v3.26.1
Debt (Tables)
3 Months Ended
Mar. 31, 2026
Debt Disclosure [Abstract]  
Schedule of Future Principal Payments

As of March 31, 2026, future payments of principal and interest of the Avenue Loans are as follows (in thousands):

Year ending December 31,

 

 

 

2026 (remaining 9 months)

 

$

1,404

 

2027

 

 

7,020

 

2028

 

 

6,778

 

2029

 

 

5,207

 

Total

 

$

20,409

 

Less: interest

 

 

(3,809

)

Debt, gross

 

$

16,600

 

Less: unamortized debt discount and costs

 

 

(10,136

)

Less: debt, current portion

 

 

(1,000

)

Debt, net of current portion

 

$

5,464

 

Schedule of Warrants Measured Using Monte Carlo Method

The Avenue Warrant and Avenue Conversion Option was measured using the Monte Carlo Method with the following inputs as of the periods noted:

 

 

Avenue Warrant

 

 

Avenue Conversion Option

 

 

 

Grant Date

 

 

Quarter End

 

 

Grant Date

 

 

Issue Date

 

 

 

1/7/2026

 

 

3/31/2026

 

 

1/7/2026

 

 

3/9/2026

 

Warrant exercise price / Conversion price max

 

$

89.21

 

 

$

54.60

 

 

$

4,000,000

 

 

$

4,000,000

 

Expected term (in years)

 

 

5.1

 

 

 

5.1

 

 

 

3.5

 

 

 

3.3

 

Expected stock price volatility

 

 

178.8

%

 

 

179.3

%

 

 

178.8

%

 

 

179.3

%

Risk-free interest rate

 

 

3.7

%

 

 

3.7

%

 

 

3.7

%

 

 

3.7

%

Expected dividend rate

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

 

 

0.0

%

Schedule of Aggregate Fair Value of Warrant and Conversion Option Liability

The following table provides a roll forward of the aggregate fair value of the Company’s warrant and conversion option liability (in thousands):

 

 

Avenue
Warrant

 

 

Avenue
Conversion Option

 

 

Total

 

Fair value as of December 31, 2025

 

$

 

 

$

 

 

$

 

Grant date fair value

 

 

3,819

 

 

 

3,747

 

 

 

7,566

 

Change in fair value

 

 

119

 

 

 

(28

)

 

 

91

 

Reclass to additional paid-in capital

 

 

 

 

 

(3,719

)

 

 

(3,719

)

Fair value as of March 31, 2026

 

$

3,938

 

 

$

 

 

$

3,938