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Warrant Liabilities | 6 Months Ended
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Jun. 30, 2026
Equity [Abstract] |
Warrant Liabilities | Warrant Liabilities The company issued warrants through RDOs. In the event of certain fundamental transactions involving the company, the holders of the warrants may require the company to make a payment based on a Black-Scholes valuation, using specified inputs that are not considered indexed to the company’s stock in accordance with ASC 815. Therefore, we classified the warrants as a liability at their fair value determined using the Black-Scholes option pricing model. The proceeds from issuance of common stock and warrants are allocated to warrants based on its fair value. The warrants issued by the company are summarized below: Warrant Liabilities The following table summarizes the change in carrying amount of warrant liabilities measured at fair value during the six months ended June 30, 2026 (in thousands):
| Total |  | February 2023 Warrants |  | July 2023 Warrants |  | April 2025 Warrants |  | July 2025 Warrants
Fair value, at December 31, 2025 | $ | 84,417 |  |  | $ | 230 |  |  | $ | 293 |  |  | $ | 41,476 |  |  | $ | 42,418 |
Change in fair value | 295,413 |  |  | 13,115 |  |  | 16,704 |  |  | 109,408 |  |  | 156,186 |
Warrant exercises | (71,637) |  |  | — |  |  | — |  |  | (60,737) |  |  | (10,900) |
Fair value, at March 31, 2026 | 308,193 |  |  | 13,345 |  |  | 16,997 |  |  | 90,147 |  |  | 187,704 |
Change in fair value | 44,190 |  |  | 2,061 |  |  | 2,625 |  |  | 12,836 |  |  | 26,668 |
Fair value, at June 30, 2026 | $ | 352,383 |  |  | $ | 15,406 |  |  | $ | 19,622 |  |  | $ | 102,983 |  |  | $ | 214,372 |
Warrant Exercises The following table summarizes warrant exercise activity during the six months ended June 30, 2026:
| Total |  | February 2023 Warrants |  | July 2023 Warrants |  | April 2025 Warrants |  | July 2025 Warrants
Warrants outstanding, at December 31, 2025 | 65,053,571 |  |  | 2,814,523 |  |  | 3,584,648 |  |  | 29,024,768 |  |  | 29,629,632 |
Warrant exercises | (17,191,435) |  |  | — |  |  | — |  |  | (15,524,768) |  |  | (1,666,667) |
Warrants outstanding, at March 31, 2026 | 47,862,136 |  |  | 2,814,523 |  |  | 3,584,648 |  |  | 13,500,000 |  |  | 27,962,965 |
Warrant exercises | — |  |  | — |  |  | — |  |  | — |  |  | — |
Warrants outstanding, at June 30, 2026 | 47,862,136 |  |  | 2,814,523 |  |  | 3,584,648 |  |  | 13,500,000 |  |  | 27,962,965 |
Subsequent to June 30, 2026, institutional holders exercised a total of 6,399,171 warrants pursuant to the February and July 2023 warrant agreements at an exercise price of $3.2946. See Note 19 “Subsequent Event” for more information. Warrant Valuation Assumptions The estimated fair value of the warrants was computed using the Black-Scholes option pricing model with the following key assumptions at the following dates:
| February and July 2023 Warrants |  | April 2025 Warrants |  | July 2025 Warrants
| June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025 |  | June 30, 2026 |  | December 31, 2025
Exercise price per share | $3.2946 |  | $3.2946 |  | $3.1010 |  | $3.1010 |  | $3.2400 |  | $3.2400
Expected term | 0.1 years |  | 0.6 years |  | 3.8 years |  | 4.3 years |  | 4.1 years |  | 4.6 years
Expected average volatility | 67.0 | % |  | 60.9 | % |  | 117.6 | % |  | 113.5 | % |  | 116.6 | % |  | 110.7 | %
Expected dividend yield | — |  |  | — |  |  | — |  |  | — |  |  | — |  |  | — |
Risk-free interest rate | 3.7 | % |  | 3.5 | % |  | 4.1 | % |  | 3.6 | % |  | 4.1 | % |  | 3.7 | %
The expected term is the time remaining until the expiration of the warrants. The expected average volatility was estimated based on the historical and implied volatility of our common stock. The expected dividend yield was based on our expectation of not paying dividends for the foreseeable future. The risk-free interest rate was based on the U.S. Treasury’s rates for U.S. Treasury zero-coupon bonds with maturities similar to those of the expected term of the award being valued. The significant unobservable inputs used in the warrant valuation are the expected term and the expected average volatility.

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