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

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​

​

​

​

(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

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$

—

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​

​

​

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

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​

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​

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​

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June 22

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May 13

March 30

​

March 18

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​

2026

  ​

2026

2026

  ​

2026

Expected term (years)

 

​

2.99

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​

2.50

​

3.00

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​

0.50

Risk-free interest rate

 

​

4.16%

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​

3.99%

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3.78%

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​

3.67%

Expected volatility

 

​

50.0%

​

​

50.0%

​

50.0%

​

​

50.0%

Expected dividend yield

 

​

0.0%

​

​

0.0%

​

0.0%

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​

0.0%

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​

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​

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June 22

​

March 30

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​

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%

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​

​

​

​

​

​

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

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​

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Convertible Note

(in thousands)

​

Receivable

Balance at January 1,2026

​

$

—

Initial recognition of notes receivable

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​

6,500

Change in fair value recognized in earnings

​

​

(287)

Balance at June 30, 2026

​

$

6,213

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​

​

​

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

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Quoted Prices

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Significant Other

​

Significant

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​

​

​

​

in Active

​

Observable

​

Unobservable

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​

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​

Markets

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Inputs

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Inputs

​

June 30, 

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​

(Level 1)

  ​

(Level 2)

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(Level 3)

  ​

2026

Description

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Notes Receivable:

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​

​

​

​

​

​

​

​

​

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​

Ferrox notes receivable

​

$

—

​

$

—

​

$

6,213

​

$

6,213

Total

​

$

—

​

$

—

​

$

6,213

​

$

6,213

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​

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​