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Warrants (Tables) | 9 Months Ended
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Sep. 30, 2025
Warrants [Abstract] |
Schedule of Purchase of Warrants Outstanding | As of September 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 September 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 |  |  | 1,294 |  |  | $ | 1.610 |  |  | December 5, 2025
Series C warrants |  |  | 157 |  |  | $ | 1.625 |  |  | November 6, 2029
Series D warrants |  |  | 2,246 |  |  | $ | 1.610 |  |  | November 6, 2029
Series E warrants |  |  | 952 |  |  | $ | 1.250 |  |  | September 12, 2031
Series E warrants |  |  | 67 |  |  | $ | 1.475 |  |  | September 12, 2030
Balance as of September 30, 2025 |  |  | 8,837 |  |  |  |  |  |  |
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 |
Change in fair value of warrants |  |  | — |  |  |  | 16 |
Balance as of September 30, 2025 |  |  | 235 |  |  | $ | 65 |
Schedule of Purchase Warrants Determined Using the Black Scholes Model | The fair value of the Purchase Warrants at September 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 |  |  | 2.7 years |  |  |  | 2.7 years |
Interest rate (risk-free rate): |  |  | 3.73 | % |  |  | 3.73 | %
Expected volatility |  |  | 134 | % |  |  | 133 | %
Expected dividend |  |  | — |  |  |  | — |
Fair value of warrants (in thousands) |  | $ | 29 |  |  | $ | 36 |
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. + 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 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. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -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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