v3.26.1
Derivative Liabilities and Convertible Promissory Notes (Tables)
 6 Months Ended
Jun. 30, 2026
Derivative Liabilities and Convertible Promissory Notes [Abstract]  
Schedule of Fair Value of the Convertible Promissory

The following table presents changes in the fair value of the derivative liabilities during the period.

 

    Series A
Warrants		     Additional
Warrants		     Total
derivative
liabilities		  
Balance as of December 31, 2025     525       734       1,259  
Issuance of warrants     4,964       -       4,964  
Exercise of warrants     (376 )     -       (376 )
Change in fair value     (4,630 )     (129 )     (4,759 )
Balance as of June 30, 2026     483       605       1,088  
Schedule of Principal Amount and Fair Value of Convertible Promissory Notes

The following table presents the changes in the principal amount and fair value of the convertible promissory notes issued under the Notes SPA during the period:

 

    Principal
amount		     Fair Value  
Balance as of December 31, 2025     1,227       679  
Issuance of the February 2026 Note     600       274  
Issuance of the May 2026 Note     1,750       893  
Issuance of the June 2026 Note     2,000       994  
Day-one loss recognized at issuance     -       3,748  
Conversions     (3,599 )     (3,599 )
Accrued interest     25       25  
Remeasurement loss (gain) recognized in financial expense, net     -       (509 )
Balance as of June 30, 2026     2,003       2,505  
Schedule of Significant Inputs Used in Measuring the Fair Value of the Convertible Promissory Notes

The significant inputs used in measuring the fair value of the convertible promissory notes at their respective issuance dates were as follows:

 

    February 18,
2026		     May 10,
2026		     June 18,
2026		  
Expected volatility     166.58 %     166.90 %     170.77 %
Share price   $ 57.31     $ 19.09     $ 7.59  
Risk-free interest rate     3.48 %     3.83 %     4.10 %
Dividend yield     -       -       -  
Expected life (years)     1.5       1.5       1.5  
Fair value of note at issuance   $ 909     $ 2,409     $ 2,589  

 

The convertible promissory notes do not have a single fixed exercise price. The conversion price is determined at each conversion as the greater of the floor price and a fixed percentage of recent trading prices, as described above. The valuation model simulate this conversion-price mechanism over the expected life of the Notes, and accordingly no single exercise-price input is presented.

 

The following tables present the significant unobservable inputs used for the calculation of fair value as of June 30, 2026:

 

Series A Warrants:

 

    June 30,
2026		     December 31,
2025		  
Expected volatility     165.1 %     152.67 %
Exercise price   $ 6.8486     $ 158.62  
Share price   $ 7.37     $ 126.61  
Risk-free interest rate     4.16 %     3.6 %
Dividend yield     -       -  
Expected life (years)     3.081       3.58  

 

Additional Warrants:

 

    June 30,
2026		     December 31,
2025		  
Expected volatility     165.1 %     152.67 %
Exercise price   $ 43,749     $ 34,375  
Share price   $ 7.37     $ 126.61  
Risk-free interest rate     4.06 %     3.47 %
Dividend yield     -       -  
Expected life (years)     1.41       1.91  
Weighted average cost of capital (WACC)     21.7 %     20.4 %

 

Convertible promissory notes:

 

    June 30,
2026		     December 31,
2025		  
Expected volatility     182.67 %     150.73 %
Share price   $ 7.37     $ 126.61  
Risk-free interest rate     4.05 %     3.48 %
Dividend yield     -       -  
Expected life (years)     1.47       0.98