v3.26.1
Stockholders' Deficit
 3 Months Ended
Mar. 31, 2026
Stockholders' Deficit  
Stockholders' Deficit

12. Stockholders’ Deficit

Common Stock

During the three months ended March 31, 2026, the Company received $2.9 million from the issuance of 12.4 million shares of common stock.

Stock Purchase Warrants

The following is a summary of warrant activity for the three months ended March 31, 2026 (dollars in thousands, except per share data):

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Number of

  ​ ​ ​

Weighted Average

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Remaining

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​

Warrants

​

Exercise Price

​

Contractual Term

Outstanding as of January 1, 2026

 

92,891

​

$

0.27

 

2.37

Warrants exercised for cash

 

(25)

​

 

0.22

 

—

Cashless exercise

 

(643)

​

 

0.22

 

—

Warrants expired and cancellation

 

(140)

​

 

2.00

 

—

Outstanding as of March 31, 2026 (1)

 

92,083

​

$

0.27

 

2.15

(1)At March 31, 2026, of the approximately 92 million total outstanding warrants listed above, approximately 91 million warrants were under Blocker Letter Agreements or suspension agreements.

Warrant Modifications

During the three months ended March 31, 2026, the Company amended certain warrants whereby the maturity dates were extended for an additional 3-6 months. The fair value of these modifications was calculated using the Black-Scholes-Merton option pricing model based on the following weighted average assumptions:

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Post-modification

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Pre-modification

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Exercise price

​

$

0.28

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$

0.28

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Expected term (in years)

​

 

3.2

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3.0

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Volatility

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80

%  

 

78

%

Risk-free interest rate

​

 

3.8

%  

 

3.8

%

Dividend yield

​

 

0

%  

 

0

%

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The incremental fair value attributable to the modified warrants compared to the original warrants immediately prior to the modification was calculated to be $0.3 million, which was treated as a deemed dividend and is reflected as “Deemed dividend related to warrant modifications” in the accompanying condensed consolidated statement of operations and comprehensive loss.