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PREFERRED STOCK AND WARRANTS (Tables) | 9 Months Ended
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Sep. 30, 2025
PREFERRED STOCK AND WARRANTS |
Schedule of fair value of preferred stock and warrants | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | September 30, | ​ | ​ | ​ | December 31, | ​
​ |  | 2025 | ​ | 2024
Stock price | ​ | $ | 3.80 | ​ | ​ | $ | 4.16 | ​
Strike price | ​ | $ | 3.77 | ​ | ​ | $ | 3.77 | ​
Risk-free rate | ​ |  | 3.64 | % | ​ |  | 4.21 | %
Volatility | ​ |  | 55.1 | % | ​ |  | 57.5 | %
Dividend yield | ​ |  | 0.0 | % | ​ |  | 0.0 | %
Time to expiration (years) | ​ |  | 1.5 | ​ | ​ |  | 2.2 | ​
Fair value of Warrant per share | ​ | $ | 1.09 | ​ | ​ | $ | 1.66 | ​
​ The changes in the Company’s Preferred Stock liabilities for the nine months ended September 30, 2024 were as follows (in thousands):
​ | ​ | ​ | ​
​ |  | Preferred stock
​ | ​ | liability
Balance at January 1, 2024 | ​ | $ | 53,337
Payable in-kind dividends |  | ​ | 2,743
Reversal of fair value adjustments |  | ​ | 5,605
Call premium (3%) |  | ​ | 1,851
Redemption (June 25, 2024) | ​ | ​ | (63,536)
Balance at September 30, 2024 | ​ | $ | —
​ The changes in the Company’s Warrant liabilities for the nine months ended September 30, 2025 and 2024 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine months ended September 30,
​ | ​ | 2025 | ​ | 2024
Balance at beginning of year | ​ | $ | 8,064 | ​ | $ | 5,295
Exercise of warrants | ​ | ​ | (150) | ​ | ​ | —
Fair value change | ​ |  | (2,811) | ​ |  | 292
Balance at end of period | ​ | $ | 5,103 | ​ | $ | 5,587

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