| Schedule of presents the key inputs applied in the valuation of the RPM Call Option and majority sponsortop-up |
The Company used a Black-Scholes option-pricing valuation model to value the Series J Warrants as of June 30, 2026. The following table presents the key inputs applied in the valuation of the Series J Warrants:
|
|
|
|
|
|
June 30, 2026 |
|
Common stock price |
$ |
|
29.40 |
|
Exercise price for the Series J Warrants |
$ |
|
21.17 |
|
Risk-free rate |
|
4.26%-4.30% |
|
Volatility |
|
97.5%-101.5% |
|
Term (years) |
|
7.05-7.89 |
|
Black-Scholes value (per share) |
$ |
25.64-25.87 |
|
Number of warrants |
|
|
646 |
|
Value of Series J Warrants |
$ |
|
16,604 |
|
The following tables present the key inputs applied in the valuation of the Series J Warrants as of December 31, 2025:
|
|
|
|
|
|
December 31, 2025 |
|
Common stock price |
$ |
|
22.37 |
|
Exercise price for the Series J Warrants |
$ |
|
21.17 |
|
Risk-free rate |
|
3.94%-4.01% |
|
Volatility |
|
92.5%-97.5% |
|
Term (years) |
|
7.55-8.39 |
|
Black-Scholes value (per share) |
$ |
19.00-19.06 |
|
Number of warrants |
|
|
646 |
|
Value of Series J Warrants |
$ |
|
12,294 |
|
|
| Schedule of Carrying Value of The Term Loans Approximated Their Estimated Fair Value |
The fair value of the Series J Warrants on June 30, 2026 was $16.6 million.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June 30, 2026 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
294,162 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
294,162 |
|
Money market funds |
|
|
165,655 |
|
|
|
— |
|
|
|
— |
|
|
|
165,655 |
|
Time deposits |
|
|
175,447 |
|
|
|
— |
|
|
|
— |
|
|
|
175,447 |
|
Total financial assets |
|
$ |
635,264 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
635,264 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Series J Warrants |
|
$ |
— |
|
|
$ |
16,604 |
|
|
$ |
— |
|
|
$ |
16,604 |
|
Total financial liabilities |
|
$ |
— |
|
|
$ |
16,604 |
|
|
$ |
— |
|
|
$ |
16,604 |
|
The fair value of the Series J Warrants on December 31, 2025 was $12.3 million.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Assets: |
|
|
|
|
|
|
|
|
|
|
|
|
Cash |
|
$ |
787,747 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
787,747 |
|
Money market funds |
|
|
— |
|
|
|
5,219 |
|
|
|
— |
|
|
|
5,219 |
|
Time deposits |
|
|
100,008 |
|
|
|
— |
|
|
|
— |
|
|
|
100,008 |
|
Total financial assets |
|
$ |
887,755 |
|
|
$ |
5,219 |
|
|
$ |
— |
|
|
$ |
892,974 |
|
Liabilities: |
|
|
|
|
|
|
|
|
|
|
|
|
Series J Warrants |
|
$ |
— |
|
|
$ |
12,294 |
|
|
$ |
— |
|
|
$ |
12,294 |
|
Total financial liabilities |
|
$ |
— |
|
|
$ |
12,294 |
|
|
$ |
— |
|
|
$ |
12,294 |
|
|