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.


	Balance at	Warrants	Warrants	Warrants	Balance at
	December 31, 2024	Issued	Expired	Exercised	December 31, 2025

5-Year Public Warrants (1) (2)	33,619,298	—	(33,619,298)	—	—
Public Offering Warrants (5-Year) (1)	9,583,334	—	(9,583,334)	—	—
Private Placement Offering Warrants (1)	46,816,480	—	—	—	46,816,480
2025 3-Year Warrants		7,187,500	—	(2,363,600)	4,823,900
2025 2-Year Warrants		7,008,528	—	(228,618)	6,779,910
Total	90,019,112	14,196,028	(43,202,632)	(2,592,218)	58,420,290

(1)Warrants issued prior to the 1-for-10 reverse stock split that was effective November 14, 2023, issuable into common stock at the rate of 10 warrants per share

(2)In addition to the equity warrants, there were 670,600 5-Year Public Warrants classified as a warrant liability with the fair value reported under liabilities on the Company’s balance sheet

The following table summarizes additional information on the Company’s outstanding warrants as of December 31, 2025:


	Exercise Price		Exercise Period	Expiration Date	Warrants Outstanding
Private Placement Offering Warrants(1)	$	1.068	5 years	3/15/2027	46,816,480
2025 3-Year Warrants	$	4.200	3 years	6/13/2028	4,823,900
2025 2-Year Warrants	$	6.000	2 years	9/10/2027	6,779,910
Total Warrants Outstanding					58,420,290

(1) Warrants issued prior to the 1-for-10 reverse stock split that was effective November 14, 2023, issuable into common stock at the rate of 10 warrants per share

The following table summarizes additional information on the Company’s outstanding warrants as of December 31, 2024:


	Exercise Price		Exercise Period	Expiration Date	Warrants Outstanding
5-Year Public Warrants(1) (2)	$	11.500	5 years	5/29/2025	33,619,298
Public Offering Warrants(1)	$	10.500	5 years	10/6/2025	9,583,334
Private Placement Offering Warrants(1)	$	1.068	5 years	3/15/2027	46,816,480
Total Warrants Outstanding					90,019,112

(1)Warrants issued prior to the 1-for-10 reverse stock split that was effective November 14, 2023, issuable into common stock at the rate of 10 warrants per share

(2)In addition to the equity warrants, there were 670,600 5-Year Public Warrants classified as a warrant liability with the fair value reported under liabilities on the Company’s balance sheet