v3.26.3
Warrant Liabilities (Tables)
9 Months Ended
Sep. 30, 2026
Warrant Liabilities  
Schedule of valuation assumptions

As of September 30, 2026 and December 31, 2025, the $7.75 Warrants were valued at $52.1 million and $52.3 million, respectively, using the following Black-Scholes assumptions:

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As of

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September 30, 2026

​

December 31, 2025

Risk-free interest rate

4.51%

​

3.43%

Volatility

99.56%

​

80.00%

Expected average term (years)

1.47

​

2.22

Exercise price

$7.75

​

$7.75

Stock price

$1.94

​

$1.97

Fair value per share

$0.28

​

$0.28

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Schedule of change in carrying amount warrants

The change in the carrying amount of the $7.75 Warrants during the nine months ended September 30, 2026 was as follows (in thousands):

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Beginning balance as of December 31, 2025

​

$

52,323

Change in fair value of warrant liabilities

​

​

54,640

Ending balance as of March 31, 2026

​

$

106,963

Change in fair value of warrant liabilities

​

​

29,291

Ending balance as of June 30, 2026

​

$

136,254

Change in fair value of warrant liabilities

​

​

(84,166)

Ending balance as of September 30, 2026

​

$

52,088

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