v3.25.4
Fair Value of Financial Instruments (Tables)
12 Months Ended
Dec. 31, 2025
Fair Value of Financial Instruments [Abstract]  
Roll-Forward of Fair Value of Level 3 Warrants
The following is a roll-forward of the fair value of Level 3 warrants:
 
     
(in thousands)
  2025  
Balance at December 31, 2023
 $2,843 
Exercise of Series J warrants
  (1,357
April 24, 2024, issuance of common warrants
  7,813 
Exercise of April 2024 warrants
  (1,373
Reclassification of April 2024 warrants to equity
  (2,844
Change in fair value
  (4,614
Balance at December 31, 2024
 $468 
June 10, 2025 issuance of common warrants
  14,547 
Reclassification of Series A warrants to equity
  (8,439
Exercise of Series B warrants
  (2,054
Change in fair value
  (4,133
Balance at December 31, 2025
 $389 
Fair Value Assumptions
Fair values were calculated using the following assumptions:
 
    2025   2024
Common Stock Price
 $3.35-$39.48   $46.62-$896.70
Risk-free interest rates, adjusted for continuous compounding
  3.68%-4.08%   3.58%-5.05%
Term (years)  1.03-5.0  1.78-5.00
Expected volatility
  144%-189.1%   151.90%-116.80%
Dates and probability of future equity raises
  various   various