Quarterly report [Sections 13 or 15(d)]

DERIVATIVE LIABILITIES (Tables)

v3.25.2
DERIVATIVE LIABILITIES (Tables)
 6 Months Ended
Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract]  
Schedule of Derivative Liabilities at Fair Value
The following table summarizes the change in the Company’s derivative liabilities for the six months ended June 30, 2025.
Total Derivative Liabilities (1)
Balance as of January 1, 2025 $ 3,128 
Derivative warrants issued (2)
1,769 
Fair value changes (450)
Reclassification to equity (2)
(1,377)
Balance as of June 30, 2025 $ 3,070 
(1)Refer to Note 10 - Equity for the change in number of warrants during the six months ended June 30, 2025.
(2)In February 2025, the Company issued 8,010,626 warrants in connection with Second Lien Notes issuances, which were reclassified to equity upon the finalization of the exercise price in March 2025. Refer to Note 8 - Debt for more information.
Schedule of Fair Value Measurement Inputs and Valuation Techniques
The assumptions used in the fair value calculations as of the balance sheet dates presented include the following:
June 30, 2025 (unaudited) December 31, 2024
Stock price per share
 $0.32 $0.31
Risk-free annual interest rate
3.74% - 3.84%
4.24% - 4.35%
Range of estimated possible exercise price
$1.00 - $2.086
$1.00 - $2.086
Weighted average volatility 96% 93%
Remaining life
1.4 - 4.1 years
2 - 4.6 years
Forfeiture rate
 0% 0%
Expected annual dividend yield 0% 0%
For example, the following table illustrates an increase or decrease in certain significant assumptions as of the balance sheet dates:
As of June 30, 2025 As of December 31, 2024
(unaudited)
Input Effect of 10% Increase Effect of 10% Decrease Input Effect of 10% Increase Effect of 10% Decrease
Stock price per share
 $ 0.32 $ 437  $ (424) $ 0.31 $ 440  $ (427)
Volatility 96  % 440  (464) 93  % 438  (465)