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v3.26.1

Warrants (Tables) | 3 Months Ended
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Mar. 31, 2026
Class of Warrant or Right [Line Items] |
Summary of Warrant Activity | The following table summarizes warrant activity for the three months ended March 31, 2026 and 2025:
|  | Outstanding December 31, 2025 |  |  | Warrants Issued |  |  | Warrants Exercised |  |  | Warrants Forfeited |  |  | Outstanding March 31, 2026 |
Common Stock Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PIPE Placement Agent Warrants |  |  | 21,091 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,091 |
Preferred PIPE Placement Agent Warrants |  |  | 850,119 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 850,119 |
Ladenburg Warrants |  |  | 30,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30,000 |
PIPE Warrants |  |  | 736,337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 736,337 |
Pre-Funded Warrants |  |  | — |  |  |  | 2,753,246 |  |  |  | — |  |  |  | — |  |  |  | 2,753,246 |
Liability Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Combination Public Warrants |  |  | 575,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 575,000 |
Private Placement Warrants |  |  | 20,860 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,860 |
Preferred Stock Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred PIPE Series B Warrants |  |  | 1,500,000 |  |  |  | — |  |  |  | (17,000 | ) |  |  | — |  |  |  | 1,483,000 |
Liability Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Tranche C Warrants |  |  | 107,115 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107,115 |
|  | Outstanding December 31, 2024 |  |  | Warrants Issued |  |  | Warrants Exercised |  |  | Warrants Forfeited |  |  | Outstanding December 31, 2025 |
Common Stock Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PIPE Placement Agent Warrants |  |  | 21,091 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,091 |
Preferred PIPE Placement Agent Warrants |  |  | 850,119 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 850,119 |
Ladenburg Warrants |  |  | 30,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30,000 |
PIPE Warrants |  |  | 736,337 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 736,337 |
Liability Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Business Combination Public Warrants |  |  | 575,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 575,000 |
Private Placement Warrants |  |  | 20,860 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,860 |
Preferred Stock Warrants |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Equity Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred PIPE Series B Warrants |  |  | — |  |  |  | 1,500,000 |  |  |  | — |  |  |  | — |  |  |  | 1,500,000 |
Liability Classified |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Preferred Tranche B Warrants (1) |  |  | 42,846 |  |  |  | — |  |  |  | — |  |  |  | (42,846 | ) |  |  | — |
Preferred Tranche C Warrants |  |  | 107,115 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107,115 |
(1) On January 1, 2025, 42,846 Preferred Tranche B Warrants expired, unexercised. The Company recognized a gain of $3 thousand in other income in our condensed consolidated statement of operations, representing the fair value of the warrants at expiration. The valuation as of December 31, 2024, was based on a risk-free interest rate of 3.93%, an expected remaining term of 0.23 periods, implied volatility of 75%, and an underlying stock price of $309.37.
Schedule of Key Inputs into Monte Carlo Simulation | The key inputs into the valuations as of March 31, 2026 and December 31, 2025, were as follows:
|  | March 31, 2026 |  |  | December 31, 2025 |
Risk-free interest rate |  |  | 3.75 | % |  |  | 3.83 | %
Expected term remaining (periods) |  |  | 0.56 |  |  |  | 0.81 |
Implied volatility |  |  | 231.7 | % |  |  | 200.4 | %
Closing common stock price on the measurement date |  | $ | 3.83 |  |  | $ | 3.74 |
Series A
Preferred Tranche C Warrants [Member] |
Class of Warrant or Right [Line Items] |
Schedule of Key Inputs into Monte Carlo Simulation | ## The key inputs utilized in determining the fair value of each Preferred Tranche C Warrant as of March 31, 2026 and December 31, 2025, were as follows:
|  | March 31, 2026 |  |  | December 31, 2025 |
Risk-free interest rate (1) |  |  | 3.80 | % |  |  | 3.54 | %
Expected term remaining (periods) (1) |  |  | 2.66 |  |  |  | 2.91 |
Implied volatility |  |  | 102.5 | % |  |  | 105.0 | %
Underlying Stock Price (Preferred Series A) |  | $ | 312.29 |  |  | $ | 304.95 |
(1) Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of dissolution, should SABS’ intellectual property fail to yield positive results in forthcoming clinical trials, potentially leading to dissolution before 2028. The probability was 47.5% as of March 31, 2026 and December 31, 2025.

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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