v3.26.1
STOCKHOLDERS’ EQUITY (Tables)
6 Months Ended
Jun. 30, 2026
Equity [Abstract]  
Warrants And Rights, Fair Value Measurement Assumptions
The following table presents the Level 3 inputs used in the valuation models:
Series A WarrantsSeries B
Warrants
6-month expiry5-year expiry
Probability97.5 %2.5 %
Stock price$1.79 $1.79 $1.79 
Strike price$1.40 $1.40 $1.40 
Expected volatility115 %115 %115 %
Expected term in years0.55.0
Dividend rate— — — 
Risk-free interest rate3.81 %3.75 %3.75 %
Fair value$0.73 $1.51 $1.29 
Schedule of Stockholders' Equity Note, Warrants or Rights
The following table summarizes the number of Warrants and Pre-Funded Warrants outstanding as of June 30, 2026, the weighted average exercise price, and the aggregate intrinsic value:
Series A and Series B Warrants
Pre-Funded Warrants
Weighted Average Exercise PriceAggregate Intrinsic Value
(in thousands)
Outstanding, December 31, 2025
67,342,325 $1.40 $15,489 
Pre-Funded Warrants purchased in 2026 Private Placement
— 10,701,710 0.001 28,777 
Series A Warrants exercised into common stock
(33,597,860)— — — 
Series A Warrants exercised into Pre-Funded Warrants(4,883,465)4,883,465 0.001 13,132 
Outstanding, June 30, 2026
28,861,000 15,585,175 $0.91 $79,139