Quarterly report [Sections 13 or 15(d)]

DERIVATIVES (Tables)

v3.25.2
DERIVATIVES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Instrument Presented on Balance Sheets, Statement of Operations and Comprehensive Loss
The following table sets forth the details of the derivative instrument not designated as a hedging instrument as presented on the condensed consolidated balance sheets and notional amounts and exercise price as of June 30, 2025 and December 31, 2024:

As of: Number of Warrants (Notional Amount)
Warrant Liability (1)
Exercise Price Per Share
($ in thousands, except for exercise price per share)
June 30, 2025 12,024,711  $ 5,628  $ 0.05 
December 31, 2024 12,024,711  $ 7,624  $ 0.05 

(1) The Warrant Liability amounts are presented as “warrant liabilities to affiliates” in the Company’s condensed consolidated balance sheets and these balances are substantially comprised of the Penny Warrants liability. The balance of the Private Placement Warrants is effectively nil, as the value of the Private Placement Warrants has been nil since January 1, 2024.

The gains and losses arising from this derivative instrument not designated as a hedging instrument in the condensed consolidated statements of operations and comprehensive loss for the three and six months ended June 30, 2025 and 2024 are set forth as follows:

Net Realized Gain (Loss) on Derivative Instruments
Net Change in Unrealized Gain (Loss) on Derivative Instruments (1)
Three Months Ended June 30, (in thousands)
2025 $ —  $ 192 
2024 $ —  $ 4,365 
Six Months Ended June 30,
2025 $ —  $ 1,996 
2024 $ —  $ 6,686 

(1) The amounts set forth above as presented in the condensed consolidated statements of operations and comprehensive loss are substantially comprised of the unrealized loss on the Penny Warrants reflected as “change in fair value of warrant liabilities to affiliates”. The unrealized gain or loss on the Private Placement Warrants is effectively nil, as the value of the Private Placement Warrants has been nil since January 1, 2024.