v3.26.1
Warrant Liabilities (Tables)
3 Months Ended
Mar. 31, 2026
Warrant Liabilities  
Schedule of valuation assumptions

As of March 31, 2026 and December 31, 2025, the $7.75 Warrants were valued at $107.0 million and $52.3 million, respectively, using the following Black-Scholes assumptions:

As of

March 31, 2026

December 31, 2025

Risk-free interest rate

3.71%

3.43%

Volatility

101.00%

80.00%

Expected average term (years)

1.97

2.22

Exercise price

$7.75

$7.75

Stock price

$2.26

$1.97

Fair value per share

$0.58

$0.28

Schedule of change in carrying amount warrants

The change in the carrying amount of the $7.75 Warrants during the three months ended March 31, 2026 was as follows (in thousands):

Beginning balance as of December 31, 2025

$

52,323

Change in fair value of warrant liabilities

54,640

Ending balance as of March 31, 2026

$

106,963