v3.26.1
Common Warrants and Pre Funded Warrants (Tables)
6 Months Ended
Jun. 30, 2026
Class of Warrant or Right [Line Items]  
Summary of 2023 Common Warrant Liability

The following table sets forth a summary of the activities of the Company’s 2023 Common Warrant liability, which represents a recurring measurement that is classified with Level 3 of the fair value hierarchy wherein the fair value is estimated using significant unobservable inputs (in thousands):

 

June 30, 2026

 

 

December 31, 2025

 

Beginning liability

$

12,183

 

 

$

72,367

 

Change in fair value

 

(6,371

)

 

 

(60,184

)

Ending liability

$

5,812

 

 

$

12,183

 

2023 and 2025 Pre-Funded Warrants [Member]  
Class of Warrant or Right [Line Items]  
Summary of Pre-funded Warrant Shares Outstanding

The following table summarizes information about shares issuable under the 2023 and 2025 Pre-Funded Warrants outstanding at December 31, 2025 and June 30, 2026:

Pre-funded warrant shares outstanding

 

June 30, 2026

 

 

December 31, 2025

 

Outstanding at the beginning of the year

 

 

4,217,432

 

 

 

2,441,405

 

Issued

 

 

-

 

 

 

1,922,511

 

Exercised

 

 

-

 

 

 

(146,484

)

Outstanding at the end of the period

 

 

4,217,432

 

 

 

4,217,432

 

Exercisable at the end of the period

 

 

4,217,432

 

 

 

4,217,432

 

2023 and 2025 Common Warrants [Member]  
Class of Warrant or Right [Line Items]  
Summary of Common Warrant Shares Outstanding

The following table summarizes information about shares issuable under the 2023 and 2025 Common Warrants outstanding at June 30, 2026:

Common warrant shares outstanding

 

June 30, 2026

 

 

December 31, 2025

 

Outstanding at the beginning of the year

 

 

4,213,767

 

 

 

2,200,858

 

Issued

 

 

-

 

 

 

2,012,909

 

Exercised

 

 

-

 

 

 

-

 

Outstanding at the end of the period

 

 

4,213,767

 

 

 

4,213,767

 

Exercisable at the end of the period

 

 

4,213,767

 

 

 

4,213,767

 

2023 Common Warrants [Member]  
Class of Warrant or Right [Line Items]  
Summary of Assumptions Used to Determine the fair value at Issuance and Reporting Date of Common Warrants Granted The assumptions that the Company used to determine the fair value at the reporting date were as follows:

 

 

June 30, 2026

 

 

December 31, 2025

 

Expected term (in years)

 

 

4.33

 

 

 

4.83

 

Risk-free interest rate

 

 

4.18

%

 

 

3.72

%

Dividend yield

 

 

-

 

 

 

-

 

Volatility

 

 

89.34

%

 

 

90.98

%