| Summary of Outstanding Warrants |
The following table provides a summary of the number of the Company's outstanding warrants:
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Exercise price |
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Expiration date |
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June 30,
2026 |
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December 31,
2025 |
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Liability-classified warrants: |
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February 2026 Offering Common Warrants |
February 17, 2026 - August 17, 2026: $0.6587,
August 18, 2026 - January 1, 2027: $0.5489 and
January 2, 2027 - February 17, 2031: $0.287 |
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February 2031 |
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32,792,859 |
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|
|
— |
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2025 Offering Common Stock Warrants |
$ |
0.8553 |
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|
September 2030 |
|
|
— |
|
|
|
377,460 |
|
Junior Note Warrants |
$ |
24.95 |
|
|
December 2028 |
|
|
172,209 |
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|
|
172,209 |
|
Public Warrants |
$ |
2,295.40 |
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January 2028 |
|
|
83,722 |
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|
|
83,722 |
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Total |
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33,048,790 |
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|
|
633,391 |
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Equity-classified warrants: |
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|
|
|
December 2025 $0.05 YA Warrants |
$ |
0.05 |
|
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December 2030 |
|
|
— |
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|
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16,032,065 |
|
December 2025 $1.25 YA Warrants |
$ |
1.25 |
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December 2030 |
|
|
20,040,081 |
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|
20,040,081 |
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December 2025 $1.871 YA Warrants |
$ |
1.871 |
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December 2030 |
|
|
5,010,021 |
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|
|
5,010,021 |
|
December 2025 $2.35 YA Warrants |
$ |
2.35 |
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December 2030 |
|
|
5,010,021 |
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|
5,010,021 |
|
2025 Offering Placement Agent Warrants |
$ |
0.8907 |
|
|
September 2030 |
|
|
673,617 |
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|
673,617 |
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February 2026 Offering Placement Agent Warrants |
$ |
0.6861 |
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February 2031 |
|
|
437,239 |
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|
|
— |
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June 2023 Senior Note Warrants |
$ |
205.59 |
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June 2028 |
|
|
67,177 |
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|
67,177 |
|
August 2024 Warrants Issued with Junior Notes |
$10.88 — $15.87 |
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August 2029 |
|
|
3,987 |
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|
|
3,987 |
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Total |
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|
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31,242,143 |
|
|
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46,836,969 |
|
The following table provides a summary of the activity related to the number of the Company's outstanding warrants during the six months ended June 30, 2026:
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Warrants Outstanding at
December 31, 2025 |
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Issuances |
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Exercises |
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Warrants Outstanding at
June 30, 2026 |
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Shares of Common Stock Issued Upon Exercise |
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Liability-classified warrants: |
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February 2026 Offering Common Warrants |
|
— |
|
|
|
32,792,859 |
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|
|
— |
|
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|
32,792,859 |
|
|
|
— |
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February 2026 Offering Pre-Funded Warrants |
|
— |
|
|
|
10,162,680 |
|
|
|
(10,162,680 |
) |
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|
— |
|
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|
10,162,680 |
|
2025 Offering Common Stock Warrants |
|
377,460 |
|
|
|
— |
|
|
|
(377,460 |
) |
|
|
— |
|
|
|
1,966,246 |
|
Junior Note Warrants |
|
172,209 |
|
|
|
— |
|
|
|
— |
|
|
|
172,209 |
|
|
|
— |
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Public Warrants |
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83,722 |
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|
|
— |
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|
— |
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|
83,722 |
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— |
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Total |
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633,391 |
|
|
|
42,955,539 |
|
|
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(10,540,140 |
) |
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33,048,790 |
|
|
|
12,128,926 |
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Equity-classified warrants: |
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December 2025 $0.05 YA Warrants |
|
16,032,065 |
|
|
|
|
|
|
(16,032,065 |
) |
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|
— |
|
|
|
16,032,065 |
|
December 2025 $1.25 YA Warrants |
|
20,040,081 |
|
|
|
|
|
|
|
|
|
20,040,081 |
|
|
|
— |
|
December 2025 $1.871 YA Warrants |
|
5,010,021 |
|
|
|
|
|
|
|
|
|
5,010,021 |
|
|
|
— |
|
December 2025 $2.35 YA Warrants |
|
5,010,021 |
|
|
|
|
|
|
|
|
|
5,010,021 |
|
|
|
— |
|
2025 Offering Placement Agent Warrants |
|
673,617 |
|
|
|
|
|
|
|
|
|
673,617 |
|
|
|
— |
|
Indigo Pre-Funded Warrants |
|
— |
|
|
|
11,176,650 |
|
|
|
(11,176,650 |
) |
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— |
|
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|
11,170,330 |
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February 2026 Offering Placement Agent Warrants |
|
— |
|
|
|
437,239 |
|
|
|
|
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|
437,239 |
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|
|
— |
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Q2 2026 Indigo Pre-Funded Warrants |
|
— |
|
|
|
28,832,411 |
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|
|
(28,832,411 |
) |
|
|
— |
|
|
|
28,814,774 |
|
June 2023 Senior Note Warrants |
|
67,177 |
|
|
|
|
|
|
|
|
|
67,177 |
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|
|
— |
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August 2024 Warrants Issued with Junior Notes |
|
3,987 |
|
|
|
|
|
|
|
|
|
3,987 |
|
|
|
— |
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Total |
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46,836,969 |
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|
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40,446,300 |
|
|
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(56,041,126 |
) |
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31,242,143 |
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56,017,169 |
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