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PREFERRED STOCK AND WARRANTS | 3 Months Ended
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Mar. 31, 2026
PREFERRED STOCK AND WARRANTS |
PREFERRED STOCK AND WARRANTS | (11) PREFERRED STOCK AND WARRANTS In connection with a private placement completed in March 2023, the Company issued warrants that remain outstanding following the June 2024 redemption of the related preferred stock. No warrant exercises occurred during the three months ended March 31, 2026. In the three months ended March 31, 2025, holders exercised 0.2 million warrants, and the remaining warrants continue to be outstanding without modification. The Company accounts for the warrants as liability‑classified instruments under ASC 480, Distinguishing Liabilities from Equity, and remeasures them to fair value at each reporting date using a Black‑Scholes option‑pricing model. Changes in fair value are recognized within Other income, net in the condensed consolidated statements of operations. The Company determined the fair value of the warrants using Level 3 input. The key assumptions into the model utilized were as follows as of March 31, 2026 and December 31, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | March 31, | ​ | ​ | ​ | December 31, | ​
​ | 2026 | ​ | 2025
Stock price | $ | 2.12 | ​ | ​ | $ | 2.88 | ​
Strike price | $ | 3.77 | ​ | ​ | $ | 3.77 | ​
Risk-free rate |  | 3.68 | % | ​ |  | 3.48 | %
Volatility |  | 57.5 | % | ​ |  | 50.7 | %
Dividend yield |  | 0.0 | % | ​ |  | 0.0 | %
Time to expiration (years) |  | 1.0 | ​ | ​ |  | 1.2 | ​
Fair value of warrant per share | $ | 0.15 | ​ | ​ | $ | 0.41 | ​
​ The changes in the Company’s warrant liabilities for the three months ended March 31, 2026 and 2025 were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​
​ | Three months ended March 31,
​ | 2026 | ​ | 2025
Balance at beginning of year | $ | 1,919 | ​ | $ | 8,064
Exercise of warrants | ​ | — | ​ | ​ | (150)
Fair value change |  | (1,237) | ​ |  | (1,735)
Balance at end of period | $ | 682 | ​ | $ | 6,179
​ The warrants are immediately exercisable and upon an event such as a merger, consolidation, asset sale or similar change of control, the warrants may be exercised and the holders may vote the underlying shares of common stock. In connection with the private placement, the Company provided the investors with certain registration rights relating to the preferred stock, the warrants and the shares of the Company’s common stock underlying the warrants, that required the Company to file a registration statement on Form S-3 with the SEC within 30 days following the closing date of the Private Placement. The registration requirement was completed on May 19, 2023. During the three months ended March 31, 2025, 176,658 of the warrants were exercised in cashless exercises, resulting in the issuance of 32,573 of the Company’s common stock at a weighted average fair value of $4.62 per share. There were 4,681,432 remaining warrants outstanding as of March 31, 2026.

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