The following tables set forth the details of the derivative instrument presented on the consolidated balance sheets and notional amount as of December 31, 2024 and 2023 :


		December 31, 2024
Derivatives Not Designated as Hedging Instruments	Number of Warrants (Notional Amount)(1)	Warrant Liability		Exercise Price Per Share(1)
		($ in thousands, except for per share amounts)
Penny warrants issued to Searchlight	12,024,711	$	7,624	$	0.05


		December 31, 2023
Derivatives Not Designated as Hedging Instruments	Number of Warrants (Notional Amount)(1)	Warrant Liability		Exercise Price Per Share(1)
		($ in thousands, except for per share amounts)
Penny warrants issued to Searchlight	12,024,711	$	11,664	$	0.05

(1) The number of shares of common stock covered by warrants outstanding at the effective time of the reverse stock split was reduced to one-fifth the number of shares of common stock covered by the warrants immediately preceding the reverse stock split, and the exercise price per share was increased by five times the exercise price immediately preceding the reverse stock split, resulting in the same aggregate price being required to be paid therefor upon exercise thereof as was required immediately preceding the reverse stock split.

The gains and losses arising from this derivative instrument in the consolidated statements of operations and comprehensive loss for the years ended December 31, 2024 and 2023 is set forth as follows:


	December 31, 2024
Derivatives Not Designated as Hedging Instruments	Net Realized Gains (Losses) on Derivative Instruments		Net Change in Unrealized Gain (Loss) on Derivative Instruments (1)
	(in thousands)
Penny warrants issued to Searchlight	$	—	$	4,040


	December 31, 2023
Derivatives Not Designated as Hedging Instruments	Net Realized Gains (Losses) on Derivative Instruments		Net Change in Unrealized Gain (Loss) on Derivative Instruments (1)
	(in thousands)
Penny warrants issued to Searchlight	$	—	$	(6,469)

(1) The consolidated statements of operations and comprehensive loss include the above unrealized loss on the Penny Warrants as well as the immaterial unrealized loss on the Private Placement Warrants in the “change in fair value of warrant liabilities to affiliates”.