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

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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

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​

​

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​

​

​

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​

​

​

​

​

​

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

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June 30, 2026

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  ​ ​ ​

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

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Six months ended June 30, 2026

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Balances,

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Balances,

(thousands of dollars)

​

December 31, 2025

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Conversions

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Change in Fair Value

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June 30, 2026

Series A-1 Convertible Notes

​

$

(1,848)

​

$

—

​

$

160

​

$

(1,688)

Series B-1 Convertible Notes

​

​

(4,125)

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​

2,860

​

​

715

​

​

(550)

Total

​

$

(5,973)

​

$

2,860

​

$

875

​

$

(2,238)

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​

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​

​

Three months ended June 30, 2026

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Balances,

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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)

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​

1,245

​

​

311

​

​

(550)

Total

​

$

(3,708)

​

$

1,245

​

$

225

​

$

(2,238)