v3.26.1
EQUITY (Tables)
 12 Months Ended
Dec. 31, 2025
Equity [Abstract]  
Schedule of Warrants Outstanding and Exercisable The following table summarizes the status of the Company’s warrants and related transactions for each of the presented years:
Non-Derivative WarrantsDerivative WarrantsTotal Number of WarrantsWeighted - Average Exercise Price Per WarrantAggregate Intrinsic ValueWeighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2024
49,068,63637,862,92286,931,558$1.12 $— 3.0
Granted (1)
2,500,000 19,400,000 21,900,000 $0.99 
Cancelled/forfeited/expired (2)
(1,050,100)(35,862,922)(36,913,022)$1.21 
Balance, December 31, 2024
50,518,53621,400,00071,918,536$1.03 $— 3.6
Granted (3)
8,710,626 — 8,710,626 $0.48 
Cancelled/forfeited/expired(1,235,075)— (1,235,075)$2.55 
Balance, December 31, 2025
57,994,08721,400,00079,394,087$0.95 $2,019 2.8
Exercisable, December 31, 2025
56,574,08721,400,00077,974,087$0.96 $1,892 2.8
(1)In July 2024, 19,400,000 warrants were issued in connection with the 2024 Term Loan. In February 2024, 1,800,000 warrants were issued in connection with the Debt Exchange. Refer to Note 10 - Debt for more information.
(2)On December 23, 2024, 35,862,922 warrants that were issued in connection with the Senior Notes expired.
(3)In February 2025, the Company issued 8,010,626 warrants in connection with Second Lien Notes issuances. Refer to Note 10 - Debt for more information.
Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions The following assumptions were used for the calculations at date of issuance.
Year Ended December 31,
20252024
Weighted average stock price$0.34$0.60
Weighted average expected stock price volatility92%87%
Expected annual dividend yield—%—%
Weighted average expected life of warrants5.0 years4.8 years
Weighted average risk-free annual interest rate4.09%3.97%
Weighted average grant date fair value$0.23$0.36
Schedule of Stock Options Outstanding
The following table summarizes the status of stock options and related transactions for each of the presented years:
Stock OptionsWeighted Average Exercise Price per Stock OptionsAggregate Intrinsic ValueWeighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2024
27,653,184 $1.40 $— 8.2
Granted12,954,490 $0.57 
Exercised(64,999)$0.60 $— 
Cancelled/forfeited/expired
(13,773,256)$1.81 
Balance, December 31, 2024
26,769,419 $0.79 $— 8.5
Granted3,330,000 $0.47 
Cancelled/forfeited/expired
(3,501,501)$0.82 
Balance, December 31, 2025
26,597,918 $0.75 $2,129 7.9
Exercisable, December 31, 2025
19,232,055$0.83 $1,248 7.5
Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions The following assumptions were used for the calculation at date of grant:
Year Ended December 31,
20252024
Weighted average stock price$0.47$0.56
Weighted average expected stock price volatility95.3%86.9%
Expected annual dividend yield—%—%
Weighted average expected life5.2 years5.0 years
Weighted average risk-free annual interest rate3.81%3.56%
Weighted average grant date fair value$0.35$0.21
Schedule of Restricted Stock Activity The following table summarizes the status of restricted stock and related transactions for each presented years:
Unvested Restricted StockWeighted-Average Grant-date Fair Value Price per Restricted StockAverage Intrinsic ValueWeighted Average Remaining Vesting Term
(in Years)
Issued and Outstanding as of January 1, 2024
1,861$4.05 $1 0.7
Vested and Released(1,861)$4.05 $1 
Issued and Outstanding as of December 31, 2024
— $— $— 0
Granted (1)
3,000,000$0.50 
Issued and Outstanding as of December 31, 2025
3,000,000$0.50 $1,500 0.0
(1)In December 2025, 3,000,000 restricted SVS were issued in connection with James Cacioppo’s Executive Employment Agreement.
Schedule of Components of Share-based Compensation Expense
As of December 31, 2025, the Company had $1,788 of unrecognized share-based compensation cost related to unvested stock options, restricted stock and warrants, which is expected to be recognized as share-based compensation cost over a weighted average period of 1.4 years as follows:
2026$1,192 
2027442 
2028146 
20298 
Thereafter
— 
$1,788