Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Short-Term Debt [Line Items]

Schedule of Fair Value of Derivative Liabilities

The following tables summarize the Company’s derivative liabilities as of March 31, 2026 and December 31, 2025 as discussed in Note 8 – Convertible and Redeemable Preferred Stock and Stockholders’ Deficit (in thousands):

		Fair Value
		March 31, 2026				December 31, 2025				Leveling
Purchase rights		$	1,168			$	1,006			Level 3
Total derivative liabilities		$	1,168			$	1,006

Schedule of Change in Fair Value of Level 3 Financial Liabilities

The following table summarizes the changes in Level 3 financial liabilities related to Baker Notes, Exchanged SSNs, and Aditxt Notes measured at fair value on a recurring basis for the three months ended March 31, 2026 (in thousands):

		Baker Notes (Assigned to Future Pak; Note 4)				Total Exchanged SSNs and Aditxt Notes (Note 4)				Total
Balance at December 31, 2025		$	15,510			$	5,939			$	21,449
Payments			(351	)			-				(351	)
Change in fair value presented in the condensed consolidated statement of comprehensive operations			22				(2,197	)			(2,175	)
Change in fair value presented in the condensed consolidated statements of operations			-				-				-
Balance at March 31, 2026		$	15,181			$	3,742			$	18,923

The following table summarizes the changes in Level 3 financial liabilities related to Baker Notes, Exchanged SSNs, and Aditxt Notes measured at fair value on a recurring basis for the three months ended March 31, 2025 (in thousands):

		Baker Notes (Assigned to Future Pak; Note 4)				Total SSNs (Note 4)				Total
Balance at December 31, 2024		$	13,801			$	1,173			$	14,974
Change in fair value presented in the condensed consolidated statement of comprehensive operations			32				(679	)			(647	)
Balance at March 31, 2025		$	13,833			$	494			$	14,327

The following table summarizes the changes in Level 3 financial liabilities related to derivative liabilities measured at fair value on a recurring basis for the three months ended March 31, 2026 (in thousands):

		Purchase Rights				Derivative Liabilities Total
Balance at December 31, 2025		$	1,006			$	1,006
Change in fair value presented in the condensed consolidated statements of operations			162				162
Balance at March 31, 2026		$	1,168			$	1,168

The following table summarizes the changes in Level 3 financial liabilities related to derivative liabilities measured at fair value on a recurring basis for the three months ended March 31, 2025 (in thousands):

		Purchase Rights				Derivative Liabilities Total
Balance at December 31, 2024		$	1,359			$	1,359
Beginning balance		$	1,359			$	1,359
Change in fair value presented in the condensed consolidated statements of operations			(1,221	)			(1,221	)
Balance at March 31, 2025		$	138			$	138
Ending balance		$	138			$	138

Convertible Debt [Member]

Short-Term Debt [Line Items]

Schedule of Fair Value of Derivative Liabilities

The following tables summarize the Company’s convertible debt instruments as of March 31, 2026 and December 31, 2025, respectively (in thousands):

		Principal				Accrued				Net Carrying				Fair Value
As of March 31, 2026		Amount				Interest				Amount				Amount				Leveling
Baker Notes⁽¹⁾⁽²⁾		$	123,175			$	-			$	123,175			$	15,181			Level 3
Adjuvant Notes⁽³⁾			22,500				10,884				33,384				N/A			N/A
December 2022 Notes^{(1) (4)}			655				-				655				202			Level 3
February 2023 Notes ^{(1) (4)}			984				-				984				304			Level 3
March 2023 Notes ^{(1) (4)}			1,144				-				1,144				354			Level 3
April 2023 Notes ^{(1) (4)}			736				-				736				228			Level 3
July 2023 Notes ^{(1) (4)}			1,436				-				1,436				444			Level 3
August 2023 Notes ^{(1) (4)}			1,003				-				1,003				310			Level 3
September 2023 Notes ^{(1) (4)}			3,417				-				3,417				1,057			Level 3
Aditxt Notes⁽¹⁾			4,007				-				4,007				843			Level 3
Totals		$	159,057			$	10,884			$	169,941			$	18,923			N/A

		Principal				Accrued				Net Carrying				Fair Value
As of December 31, 2025		Amount				Interest				Amount				Amount				Leveling
Baker Notes⁽¹⁾⁽²⁾		$	120,510			$	-			$	120,510			$	15,510			Level 3
Adjuvant Notes⁽³⁾			22,500				10,270				32,770				N/A			N/A
December 2022 Notes^{(1) (4)}			642				-				642				320			Level 3
February 2023 Notes ^{(1) (4)}			965				-				965				482			Level 3
March 2023 Notes ^{(1) (4)}			1,122				-				1,122				560			Level 3
April 2023 Notes ^{(1) (4)}			722				-				722				360			Level 3
July 2023 Notes ^{(1) (4)}			1,407				-				1,407				702			Level 3
August 2023 Notes ^{(1) (4)}			983				-				983				491			Level 3
September 2023 Notes ^{(1) (4)}			3,350				-				3,350				1,672			Level 3
Aditxt Notes⁽¹⁾			3,928				-				3,928				1,352			Level 3
Totals		$	156,129			$	10,270			$	166,399			$	21,449			N/A

(1)	These liabilities were carried at fair value in the condensed consolidated balance sheets as of the applicable reporting date. As such, the principal and accrued interest was included in the determination of fair value. The related debt issuance costs were expensed.
(2)	The Baker Notes principal amount includes $39.4 million and $36.4 million of interest paid in-kind as of March 31, 2026 and December 31, 2025, respectively.
(3)	The Adjuvant Notes are recorded in the condensed consolidated balance sheets at their net carrying amount which includes principal and accrued interest.
(4)	For accounting purposes, the Company accounted for the Exchanged SSNs as a modification of the Original SSNs rather than as an extinguishment which would require derecognizing the fair value of Original SSNs and related accumulated other comprehensive loss and replacing them with the fair value of the Exchanged SSNs.