The following is a summary of the activity of the Company's warrants to acquire shares of common stock for the three months ended March 31, 2026 (in thousands except per share data):


Warrant Issuance	Outstanding, December 31, 2025	Exercised	Outstanding, March 31, 2026	Exercise Price per Share		Expiration
Warrants classified as equity:
October 2025 Inducement Warrants	22,364	—	22,364	$	2.00	October 2030
September 2025 Inducement Warrants	19,685	(19,685)	—	$	1.88	March 2031
March 2024 Registered Direct Offering	6,514	(1,065)	5,449	$	1.41	September 2029
Other	9,919	(7,433)	2,486	$	2.18	April 2027 - January 2029
	58,482	(28,183)	30,299

Subsequent to March 31, 2026, 4.7 million outstanding warrants were exercised at a weighted average exercise price of $1.60 per share for proceeds of approximately $7.5 million.

Equity-classified warrants consist of warrants to acquire common stock issued in connection with previous equity financings. During its evaluation of equity classification of these warrants, the Company considered the

conditions as prescribed within ASC 815-40, Derivatives and Hedging, Contracts in an Entity’s own Equity (“ASC 815-40”). The conditions within ASC 815-40 are not subject to a probability assessment. The warrants to acquire shares of common stock do not fall under the liability criteria within ASC 480, Distinguishing Liabilities from Equity, as they are not puttable and do not represent an instrument that has a redeemable underlying security. The warrants do meet the definition of a derivative instrument under ASC 815 but are eligible for the scope exception as they are indexed to the Company’s own stock and would be classified in permanent equity if freestanding.