v3.26.1
WARRANT LIABILITY (Tables)
3 Months Ended
Mar. 31, 2026
Warrant Liability  
SCHEDULE OF FAIR VALUE OF WARRANTS

The fair value of warrants is as follows:

  

   March 31,   December 31, 
(in thousands)  2026   2025 
Warrant liability  $1,271   $1,875 
Total  $1,271   $1,875 
SCHEDULE OF UNREALIZED GAINS AND LOSSES ASSOCIATED WITH WARRANTS

Unrealized gains and losses associated with warrants are as follows:

  

   March 31,   March 31, 
(in thousands)  2026   2025 
Unrealized gain on warrant liability  $604   $1,761 
Total  $604   $1,761 
SCHEDULE OF HIERARCHY WARRANT LIABILITIES FAIR VALUE

The valuation inputs hierarchy classification for liabilities measured at fair value on a recurring basis are summarized below as of March 31, 2026 and December 31, 2025 (in thousands). See Note 6. Investment Securities, Available-For-Sale and Fair Value Measurements, for discussion of the fair value level hierarchy.

  

As of March 31, 2026  Level 1   Level 2   Level 3 
Warrant liability  $-   $-   $1,271 
Total  $-   $-   $1,271 

 

As of December 31, 2025  Level 1   Level 2   Level 3 
Warrant liability  $-   $-   $1,875 
Total  $-   $-   $1,875 
SCHEDULE OF ACTIVITY RELATED TO WARRANT LIABILITY

Activity related to the warrant liability during the three months ended March 31, 2026 and 2025 is as follows:

   March 31,    March 31,  
   2026    2025  
Beginning balance  $1,875    $ -  
Initial valuation associated with the warrants   -      6,297  
Change in fair value during the period   (604)     (1,761 )
Ending balance  $1,271    $ 4,536  

SCHEDULE OF INPUTS AND ASSUMPTIONS FOR VALUATIONS

The fair value of the warrants is measured using the Black-Scholes option pricing model as of the measurement dates. The table below lists the inputs and assumptions for the Company’s valuations as of March 31, 2026 and December 31, 2025:

  

   March 31,   December 31, 
   2026   2025 
Expected term (years)   4.3    4.6 
Risk-free interest rate   3.88%   3.69%
Dividend yield   0%   0%
Volatility   65.37%   62.27%