v3.26.1
FAIR VALUE MEASUREMENTS (Tables)
6 Months Ended
Jun. 30, 2026
FAIR VALUE MEASUREMENTS  
Summary of activity within Level 3 of the fair value hierarchy, our liabilities carried at fair value

(in thousands)

Derivative Liability

Balance at January 1,2026

$

Fair value of the derivative liabilities

(1,460)

Total change in the liability included in earnings

 

(3,391)

Reclass from liability to equity

4,851

Balance at June 30, 2026

$

Summary of fair value of the derivative liability determined by using an option pricing model assumptions

June 22

May 13

March 30

March 18

2026

  ​

2026

2026

  ​

2026

Expected term (years)

 

2.99

2.50

3.00

0.50

Risk-free interest rate

 

4.16%

3.99%

3.78%

3.67%

Expected volatility

 

50.0%

50.0%

50.0%

50.0%

Expected dividend yield

 

0.0%

0.0%

0.0%

0.0%

June 22

March 30

2026

2026

Expected term (years)

 

10.00

10.00

Risk-free interest rate

 

4.41%

4.26%

Expected volatility

 

50.0%

50.0%

Expected dividend yield

 

0.0%

0.0%

Summary of the changes in fair value of derivative asset measured on a recurring basis

Convertible Note

(in thousands)

Receivable

Balance at January 1,2026

$

Initial recognition of notes receivable

6,500

Change in fair value recognized in earnings

(287)

Balance at June 30, 2026

$

6,213

Summary of financial assets and liabilities that have been measured at fair value and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value

Quoted Prices

Significant Other

Significant

in Active

Observable

Unobservable

Markets

Inputs

Inputs

June 30, 

(Level 1)

  ​

(Level 2)

(Level 3)

  ​

2026

Description

Notes Receivable:

Ferrox notes receivable

$

$

$

6,213

$

6,213

Total

$

$

$

6,213

$

6,213