Warrant Liabilities

12 Months Ended

Dec. 31, 2025

5-Year Private Warrants

During the year ended December 31, 2025, 34,289,898 warrants expired unexercised on May 29, 2025. These 5-year private warrants were initially issued in 2020 with an exercise price of $11.50 per warrant, and on a post 1-for-10 reverse stock split basis, 10 warrants were required to purchase 1 share of common stock. Of these expired warrants, 33,619,298 warrants were reported in the Company’s equity section, and the remaining 670,600 warrants were classified as a warrant liability with the fair value reported under liabilities on the Company’s balance sheet. The expiration of the equity warrants, and the warrant liability had no material impact on the Company’s Financial Statements.

The following table summarizes the Company’s outstanding warrant liabilities (dollars in thousands):


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

	Balance at			Fair Value Adjustments(1)			Transfers to 5-Year Public Warrants			Balance at
	December 31, 2023									December 31, 2024
	Warrants	Amount		Warrants	Amount		Warrants	Amount		Warrants	Amount
5-Year Private Warrants	865,422	$	26	—	$	(15)	(194,822)	$	(5)	670,600	$	6

(1)Liability classified warrants are subject to fair value remeasurement at each balance sheet date in accordance with ASC 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 19 – Fair value measurements to the Notes to the Consolidated Financial Statements for further detail on the fair value of the Company’s liability classified warrants.