v3.26.1
WARRANTS (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Class of Warrant or Right [Line Items]    
Summary of Outstanding Warrants

The following table provides a summary of the number of the Company's outstanding warrants:

 

Exercise price

 

 

Expiration date

 

March 31,
2026

 

 

 

December 31,
2025

 

Liability-classified warrants:

 

 

 

 

 

 

 

 

 

 

 

February 2026 Offering Common Warrants

February 17, 2026 - August 17, 2026: $0.6587,
August 18, 2026 - January 1, 2027: $0.5489 and January 2, 2027 - February 17, 2031: $0.287

 

 

February 2031

 

 

32,792,859

 

 

 

 

 

February 2026 Offering Pre-Funded Warrants

0.0005

 

 

Until exercised in full

 

 

2,126,609

 

 

 

 

 

2025 Offering Common Stock Warrants

$

0.8553

 

 

September 2030

 

 

377,460

 

 

 

 

377,460

 

Junior Note Warrants

$

24.95

 

 

December 2028

 

 

172,209

 

 

 

 

172,209

 

Public Warrants

$

2,295.40

 

 

January 2028

 

 

83,722

 

 

 

 

83,722

 

Total

 

 

 

 

 

 

35,552,859

 

 

 

 

633,391

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-classified warrants:

 

 

 

 

 

 

 

 

 

 

 

December 2025 $0.05 YA Warrants

$

0.05

 

 

December 2030

 

 

 

 

 

 

16,032,065

 

December 2025 $1.25 YA Warrants

$

1.25

 

 

December 2030

 

 

20,040,081

 

 

 

 

20,040,081

 

December 2025 $1.871 YA Warrants

$

1.871

 

 

December 2030

 

 

5,010,021

 

 

 

 

5,010,021

 

December 2025 $2.35 YA Warrants

$

2.35

 

 

December 2030

 

 

5,010,021

 

 

 

 

5,010,021

 

2025 Offering Placement Agent Warrants

$

0.8907

 

 

September 2030

 

 

673,617

 

 

 

 

673,617

 

February 2026 Offering Placement Agent Warrants

$

0.6861

 

 

February 2031

 

 

437,239

 

 

 

 

 

June 2023 Senior Note Warrants

$

205.59

 

 

June 2028

 

 

67,177

 

 

 

 

67,177

 

August 2024 Warrants Issued with Junior Notes

$10.88  — $15.87

 

 

August 2029

 

 

3,987

 

 

 

 

3,987

 

Total

 

 

 

 

 

 

31,242,143

 

 

 

 

46,836,969

 

The following table provides a summary of the number of the Company's outstanding warrants:

 

 

 

 

 

 

As of December 31,

 

 

Exercise price

 

 

Expiration date

 

2025

 

 

 

2024

 

Liability-classified warrants:

 

 

 

 

 

 

 

 

 

 

 

2025 Offering Common Stock Warrants

$

0.8553

 

 

September 2030

 

 

377,460

 

 

 

 

 

Junior Note Warrants

$

24.95

 

 

December 2028

 

 

172,209

 

 

 

 

172,208

 

Public Warrants

$

2,295.40

 

 

January 2028

 

 

83,722

 

 

 

 

83,722

 

Total

 

 

 

 

 

 

633,391

 

 

 

 

255,930

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity-classified warrants:

 

 

 

 

 

 

 

 

 

 

 

December 2025 $0.05 YA Warrants

$

0.05

 

 

December 2030

 

 

16,032,065

 

 

 

 

 

December 2025 $1.25 YA Warrants

$

1.25

 

 

December 2030

 

 

20,040,081

 

 

 

 

 

December 2025 $1.871 YA Warrants

$

1.871

 

 

December 2030

 

 

5,010,021

 

 

 

 

 

December 2025 $2.35 YA Warrants

$

2.35

 

 

December 2030

 

 

5,010,021

 

 

 

 

 

2025 Offering Placement Agent Warrants

$

0.8907

 

 

September 2030

 

 

673,617

 

 

 

 

 

June 2023 Senior Note Warrants

$

205.59

 

 

June 2028

 

 

67,177

 

 

 

 

67,177

 

Pre-Funded Warrants

N/A

 

 

N/A

 

 

 

 

 

 

167,759

 

August 2024 Warrants Issued with Junior Notes

$10.88  — $15.87

 

 

August 2029

 

 

3,987

 

 

 

 

3,987

 

Total

 

 

 

 

 

 

46,836,969

 

 

 

 

238,923

 

Junior Note Warrants    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants   The range of significant inputs to the calculation of the fair value of the Junior Note Warrant liability during the periods presented were as follows:

 

 

 

 

Year Ended December 31,

 

 

 

 

2025

 

2024

Junior Note Warrants:

 

 

 

 

 

 

 

 

Stock price(1)

 

 

 

$

0.75 - 1.75

 

$

0.15 - 3.34

Expected term (in years)

 

 

 

 

2.9 - 4.4

 

 

3.9 - 4.9

Expected volatility

 

 

 

 

62.4% - 193.0%

 

 

58.9% - 79.6%

Risk-free interest rate

 

 

 

 

3.7% - 3.9%

 

 

3.6% - 4.3%

Expected dividend yield

 

 

 

 

0.0%

 

 

0.0%

(1)
Amounts for the periods presented have been adjusted to reflect the 1-for-4.99 February 2026 Reverse Stock Split. See Note 2 for additional information.
Offering Placement Agent Warrants [Member]    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants   The issuance date fair value of the 2025 Offering Placement Agent Warrants of $417,815 was treated as an equity-issuance cost and reduction in additional-paid in capital, and was estimated using the Monte Carlo simulation based approach, a Level 3 valuation, with the following assumptions:

 

 

 

 

 

Upon Issuance

2025 Offering Placement Agent Warrants:

 

 

 

 

 

Stock price(1)

 

 

 

$

0.69611

Expected term (in years)

 

 

 

 

5.0

Expected volatility

 

 

 

 

145.0%

Risk-free interest rate

 

 

 

 

3.6%

Expected dividend yield

 

 

 

 

0.0%

(1)
Amounts for the periods presented have been adjusted to reflect the 1-for-4.99 February 2026 Reverse Stock Split, as defined and further described in Note 2. See Note 2 for additional information.
2025 Offering Placement Agent Warrants [Member]    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants Warrants of $417,815 was treated as an equity-issuance cost and reduction in additional-paid in capital, and was estimated using the Monte Carlo simulation based approach, a Level 3 valuation, with the following assumptions:

 

 

 

 

 

Upon Issuance

2025 Offering Placement Agent Warrants:

 

 

 

 

 

Stock price

 

 

 

$

0.69611

Expected term (in years)

 

 

 

 

5.0

Expected volatility

 

 

 

 

145.0%

Risk-free interest rate

 

 

 

 

3.6%

Expected dividend yield

 

 

 

 

0.0%

 
February 2026 Offering Placement Agent Warrants [Member]    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants The issuance

date fair value of the February 2026 Offering Placement Agent Warrants of $185,018 was treated as an equity-issuance cost and reduction in additional-paid in capital, and was estimated using the Black Scholes valuation model, a Level 3 valuation, with the following assumptions:

 

 

 

 

 

Upon Issuance

February 2026 Offering Placement Agent Warrants:

 

 

 

 

 

Stock price

 

 

 

$

0.48

Expected term (in years)

 

 

 

 

5.0

Expected volatility

 

 

 

 

146.0%

Risk-free interest rate

 

 

 

 

3.6%

Expected dividend yield

 

 

 

 

0.0%

 
Common Stock Warrant [Member] | Senior Note Warrants    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants   The aggregate fair value of the Senior Note Warrants of $3,401,366 was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

 

 

 

 

Upon Issuance

Common Stock Warrants:

 

 

 

 

 

Expected term (in years)

 

 

 

 

5.0

Expected volatility

 

 

 

 

47.9%

Risk-free interest rate

 

 

 

 

4.0%

Expected dividend yield

 

 

 

 

0.0%