Stockholders' Equity (Tables)

6 Months Ended

Jun. 30, 2025

The following tables summarize the Company’s 5-Year Private Warrants(1) (in thousands, except warrant amounts):


Balance at			Fair Value			Expired			Balance at
December 31, 2024			Adjustments(1)			5-Year Public Warrants			June 30, 2025
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
670,600	$	6	—	$	(5)	(670,600)	$	(1)	—	$	—


Balance at			Fair Value			Transfers to			Balance at
December 31, 2023			Adjustments(1)			5-Year Public Warrants			June 30, 2024
Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
865,422	$	26	—	$	(7)	(194,822)	$	(5)	670,600	$	14

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASU Topic 815-40, Contracts on Entity’s Own Equity. As a result, fair value adjustments related exclusively to the Company’s liability classified warrants. See Note 8 – Fair Value Measurements for additional information on the fair value of the Company’s liability classified warrants.

The following tables summarize the Company’s outstanding equity classified warrants included in Additional paid-in capital (in thousands, except warrant amounts):


	Balance at December 31, 2024			Warrant Issuances			Expired 5-Year Private Warrants			Balance at June 30, 2025

	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants (1)	33,619,298	$	29,554	—	$	—	(33,619,298)	$	(29,554)	—	$	—
Public Offering Warrants (5-Year)	9,583,334	12,938		—	—		—	—		9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604		—	—		—	—		46,816,480	25,604
Public Offering Warrants (3-Year)	—	$	—	7,187,500	$	6,294	—	—		7,187,500	6,294
Total	90,019,112	$	68,096	7,187,500	$	6,294	(33,619,298)	$	(29,554)	63,587,314	$	44,836

(1) During the six months ended June 30, 2025, 34,289,898 warrants expired unexercised on May 29, 2025. Of these expired warrants, 33,619,298 warrants were reported in the Company’s equity section.


	Balance at December 31, 2023			Transfers from 5-Year Private Warrants			Balance at June 30, 2024
	Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Public Warrants	33,424,476	$	29,539	194,822	$	5	33,619,298	$	29,544
Public Offering Warrants (5-Year)	9,583,334	12,938		—	—		9,583,334	12,938
Private Placement Offering Warrants	46,816,480	25,604		—	—		46,816,480	25,604
Total	89,824,290	$	68,081	194,822	$	5	90,019,112	$	68,086

The following table summarizes additional information on the Company’s outstanding warrants as of June 30, 2025:


	Exercise price		Exercise period	Expiration date	Warrants outstanding

Public Offering Warrants (5-Year)	$	10.50	5 years	October 6, 2025	9,583,334
Private Placement Offering Warrants	$	1.068	5 years	March 15, 2027	46,816,480
Public Offering Warrants (3-Year)	$	4.200	3 years	June 13, 2028	7,187,500