v3.26.1
Warrants (Tables)
6 Months Ended
Jun. 30, 2026
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Warrants Outstanding
Warrants that have not been tendered for exchange and outstanding as of June 30, 2026 and December 31, 2025, are as follows:
June 30,
2026
December 31,
2025
Public Warrants1,751,825 1,751,825 
Private Placement Warrants4,428,648 4,428,648 
Working Capital Warrants1,000,000 1,000,000 
OrbiMed Warrants222,068 222,068 
Total warrants7,402,541 7,402,541 
Schedule of Fair Value Measurement Inputs and Valuation Techniques Assumptions used in the valuation are described below:
June 30,
2026
December 31,
2025
Current stock price$4.55$6.98
Expected share price volatility75.0%70.0%
Risk-free interest rate4.1%3.5%
Expected term (years)2.12.6
Estimated dividend yield—%—%
The key inputs used in the valuation of the Initial OrbiMed Warrant were as follows:
June 30,
2026
December 31,
2025
Expected term (years)4.85.3
Risk free interest rate4.2%3.8%
Expected volatility75.0%70.0%
Dividend yield—%—%
Exercise price$8.1604$8.8398
Stock price$4.55$6.98
The key inputs used in the valuation of the Subsequent OrbiMed Warrant were as follows:
June 30,
2026
December 31,
2025
Expected term (years)5.66.1
Risk free interest rate4.2%3.9%
Expected volatility75.0%70.0%
Dividend yield—%—%
Exercise price$5.1556$5.3322
Stock price$4.55$6.98