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WARRANT LIABILITY (Tables)
 9 Months Ended
Sep. 30, 2025
Warrant Liability  
SCHEDULE OF FAIR VALUE OF WARRANTS

The fair value of warrants as of September 30, 2025 and December 31, 2024 are as follows:

 

   September 30,   December 31, 
(in thousands)  2025   2024 
Warrant liability  $4,059   $- 
Total  $4,059   $- 
SCHEDULE OF UNREALIZED GAINS AND LOSSES ASSOCIATED WITH WARRANTS

Unrealized gains and losses associated with warrants are as follows:

 

(in thousands)  2025   2024   2025   2024 
   Three Months Ended   Nine Months Ended 
   September 30,   September 30, 
(in thousands)  2025   2024   2025   2024 
Unrealized (loss) gain on warrant liability  $(326)  $-   $2,238   $- 
SCHEDULE OF HIERARCHY WARRANT LIABILITIES FAIR VALUE

The valuation inputs hierarchy classification for liabilities measured at fair value on a recurring basis are summarized below as of September 30, 2025 and December 31, 2024 (in thousands). See Note 5. Investment Securities, Available-For-Sale and Fair Value Measurements, for discussion of the fair value level hierarchy.

 

As of September 30, 2025  Level 1   Level 2   Level 3 
Warrant liability  $-   $-   $4,059 
Total  $-   $-   $4,059 

 

As of December 31, 2024   Level 1    Level 2    Level 3 
Warrant liability  $-   $-   $- 
Total  $-   $-   $- 
SCHEDULE OF INPUTS AND ASSUMPTIONS FOR COMPANY’S VALUATIONS

The fair value of the warrants is measured using the Black-Scholes option pricing model as of the measurement dates. The table below lists the inputs and assumptions for the Company’s valuations as of September 30, 2025 and upon initial measurement as of February 4, 2025:

 

   September 30,   February 4, 
   2025   2025 
Expected term (years)   4.9    5.5 
Risk-free interest rate   3.73%   4.34%
Dividend yield   0%   0%
Volatility   71.25%   80.14%