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Warrants (Tables)

6 Months Ended

Jun. 30, 2025

Warrants [Abstract]

Schedule of Purchase of Warrants Outstanding

As of June 30, 2025, the Company had the following Purchase Warrants outstanding (share amounts in thousands):

		Number of Shares				Exercise Price				Expiration Date
Warrants issued - November 2022			92			$	40.00				May 28, 2028
Warrants issued - June 2023			143			$	28.00				June 2, 2028
			235

As of June 30, 2025, the Company had the following equity-classified common stock purchase warrants outstanding (share amounts in thousands):

Warrant Type		Number of Shares				Exercise Price				Expiration
Common Stock Warrant			7			$	28.00				June 2, 2028
Series A warrants			3,975			$	2.250				February 8, 2029
Series A warrants			139			$	2.625				February 8, 2029
Series C warrants			2,246			$	1.610				August 4, 2025
Series C warrants			157			$	1.625				November 6, 2029
Series D warrants			2,246			$	1.610				November 6, 2029
Balance as of June 30, 2025			8,770

Schedule of Changes in the Fair Value of Purchase Warrants Outstanding

The following table sets forth changes in the fair value of the Purchase Warrants outstanding (amounts in thousands):

		Number of Warrants
		on Common Shares				Amount
Balance as of December 31, 2024			235			$	55
Change in fair value of warrants			—				(35	)
Balance as of March 31, 2025			235			$	20
Change in fair value of warrants			—				29
Balance as of June 30, 2025			235			$	49

Schedule of Purchase Warrants Determined Using the Black Scholes Model

The fair value of the Purchase Warrants at June 30, 2025 was determined using the Black Scholes model with the assumptions in the following table.

		2022 Purchase Warrant				2023 Purchase Warrant
Expected term based on contractual term			2.9 years				2.9 years
Interest rate (risk-free rate):			3.83	%			3.83	%
Expected volatility			126	%			125	%
Expected dividend			—				—
Fair value of warrants (in thousands)		$	22			$	27

The fair value of the Purchase Warrants at December 31, 2024 was determined using the Black Scholes model with the assumptions in the following table.

		2022 Purchase Warrant				2023 Purchase Warrant
Expected term based on contractual term			3.4 years				3.4 years
Interest rate (risk-free rate):			4.38	%			4.38	%
Expected volatility			115	%			117	%
Expected dividend			—				—
Fair value of warrants (in thousands)		$	25			$	30

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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.

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Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

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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.

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