v3.26.1
Fair Value of Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2026
Short-Term Debt [Line Items]  
Schedule of Fair Value of Derivative Liabilities

The following tables summarize the Company’s derivative liabilities as of June 30, 2026 and December 31, 2025 as discussed in Note 8 – Convertible and Redeemable Preferred Stock and Stockholders’ Deficit (in thousands):

  

   Fair Value 
   June 30, 2026   December 31, 2025   Leveling 
Purchase rights  $6,913   $1,006    Level 3 
Total derivative liabilities  $6,913   $1,006      
Schedule of Change in Fair Value of Level 3 Financial Liabilities

The following table summarizes the changes in Level 3 financial liabilities related to Baker Notes, Exchanged SSNs, and Aditxt Notes measured at fair value on a recurring basis for the three and six months ended June 30, 2026 (in thousands):

  

   Baker Notes
(Assigned to Future Pak;
Note 4)		  

Total

Exchanged

SSNs and
Aditxt Notes
(Note 4)

   Total 
Balance at March 31, 2026  $15,181   $3,742   $18,923 
Payments   (22)   -    (22)
Extinguishment/conversion   -    (2,364)   (2,364)
Balance at issuance   

-

    2,364    2,364 
Change in fair value presented in the condensed consolidated statement of comprehensive operations   (734)   1,668    934 
Balance at June 30, 2026  $14,425   $5,410   $19,835 

 

   Baker Notes
(Assigned to Future Pak;
Note 4)		  

Total

Exchanged

SSNs and
Aditxt Notes
(Note 4)

   Total 
Balance at December 31, 2025  $15,510   $5,939   $21,449 
Payments   (373)   -    (373)
Extinguishment/conversion   -    (2,364)   (2,364)
Balance at issuance   

-

    

2,364

    

2,364

 
Change in fair value presented in the condensed consolidated statement of comprehensive operations   (712)   (529)   (1,241)
Balance at June 30, 2026  $14,425   $5,410   $19,835 

 

The following table summarizes the changes in Level 3 financial liabilities related to Baker Notes, Exchanged SSNs, and Aditxt Notes measured at fair value on a recurring basis for the three and six months ended June 30, 2025 (in thousands):

 

  

Baker Notes

(Assigned to

Future Pak;

Note 4)

  

Total

Exchanged 

SSNs

and Aditxt

Notes
(Note 4)

   Total 
Balance at March 31, 2025  $13,833   $494   $14,327 
Balance at issuance   -    129    129 
Payments   (248)   -    (248)
Change in fair value presented in the condensed consolidated statements of comprehensive operations   1,024    (451)   573 
Balance at June 30, 2025  $14,609   $172   $14,781 

 

  

Baker Notes

(Assigned to

Future Pak;

Note 4)

  

Total

Exchanged

SSNs

and Aditxt

Notes
(Note 4)

   Total 
Balance at December 31, 2024  $13,801   $1,173   $14,974 
Balance at issuance   -    129    129 
Payments   (248)   -    (248)
Change in fair value presented in the condensed consolidated statements of comprehensive operations   1,056    (1,130)   (74)
Balance at June 30, 2025  $14,609   $172   $14,781 

 

 

The following table summarizes the changes in Level 3 financial liabilities related to derivative liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2026 (in thousands):

 

   Purchase
Rights		   Derivative
Liabilities Total		 
Balance at March 31, 2026  $1,168   $1,168 
Change in fair value presented in the condensed consolidated statements of operations   5,745    5,745 
Balance at June 30, 2026  $6,913   $6,913 

 

   Purchase
Rights		   Derivative
Liabilities Total		 
Balance at December 31, 2025  $1,006   $1,006 
Change in fair value presented in the condensed consolidated statements of operations   5,907    5,907 
Balance at June 30, 2026  $6,913   $6,913 

 

The following table summarizes the changes in Level 3 financial liabilities related to derivative liabilities measured at fair value on a recurring basis for the three and six months ended June 30, 2025 (in thousands):

 

   Purchase
Rights		   Derivative
Liabilities Total		 
Balance at March 31, 2025  $138   $138 
Exercises   (1)   (1)
Change in fair value presented in the condensed consolidated statements of operations   (134)   (134)
Balance at June 30, 2025  $3   $3 

 

   Purchase
Rights		   Derivative
Liabilities Total		 
Balance at December 31, 2024  $1,359   $1,359 
Exercises   (1)   (1)
Change in fair value presented in the condensed consolidated statements of operations   (1,355)   (1,355)
Balance at June 30, 2025  $3   $3 
Convertible Debt [Member]  
Short-Term Debt [Line Items]  
Schedule of Fair Value of Derivative Liabilities

The following tables summarize the Company’s convertible debt instruments as of June 30, 2026 and December 31, 2025, respectively (in thousands):

  

   Principal   Accrued   Net Carrying   Fair Value
As of June 30, 2026  Amount   Interest   Amount   Amount   Leveling
Baker Notes(1)(2)  $126,282   $-   $126,282   $14,425   Level 3
Adjuvant Notes(3)   22,500    11,510    34,010    N/A   N/A
Exchanged SSNs(1) (4)(5)   9,557    -    9,557    4,191   Level 3
Aditxt Notes(1)   4,088    -    4,088    1,219   Level 3
Totals  $162,427   $11,510   $173,937   $19,835   N/A

 

   Principal   Accrued   Net Carrying   Fair Value
As of December 31, 2025  Amount   Interest   Amount   Amount   Leveling
Baker Notes(1)(2)  $120,510   $-   $120,510   $15,510   Level 3
Adjuvant Notes(3)   22,500    10,270    32,770    N/A   N/A
Exchanged SSNs(1) (4)   9,191    -    9,191    4,587   Level 3
Aditxt Notes(1)   3,928    -    3,928    1,352   Level 3
Totals  $156,129   $10,270   $166,399   $21,449   N/A

 

(1) These liabilities were carried at fair value in the condensed consolidated balance sheets as of the applicable reporting date. As such, the principal and accrued interest was included in the determination of fair value. The related debt issuance costs were expensed.
(2) The Baker Notes principal amount includes $42.5 million and $36.4 million of interest paid in-kind as of June 30, 2026 and December 31, 2025, respectively.
(3) The Adjuvant Notes are recorded in the condensed consolidated balance sheets at their net carrying amount which includes principal and accrued interest.
(4) For accounting purposes, the Company accounted for the Exchanged SSNs as a modification of the Original SSNs rather than as an extinguishment which would require derecognizing the fair value of Original SSNs and related accumulated other comprehensive loss and replacing them with the fair value of the Exchanged SSNs.
(5) As discussed in Note 4 – Debt, this includes the portion of the Exchanged SSNs that were acquired by HUB.