v3.26.1
Warrants (Tables)
6 Months Ended
Jun. 30, 2026
Warrants [Abstract]  
Schedule of Warrants Outstanding

As of June 30, 2026, the Company had the following Purchase Warrants outstanding (share amounts in thousands):

 

    Number of
Shares
    Exercise
Price
    Expiration Date
Warrants issued - November 2022     92     $ 40.00     May 28, 2028
Warrants issued - June 2023     143     $ 28.00     June 2, 2028
      235              

As of June 30, 2026, the Company had the following equity-classified common stock purchase warrants outstanding (share amounts in thousands):

 

Warrant Type   Number of
Shares
    Exercise Price     Expiration
Common stock warrants     7     $ 28.00     June 2, 2028
Series A warrants issued     3,975     $ 2.250     February 8, 2029
Series A warrants issued     139     $ 2.625     February 8, 2029
Series C warrants issued     157     $ 1.625     November 6, 2029
Series D warrants issued     2,246     $ 1.610     November 6, 2029
Series E warrants issued     952     $ 1.250     September 12, 2031
Series E warrants issued     67     $ 1.475     September 12, 2030
Balance as of June 30, 2026     7,543              
Schedule of Changes in the Fair Value of Purchase Warrants Outstanding

The following table sets forth changes in the fair value of the Purchase Warrants outstanding (amounts in thousands):

 

    Number of
warrants on
       
    common
shares
    Amount  
Balance as of December 31, 2025     235     $ 24  
Change in fair value of warrants           9  
Balance as of March 31, 2026     235       33  
Change in fair value of warrants           (14 )
Balance as of June 30, 2026     235     $ 19  
Schedule of Purchase Warrants Determined Using the Black Scholes Model

The fair value of the Purchase Warrants at June 30, 2026 was determined using the Black Scholes model with the following assumptions:

 

    2022 Purchase
Warrant
    2023 Purchase
Warrant
 
Expected term based on contractual term      1.9 years        1.9 years  
Interest rate (risk-free rate):     4.19 %     4.19 %
Expected volatility     136 %     135 %
Expected dividend            
Fair value of warrants (in thousands)   $ 9     $ 10  

 

The fair value of the Purchase Warrants at December 31, 2025 was determined using the Black Scholes model with the following assumptions:

 

    2022 Purchase
Warrant
    2023 Purchase
Warrant
 
Expected term based on contractual term      2.4 years        2.4 years  
Interest rate (risk-free rate):     3.71 %     3.71 %
Expected volatility     129 %     129 %
Expected dividend            
Fair value of warrants (in thousands)   $ 11     $ 13  
Schedule of Activity in Warrants Classified as Equity

The following table summarizes the activity in warrants classified as equity during the three and six months ended June 30, 2026 (share amounts in thousands):

 

    Number of Shares  
Balance as of December 31, 2025     8,837  
Series C warrants expired     (1,294 )
Balance as of March 31, 2026     7,543  
Warrants issued      
Balance as of June 30, 2026     7,543