Fair Value Measurements |
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| Fair Value Measurements [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Fair Value Measurements | 4. Fair Value Measurements
The following table presents information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company’s utilized to determine such fair value:
The fair value of the SEPA Put Rights was estimated as the sum of the fair values of the put rights under each assumed advance notice over the term of the SEPA. The number of shares under each advance notice was based on the historical trading volumes of the Company’s common stock taking into account various beneficial ownership and daily volume limitations. The trading of the Company’s common stock was suspended at the open of trading on NASDAQ on February 23, 2026 and as a result, the Company is unable to comply with the registration and listing requirements to raise capital under the SEPA. As a result, as of March 31, 2026, the fair value of SEPA put rights asset was deemed de minimis. As of December 31, 2025, the fair value of the put rights under each advance notice was estimated using the Black Scholes model, incorporating the following assumptions:
The changes in the fair value of Level 3 financial assets and liabilities for the three months ended March 31, 2026 are as follows:
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