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WARRANT LIABILITY

3 Months Ended

Mar. 31, 2026

NOTE 8– WARRANT LIABILITY

The May 2025 Warrants (see Note 3) do not meet all the equity classification criteria and therefore were determined to be classified as liabilities measured at fair value through earnings. The Company utilized the Black Scholes Model to calculate the value of the May 2025 Warrants.

The aggregate fair value of the May 2025 Warrants as of March 31, 2026, was $824 and was estimated using the Black Scholes Model and using the following assumptions: stock price $2.38, exercise price $20.40, dividend yield 0%; remaining term of 4.13 years; equity volatility of 152.31%; and a risk-free interest rate of 3.92%.

ENVUE MEDICAL, INC.

Notes to the Interim Condensed Consolidated Financial Statements (unaudited)

(Amounts in thousands except share and per share data)

The Company recognized changes in the fair value of the warrant liability of $17 during the three months ended March 31, 2026, as financial income on the consolidated statement of operations.

Changes in the warrant liability balance

Below is the change in the warrant liability balance for the three months ended March 31, 2026:

SCHEDULE OF CHANGE IN WARRANT LIABILITY

Balance as of December 31, 2025	$	807
Change in fair value		17
Balance as of March 31, 2026	$	824

See Note 12 for assets and liabilities which are measured at fair value on a recurring basis by level within the fair value hierarchy.