| | | | | | | | | | | | | | | | | | | | | June 30, | | | | December 31, | | | | 2025 | | 2024 | Stock price | | $ | 4.01 | | | $ | 4.16 | | Strike price | | $ | 3.77 | | | $ | 3.77 | | Risk-free rate | | | 3.74 | % | | | 4.21 | % | Volatility | | | 56.0 | % | | | 57.5 | % | Dividend yield | | | 0.0 | % | | | 0.0 | % | Time to expiration (years) | | | 1.8 | | | | 2.2 | | Fair value of Warrant per share | | $ | 1.34 | | | $ | 1.66 | |
The changes in the Company’s Preferred Stock liabilities for the six months ended June 30, 2024 were as follows (in thousands): | | | | | | Preferred stock | | | liability | Balance at January 1, 2024 | | $ | 53,337 | Payable in-kind dividends | | | 2,743 | Reversal of fair value adjustments | | | 5,605 | Call premium (3%) | | | 1,851 | Redemption (June 25, 2024) | | | (63,536) | Balance at June 30, 2024 | | $ | — |
The changes in the Company’s Warrant liabilities for the six months ended June 30, 2025 and 2024 were as follows (in thousands): | | | | | | | | | Six months ended June 30, | | | 2025 | | 2024 | Balance at beginning of year | | $ | 8,064 | | $ | 5,295 | Exercise of warrants | | | (150) | | | — | Fair value change | | | (1,641) | | | 875 | Balance at end of period | | $ | 6,273 | | $ | 6,170 |
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