | | | $ | 299 | | | Royalty Purchase Agreement payment | | | - | | | | - | | | | - | | | | - | | | | - | | | $ | 2,226 | | | $ | 2,226 | | | June 30, 2026 | | | | | | | | | | $ | 22,150 | | | | | | | | - | | | $ | 13,295 | | | $ | 35,445 | |
|