v3.25.4
WARRANTS (Tables)
12 Months Ended
Dec. 31, 2025
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Estimated Fair Value of Warrants The following assumptions were used to estimate the fair value of the warrants at the March 1, 2024 issuance date:
Estimated dividend yield0.00%
Weighted-average expected stock price volatility89.03%
Weighted-average risk-free interest rate4.17%
Expected term (in years)5.00
Weighted-average fair value per option$12.96 
The following assumptions were used to estimate the fair value of the warrants at the November 10, 2025 issuance date:
Estimated dividend yield0.00%
Weighted-average expected stock price volatility81.44%
Weighted-average risk-free interest rate3.72%
Expected term (in years)5.00
Weighted-average fair value per option$3.93 
The Company estimated the fair value of the warrant liability using the following assumptions as of December 31, 2025:
Estimated dividend yield0.00%
Weighted-average expected stock price volatility77.13%
Weighted-average risk-free interest rate3.57%
Expected term (in years)3.17
Weighted-average fair value per option$0.75 
The Company estimated the fair value of the warrant liability using the following assumptions as of December 31, 2025:
Estimated dividend yield0.00%
Weighted-average expected stock price volatility79.30
Weighted-average risk-free interest rate3.72 %
Expected term (in years)4.86
Weighted-average fair value per option$2.26 
Summary of Warrant Liability
The following table summarizes the Company’s warrant liability (in thousands):
Balance at December 31, 2024$2,796 
Issuance of warrants24,028 
Change in fair value of warrant liability(11,129)
Balance at December 31, 2025$15,695