At December 31, 2025, the Company used the Black-Scholes option-pricing model to estimate the fair value of the its liability warrants using Level 3 inputs. The fair value of the liability warrants are included in the Other liabilities caption on the Condensed Consolidated Balance Sheets and the changes in fair value are included in Gain (loss) on derivative securities on the Condensed Consolidated Statements of Operations and Comprehensive (Loss) Income.

The following is a summary of stock warrant activity during the three months ended December 31, 2025.


	Number of Warrants Outstanding		Number of Shares to be Issued Upon Exercise of Warrants		Weighted Average Exercise Price ($) (1)
Balance, September 30, 2025		22,821,286		1,604,559	$	156.30
Warrants granted		—		—	$	—
Warrants exercised		—		—	$	—
Balance, December 31, 2025		22,821,286		1,604,559	$	156.30

(1) Weighted average calculated weighting the exercise price versus the number of common shares that would be granted on exercise.

As of December 31, 2025, there were warrants exercisable to purchase 1,604,559 shares of common stock in the Company and there were no unvested warrants. These warrants have a weighted average exercise price of $156.30. Most outstanding warrants contain provisions allowing a cashless exercise at their respective exercise prices.

As of December 31, 2025, 22,813,726 of the outstanding warrants had a weighted average remaining term of 2.8 years and an intrinsic value of $21. The remaining 7,560 of the outstanding warrants do not have expiration dates and have an intrinsic value of $49.