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PREFERRED STOCK AND WARRANTS (Tables)

9 Months Ended

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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