v3.25.4
Shareholders' Deficit (Tables)
12 Months Ended
Dec. 31, 2025
Shareholders Deficit [Line Items]  
Summary of Warrant Activity Associated with Equity Financings

A summary of warrant activity for the year ended December 31, 2025 is set forth below:

 

 

 

Number of Warrants Outstanding

 

 

Weighted Average Contractual Term (in years)

 

 

Aggregate Intrinsic Value (in thousands)

 

 

Weighted
Average
Exercise Price Per Share

 

Outstanding at December 31, 2024

 

 

1,160,560

 

 

 

9.71

 

 

$

230

 

 

$

5.92

 

Granted

 

 

1,127,040

 

 

 

4.87

 

 

 

 

 

 

6.12

 

Exercised

 

 

 

 

 

 

 

 

 

 

 

 

Canceled

 

 

(911,544

)

 

 

 

 

 

 

 

 

6.17

 

Outstanding at December 31, 2025

 

 

1,376,056

 

 

 

5.30

 

 

 

 

 

 

5.91

 

Exercisable at December 31, 2025

 

 

564,790

 

 

 

5.30

 

 

 

373

 

 

 

5.54

 

Summary of Fair Value of Warrants Granted

The assumptions used to estimate the fair value of warrants granted during the year ended December 31, 2025 and 2024 and were as follows:

 

 

 

For The Year Ended December 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

3.57% - 4.08%

 

 

3.52% - 4.43%

 

Expected term (in years)

 

5.0 - 10.0

 

 

5.0 - 10.0

 

Dividend yield

 

 

 

 

 

 

Expected volatility

 

153.12% - 157.11%

 

 

47% - 147%

 

Equity Financing | Warrants  
Shareholders Deficit [Line Items]  
Summary of Warrant Activity Associated with Equity Financings

A summary of warrant activity associated with equity financings for the year ended December 31, 2025 is set forth below:

 

 

 

Number of Warrants Outstanding

 

 

Weighted Average Contractual Term (in years)

 

 

Aggregate Intrinsic Value (in thousands)

 

 

Weighted
Average
Exercise Price Per Share

 

Outstanding at December 31, 2024

 

 

3,389,398

 

 

 

9.87

 

 

$

12,296

 

 

$

1.83

 

Granted

 

 

6,664,096

 

 

 

4.45

 

 

 

 

 

 

3.30

 

Exercised

 

 

(265,725

)

 

 

 

 

 

 

 

 

3.13

 

Canceled

 

 

 

 

 

 

 

 

 

 

 

 

Outstanding at December 31, 2025

 

 

9,787,769

 

 

 

6.24

 

 

 

373

 

 

 

2.80

 

Exercisable at December 31, 2025

 

 

9,787,769

 

 

 

6.24

 

 

 

373

 

 

 

2.80

 

 

 

Summary of Fair Value of Warrants Granted

The assumptions used to estimate the fair value of warrants granted during the year ended December 31, 2025 and 2024 and were as follows:

 

 

 

For The Year Ended December 31,

 

 

 

2025

 

 

2024

 

Risk-free interest rate

 

3.56% - 3.91%

 

 

4.43%

 

Expected term (in years)

 

2.0 - 5.0

 

 

 

10.0

 

Dividend yield

 

 

 

 

 

 

Expected volatility

 

77.11%- 153.17%

 

 

146.5%