Warrant Liabilities

9 Months Ended

Sep. 30, 2025

5-Year Private Warrants

During the nine months ended September 30, 2025, 34,289,898 warrants expired unexercised on May 29, 2025. These 5-year private warrants were initially issued in 2020 with an exercise price of $11.50 per warrant, and on a post 1-for-10 reverse stock split basis, 10 warrants were required to purchase 1 share of common stock. Of these expired warrants, 33,619,298 warrants were reported in the Company’s equity section, and the remaining 670,600 warrants were classified as a warrant liability with the fair value reported under liabilities on the Company’s balance sheet. The expiration of the equity warrants and the warrant liability had no material impact on the Company’s Financial Statements.

The following tables summarize the Company’s 5-Year Private Warrants(1) (in thousands, except warrant amounts):


Balance at			Fair Value			Expired			Balance at
December 31, 2024			Adjustments(1)			5-Year Public Warrants			September 30, 2025
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
670,600	$	6	—	$	(5)	(670,600)	$	(1)	—	$	—


Balance at			Fair Value			Transfers to			Balance at
December 31, 2023			Adjustments(1)			5-Year Public Warrants			September 30, 2024
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
865,422	$	26	—	$	(7)	(194,822)	$	(5)	670,600	$	14

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASU Topic 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 9 – Fair Value Measurements for additional information on the fair value of the Company’s liability classified warrants.