v3.26.1
Note 4 - Fair Value Measurements (Tables)
9 Months Ended
Sep. 30, 2025
Notes Tables  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
   

Fair Value Measurement

 
    (in thousands)  
   

Level 1

   

Level 2

   

Level 3

   

Total

 

Convertible notes measured at fair value

  $ -     $ -     $ 8,813     $ 8,813  

Derivative Warrant Liability

    -       -       1,268       1,268  

Total

  $ -     $ -     $ 10,080     $ 10,080  
Fair Value Measurement Inputs and Valuation Techniques [Table Text Block]
   

Convertible

 
   

Loan Notes

 

Risk-free rate

    3.71 %

Underlying stock price

  $ 0.70  

Expected volatility

    55 %

Term (years)

    0.25  

Dividend yield

    0 %
   

Warrant

 
   

Liability

 

Risk-free rate

    3.78 %

Underlying stock price

  $ 0.70  

Expected volatility

    55 %

Term (years)

    4.81  

Dividend yield

    0 %
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
   

Convertible

   

Convertible

   

Convertible

   

OID

         
   

Notes

   

Notes

   

Notes

   

Convertible

         
   

April 2024

   

October 2024

   

Total

   

Notes

   

Total

 
   

(in thousands)

 

Balance at December 31, 2024

  $ 356       1,346       1,702       -       1,702  

Conversions in period

    -       (2,058 )     (2,058 )     -       (2,058 )

Movement in fair value

    (29 )     835       806       -       806  

Balance at March 31, 2025

    327       123       450       -     $ 450  

Conversions in period

                    (52 )     -       (52 )

Reclass of accrued interest to convertible note

                    316       -       316  

Movement in fair value

                    887       -       887  

Balance at June 30, 2025

                    1,601       -     $ 1,601  

Notes reclassified upon reevaluation of embedded features

                    -       1,975       1,975  

Loss from extinguishment on July 1, 2025

                    -       3,404       3,404  

New convertible notes issued at fair value

                    -       519       519  

Conversions in period

                    (62 )     -       (62 )

Movement in fair value

                    8       1,368       1,376  

Balance at September 30, 2025

                  $ 1,547     $ 7,265     $ 8,813  
   

Warrants

                 
   

Issued with

   

April 2025

         
   

Convertible Notes

   

Warrants

   

Total

 

Balance at December 31, 2024

  $ 811     $ -       811  

Fair value of warrants issued as finance charge

    -       753       753  

Movement in fair value

    (811 )     (162 )     (973 )

Balance at June 30, 2025

  $ -     $ 591     $ 591  

Movement in fair value

    875       (198 )     677  

Balance at September 30, 2025

    875       393     $ 1,268