v3.25.0.1
Fair Value Measurements and Marketable Equity Securities (Tables)
 12 Months Ended
Dec. 31, 2024
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following tables summarize assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2024 and 2023 (in thousands):

 

 

 

 

 

 

Fair Value Measurement at Reporting Date Using

 

 

 

December 31,
 2024

 

 

Quoted Price
in Active
Market for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities

 

$

107,309

 

 

$

107,309

 

 

$

—

 

 

$

—

 

 

 

 

 

 

 

Fair Value Measurement at Reporting Date Using

 

 

 

December 31,
2023

 

 

Quoted Price
in Active
Market for
Identical
Assets
(Level 1)

 

 

Significant
Other
Observable
Inputs
(Level 2)

 

 

Significant
Unobservable
Inputs
(Level 3)

 

Assets

 

 

 

 

 

 

 

 

 

 

 

 

Marketable equity securities

 

$

31,807

 

 

$

31,807

 

 

$

—

 

 

$

—

 

Warrant asset

 

$

10,000

 

 

$

—

 

 

$

10,000

 

 

$

—

 

Liabilities

 

 

 

 

 

 

 

 

 

 

 

 

Warrant liability

 

$

34,500

 

 

$

—

 

 

$

—

 

 

$

34,500

 

Contingent consideration

 

$

775

 

 

$

—

 

 

$

—

 

 

$

775

 
Schedule of Fair Value Assets and Liabilty Measured on Unobservable Input Reconciliation

The following tables provide a reconciliation of the beginning and ending balances for the assets and liabilities measured at fair value using significant unobservable inputs (Level 3) (in thousands):

 

 

 

Warrant
Liability

 

 

Contingent
Consideration

 

Balance at December 31, 2023

 

$

34,500

 

 

$

775

 

Change in fair value of warrant liability

 

 

42,400

 

 

 

—

 

Change in fair value of contingent consideration

 

 

—

 

 

 

194

 

Transfer out of Level 3

 

 

—

 

 

 

(969

)

Warrant termination

 

 

(76,900

)

 

 

—

 

Balance at December 31, 2024

 

$

—

 

 

$

—

 

 

 

 

Warrant
Liability

 

 

Contingent
Consideration

 

Balance at December 31, 2022

 

$

42,500

 

 

$

—

 

Contingent consideration from acquisitions

 

 

—

 

 

 

1,175

 

Change in fair value of warrant

 

 

(8,000

)

 

 

—

 

Change in fair value of contingent consideration

 

 

—

 

 

 

(400

)

Balance at December 31, 2023

 

$

34,500

 

 

$

775

 

 

 

 

Warrant Liability

 

 

Contingent Consideration

 

Balance at December 31, 2021

 

$

37,800

 

 

$

8,005

 

Change in fair value of warrant liability

 

 

4,700

 

 

 

—

 

Change in fair value of contingent consideration

 

 

—

 

 

 

(3,701

)

Settlement paid in non-voting common shares

 

 

—

 

 

 

(4,304

)

Balance at December 31, 2022

 

$

42,500

 

 

$

—

 

 
Schedule of Portion of Unrealized Gains Relate to Marketable Equity Securities The following summarizes the portion of unrealized gains recorded during the years ended December 31, 2024, 2023 and 2022 that relate to marketable equity securities held as of December 31, 2024, 2023 and 2022, respectively (in thousands).

 

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

 

2022

 

Net gain during the period on marketable equity securities

 

$

12,110

 

 

$

9,807

 

 

$

—

 

Less: Net gain recognized during the period on marketable equity securities sold during the period

 

 

(6,081

)

 

 

—

 

 

 

—

 

Unrealized gain recognized during the period on marketable equity securities still held at the reporting date

 

$

6,030

 

 

$

9,807

 

 

$

—