v3.26.1
Warrants (Tables)
3 Months Ended
Mar. 31, 2026
Warrants [Abstract]  
Schedule of Warrants Outstanding

As of March 31, 2026, the Company had the following Purchase Warrants outstanding (share amounts in thousands):

 

   Number of
Shares
   Exercise
Price
   Expiration
Date
Warrants issued - November 2022   92   $40.00   May 28, 2028
Warrants issued - June 2023   143   $28.00   June 2, 2028
    235         
Warrant Type  Number of
Shares
   Exercise
Price
   Expiration 
Common stock warrants   7   $28.00    June 2, 2028 
Series A warrants issued   3,975   $2.250    February 8, 2029 
Series A warrants issued   139   $2.625    February 8, 2029 
Series C warrants issued   2,246   $1.610    January 7, 2026 
Series C warrants exercised   (952)  $1.610    
 
Series C warrants expired   (1,294)  $1.610    
 
Series C warrants issued   157   $1.625    November 6, 2029 
Series D warrants issued   2,246   $1.610    November 6, 2029 
Series E warrants issued   952   $1.250    September 12, 2031 
Series E warrants issued   67   $1.475    September 12, 2030 
Balance as of March 31, 2026   7,543           
Schedule of Changes in the Fair Value of Purchase Warrants Outstanding

The following table sets forth changes in the fair value of the Purchase Warrants outstanding (amounts in thousands):

 

   Number of
warrants
     
   on common
shares
   Amount 
Balance as of December 31, 2025   235   $24 
Change in fair value of warrants   
    9 
Balance as of March 31, 2026   235   $33 
Schedule of Purchase Warrants Determined Using the Black Scholes Model

The fair value of the Purchase Warrants at March 31, 2026 was determined using the Black Scholes model with the following assumptions:

 

   2022
Purchase
Warrant
   2023
Purchase
Warrant
 
Expected term based on contractual term    2.2 years      2.2 years  
Interest rate (risk-free rate):   3.94%   3.94%
Expected volatility   137%   137%
Expected dividend   
    
 
Fair value of warrants (in thousands)  $15   $18 

 

The fair value of the Purchase Warrants at December 31, 2025 was determined using the Black Scholes model with the following assumptions:

 

   2022
Purchase
Warrant
   2023
Purchase
Warrant
 
Expected term based on contractual term    2.4 years      2.4 years  
Interest rate (risk-free rate):   3.71%   3.71%
Expected volatility   129%   129%
Expected dividend   
    
 
Fair value of warrants (in thousands)  $11   $13