| Schedule of Warrant Liabilities |
The following table presents a roll-forward of the Company’s warrants for the three and six months ended June 30, 2026 and 2025 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, 2026 | | OIC Warrants | | Novus Warrants | | Dorado Goose Warrants | | Total | | Warrants outstanding at beginning of period | 5,572 | | 5,167 | | 4,000 | | 14,739 | | Warrants exercised | — | | | — | | | (1,000) | | | (1,000) | | | Warrants outstanding at end of period | 5,572 | | | 5,167 | | | 3,000 | | | 13,739 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Six Months Ended June 30, 2026 | | OIC Warrants | | Novus Warrants | | Dorado Goose Warrants | | Total | | Warrants outstanding at beginning of period | 5,572 | | 5,167 | | 4,500 | | 15,239 | | Warrants exercised | — | | | — | | | (1,500) | | | (1,500) | | | Warrants outstanding at end of period | 5,572 | | | 5,167 | | | 3,000 | | | 13,739 | |
| | | | | | | | | | | | | | | | | | | | | | | | | Three and Six Months Ended June 30, 2025 | | OIC Warrants | | Novus Warrants | | Dorado Goose Warrants | | Total | | Warrants outstanding at beginning and end of period | — | | 5,167 | | — | | 5,167 |
The following table presents a roll-forward of the Company’s warrant liabilities for the three and six months ended June 30, 2026 and 2025 (amounts in thousands): | | | | | | | | | | | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | 2026 | | 2025 | | 2026 | | 2025 | | Warrant liabilities at beginning of period | $ | 15,350 | | $ | 2 | | $ | 15,050 | | $ | 2 | Change in fair value (1) | (1,850) | | | — | | | (1,550) | | | — | | | Warrant liabilities at end of period | $ | 13,500 | | | $ | 2 | | | $ | 13,500 | | | $ | 2 | |
__________________ (1) Recognized within the line item, change in fair value of financial instruments carried at fair value, in the condensed consolidated statements of operations and comprehensive loss.
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| Schedule of Estimate of Fair Value of Warrants |
The following table provides the assumptions used to estimate the fair value of the Company’s liability classified warrants as of June 30, 2026 and December 31, 2025: | | | | | | | | | | | | | | | | | | | | | | | | | OIC Warrants | | Novus Warrants | | June 30, 2026 | | December 31, 2025 | | June 30, 2026 | | December 31, 2025 | | Exercise price | $ | 4.24 | | $ | 4.24 | | $ | 11.50 | | $ | 11.50 | | Expected term (in years) | 4.28 | | 4.78 | | 0.62 | | 1.12 | | Expected volatility | 75.0 | % | | 80.0 | % | | 86.8 | % | | 70.0 | % | | Risk-free interest rate | 4.2 | % | | 3.7 | % | | 3.9 | % | | 3.7 | % | | Expected dividend yield | — | % | | — | % | | — | % | | — | % |
The grant-date fair value of stock options granted during the six months ended June 30, 2026 was estimated using the Black-Scholes option-pricing model based on the following assumptions: | | | | | | | Expected term (in years) | 4.5 | | Expected volatility | 75.0 | % | | Risk-free interest rate | 4.2 | % | | Expected dividend yield | — | |
The fair value of these market-based RSUs was measured on their grant date, using a Monte Carlo simulation model based on the following assumptions: | | | | | | | Expected term (in years) | 4.0 | | Expected volatility | 75% - 80% | | Risk-free interest rate | 3.7% - 3.9% | | Expected dividend yield | — | |
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