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Stockholders’ Equity and Stock-Based Compensation (Tables)
3 Months Ended
Mar. 31, 2026
Stockholders’ Equity and Stock-Based Compensation [Abstract]  
Schedule of Net Proceeds

The table below details the net proceeds of the January 2026 Offering.

Gross proceeds  $999,996 
Offering costs:     
Underwriting discounts and commissions   (40,000)
Other offering costs   (892)
Net proceeds  $959,104 
Schedule of Warrants Activity

A summary of our Warrants activity and related information is as follows:

 

   Number of
Shares
Under
Warrant
   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Life
 
Balance as of January 1, 2026   75,476,378   $19.74    6.74 
Granted   163,370,822   $20.84      
Exercised   (42,527,395)  $0.14      
Canceled   
-
   $
-
      
Balance as of March 31, 2026   196,319,805   $24.90    6.68 
Vested and Exercisable as of March 31, 2026   196,293,252   $24.90    6.68 
Schedule of Assumptions Used in the Black-Scholes Model

The assumptions used in the Black-Scholes Model are set forth in the table below.  

 

    Three Months Ended
March 31,
 
    2026    2025 
Stock price  $9.44-12.27   $2.11-2.69 
Risk-free interest rate   3.69-4.17%   4.42-4.65%
Volatility   65.98-77.49%   59.05-88.69%
Expected life in years   5.17-5.88     5.00-5.77  
Dividend yield   -%   -%
Schedule of Option Activity

A summary of our Option activity and related information is as follows:

 

   Number of
Shares
Under
Option
   Weighted
Average
Exercise
Price
   Weighted
Average
Remaining
Contractual
Life
 
Balance as of January 1, 2026   20,014,381   $3.72    8.16 
Granted   7,412,700   $10.29      
Exercised   (1,620,088)  $2.60      
Forfeited   (458,338)  $5.42      
Canceled   (983)  $0.86      
Balance as of March 31, 2026   25,347,672   $5.68    8.06 
Vested and Exercisable as of March 31, 2026   4,496,344   $3.51    6.78 
Schedule of Stock-Based Compensation Expense for Stock Options

Total stock-based compensation expense for stock options for the three months ended March 31, 2026 and 2025 is as follows:

 

   Three Months Ended
March 31,
 
(dollars in thousands)  2026   2025 
General and administrative  $3,945   $788 
Sales and marketing   836    (1)
Research and development   1,740    69 
Cost of goods sold   575    69 
Total stock-based compensation related to options  $7,096   $925 

Total stock-based compensation expense for RSUs for the three months ended March 31, 2026 and 2025 is as follows:

 

   Three Months Ended
March 31,
 
(dollars in thousands)  2026   2025 
General and administrative  $10,577   $286 
Sales and marketing   727    155 
Research and development   795    51 
Cost of goods sold   463    65 
Total stock-based compensation related to restricted stock units  $12,562   $557 
Schedule of Restricted Stock Unit (RSUs) Activity

A summary of our RSUs activity and related information is as follows:

 

   RSUs   Weighted
Average
Grant Date
Fair Value
   Weighted
Average
Vesting
Period
(Years)
 
Unvested balance at January 1, 2026   9,110,776   $5.64    2.35 
Granted   18,374,254   $9.47      
Vested   (763,569)  $2.80      
Canceled   (108,334)  $6.32      
Unvested balance at March 31, 2026   26,613,127   $8.42    2.69