Summary of Significant Accounting Policies and Basis of Presentation (Tables)
|
3 Months Ended |
Mar. 31, 2026 |
|---|
| Accounting Policies [Abstract] |
|
| Schedule of contract balance |
| Schedule of contract balance |
|
|
|
|
|
|
|
|
| (in thousands) |
|
Accounts Receivable |
|
|
Deferred Revenue |
|
| Balance at January 1, 2025 |
|
$ |
1,686 |
|
|
$ |
2,683 |
|
| Balance at December 31, 2025 |
|
$ |
789 |
|
|
$ |
1,465 |
|
| Balance at March 31, 2026 |
|
$ |
907 |
|
|
$ |
1,986 |
|
|
| Schedule of anti-dilutive shares |
| Schedule of anti-dilutive shares |
|
|
|
|
|
|
|
|
| (in thousands) |
|
Three Months Ended
March 31,
2026 |
|
|
Three Months Ended
March 31,
2025 |
|
| Stock options |
|
|
2,150 |
|
|
|
1,627 |
|
| Restricted stock units |
|
|
1,050 |
|
|
|
677 |
|
| Warrants |
|
|
21,032 |
|
|
|
21,032 |
|
| Total |
|
|
24,232 |
|
|
|
23,336 |
|
|
| Schedule of financial liabilities measured at fair value |
| Schedule of financial liabilities measured at fair value |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| |
|
As of
March 31,
2026 |
|
|
Quoted price in
Active Market
(Level 1) |
|
|
Significant other
observable input
(Level 2) |
|
|
Significant other
unobservable input
(Level 3) |
|
| Warrants |
|
$ |
673 |
|
|
$ |
390 |
|
|
$ |
283 |
|
|
$ |
- |
|
| Convertible Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| -Avondale Prepaid Purchase #2 |
|
|
1,451 |
|
|
|
- |
|
|
|
- |
|
|
|
1,451 |
|
| -Avondale Prepaid Purchase #3 |
|
|
4,507 |
|
|
|
- |
|
|
|
- |
|
|
|
4,507 |
|
| -Avondale Prepaid Purchase #4 |
|
|
3,823 |
|
|
|
- |
|
|
|
- |
|
|
|
3,823 |
|
| -Avondale Prepaid Purchase #1 |
|
|
1,044 |
|
|
|
- |
|
|
|
- |
|
|
|
1,044 |
|
| |
|
As of
December 31,
2025 |
|
|
Quoted price in
Active Market
(Level 1) |
|
|
Significant other
observable input
(Level 2) |
|
|
Significant other
unobservable input
(Level 3) |
|
| Warrants |
|
$ |
1,051 |
|
|
$ |
1,051 |
|
|
$ |
- |
|
|
$ |
- |
|
| Convertible Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| -Avondale Prepaid Purchase #1 |
|
|
1,231 |
|
|
|
- |
|
|
|
- |
|
|
|
1,231 |
|
| -Avondale Prepaid Purchase #2 |
|
|
2,749 |
|
|
|
- |
|
|
|
- |
|
|
|
2,749 |
|
| -Avondale Prepaid Purchase #3 |
|
|
4,683 |
|
|
|
- |
|
|
|
- |
|
|
|
4,683 |
|
| -Avondale Prepaid Purchase #4 |
|
|
3,996 |
|
|
|
- |
|
|
|
- |
|
|
|
3,996 |
|
|
| Schedule of changes in fair value of the liabilities |
| Schedule of changes in fair value of the liabilities |
|
|
|
|
| Warrant liability – January 1, 2026 |
|
$ |
1,051 |
|
| Change in fair value of derivative instruments |
|
|
(378 |
) |
| Warrant liability – March 31, 2026 |
|
$ |
673 |
|
| |
|
|
|
|
| Warrant liability – January 1, 2025 |
|
$ |
5,048 |
|
| Change in fair value of derivative instruments |
|
|
(2,314 |
) |
| Warrant liability – March 31, 2025 |
|
$ |
2,734 |
|
|
| Schedule of valuation models |
| Schedule of valuation models |
|
|
|
|
| Inputs |
|
December 31,
2025 |
|
| Valuation method |
|
Scenario based analysis |
|
| Stock price |
|
$ |
0.33 |
|
| Equity dividend yield |
|
|
0.00 |
% |
| Expected term (years) |
|
|
2.32 |
|
| Volatility |
|
|
116.4 |
% |
| Discount rate |
|
|
3.59 |
% |
| Risk free rate |
|
|
3.57 |
% |
Avondale
Pre-Paid Purchase #2
| Inputs |
|
March 31,
2026 |
|
|
December 31,
2025 |
|
| Valuation method |
|
Scenario based analysis |
|
|
Scenario based analysis |
|
| Stock price |
|
$ |
0.18 |
|
|
$ |
0.33 |
|
| Equity dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
| Expected term (years) |
|
|
1.987 |
|
|
|
2.23 |
|
| Volatility |
|
|
92.5 |
% |
|
|
116.4 |
% |
| Discount rate |
|
|
23.95 |
% |
|
|
3.59 |
% |
| Risk free rate |
|
|
3.75 |
% |
|
|
3.46 |
% |
Avondale
Pre-Paid Purchase #3
| Inputs |
|
March 31,
2026 |
|
|
December 31,
2025 |
|
| Valuation method |
|
Scenario based analysis |
|
|
Scenario based analysis |
|
| Stock price |
|
$ |
0.18 |
|
|
$ |
0.33 |
|
| Equity dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
| Expected term (years) |
|
|
1.987 |
|
|
|
2.23 |
|
| Volatility |
|
|
92.5 |
% |
|
|
116.4 |
% |
| Discount rate |
|
|
18.56 |
% |
|
|
3.59 |
% |
| Risk free rate |
|
|
3.75 |
% |
|
|
3.46 |
% |
Avondale
Pre-Paid Purchase #4
| Inputs |
|
March 31,
2026 |
|
|
December 31,
2025 |
|
| Valuation method |
|
Scenario based analysis |
|
|
Scenario based analysis |
|
| Stock price |
|
$ |
0.18 |
|
|
$ |
0.33 |
|
| Equity dividend yield |
|
|
0.00 |
% |
|
|
0.00 |
% |
| Expected term (years) |
|
|
1.987 |
|
|
|
2.23 |
|
| Volatility |
|
|
92.5 |
% |
|
|
116.4 |
% |
| Discount rate |
|
|
15.37 |
% |
|
|
3.59 |
% |
| Risk free rate |
|
|
3.75 |
% |
|
|
3.46 |
% |
Avondale
Pre-Paid Purchase #1
| Inputs |
|
March 31,
2026 |
|
| Valuation method |
|
Scenario based analysis |
|
| Stock price |
|
$ |
0.18 |
|
| Equity dividend yield |
|
|
0.00 |
% |
| Expected term (years) |
|
|
1.987 |
|
| Volatility |
|
|
92.5 |
% |
| Discount rate |
|
|
15.37 |
% |
| Risk free rate |
|
|
3.75 |
% |
|