Annual report [Section 13 and 15(d), not S-K Item 405]

DERIVATIVE LIABILITIES (Tables)

v3.26.1
DERIVATIVE LIABILITIES (Tables)
 12 Months Ended
Dec. 31, 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:
Total Derivative Liabilities (1)
Balance as of January 1, 2024 $ 2,638 
Fair value changes
 (6,119)
Derivative Warrants issued (2)
6,765 
Expiration of derivative warrants (156)
Balance as of December 31, 2024
 3,128 
Derivative Warrants issued (3)
1,769 
Fair value changes
 5,087 
Reclassification to equity (3)
(1,377)
Balance as of December 31, 2025 $ 8,607 
(1)Refer to Note 14 - Equity for the change in number of warrants outstanding.
(2)Represents the fair value of 19,400,000 derivative warrants issued in connection with the 2024 Term Loan in July 2024. Refer to Note 10 - Debt for more information.
(3)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 10 - 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:
As of December 31,
2025 2024
Stock price per share $0.63 $0.31
Risk-free annual interest rate
3.48% - 3.60%
4.24% - 4.35%
Exercise price
$1.00 - $2.086
$1.00 - $2.086
Weighted average volatility 118% 93%
Remaining life
0.9 - 3.6 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 December 31, 2025
As of December 31, 2024
Input Effect of 10% Increase Effect of 10% Decrease Input Effect of 10% Increase Effect of 10% Decrease
Stock price per share $ 0.63 $ 1,075  $ (1,057) $ 0.31 $ 440  $ (427)
Volatility 118  % $ 713  $ (792) 93  % $ 438  $ (465)