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Warrant Liability (Tables)
 3 Months Ended
Mar. 31, 2026
Warrant Liability [Abstract]  
Schedule of Valuation Inputs into the Black Scholes Model for the Liability The tables below summarize the valuation inputs into the Black Scholes model for the liability associated with the three tranches of Warrants at December 31, 2025 and March 31, 2026.
Tranche A Warrant  At
December 31,
2025		   At
March 31,
2026		 
Fair value of underlying stock  $5.77   $6.58 
Exercise price  $5.39   $5.39 
Volatility   61.6% – 100.3%   66.4% - 99.6%
Risk free rate   3.5% – 3.7%   3.7%
Dividend yield   0%   0%
Term (in years)   0.2 – 1.0    0.2 – 1.0 
Discount for lack of marketability   5.0%   5.0%
Probability for receipt of FDA approval for Oxylanthanum carbonate   64.80% - 66.83%   73.44-75.74%
Tranche B Warrant  At
December 31,
2025		   At
March 31,
2026		 
Fair value of underlying stock  $5.77   $6.58 
Exercise price  $5.93   $5.93 
Volatility   100.3% - 108.2%   63.6% - 99.6%
Risk free rate   3.5%   3.7%
Dividend yield   0%   0%
Term (in years)   0.7 - 1.5    0.8 - 1.5 
Discount for lack of marketability   5.0%   5.0%
Probability for receipt of Transitional Drug Add-On Payment Adjustment approval for Oxylanthanum carbonate   70.0%   70.0%

 

Tranche C Warrant  At
December 31,
2025		   At
March 31,
2026		 
Fair value of underlying stock  $5.77   $6.58 
Exercise price  $7.41   $7.41 
Volatility   99.0% - 105.0%   94.5% - 102.3%
Risk free rate   3.5%   3.7%
Dividend yield   0%   0%
Term (in years)   1.2 – 2.0    1.2 – 2.0 
Discount for lack of marketability   5.0%   5.0%
Probability for public disclosure of financial results for four (4) quarters of commercial sales for Oxylanthanum carbonate following receipt of Transitional Drug Add-On Payment Adjustment approval   1.56% - 51.2%   2.7% - 61.41%
Schedule of Preferred Stock Warrants

The following table summarizes activity, on an as-converted to common shares basis, for the Company’s preferred stock warrants for the three months ended March 31, 2026:

 

           Weighted-     
   Number of       Average     
   Shares   Weighted-   Remaining   Aggregate 
   Underlying   Average   Contractual   Intrinsic 
   Outstanding   Exercise   Term   Value 
   Warrants   Price   (in Years)   (in thousands) 
Outstanding, December 31, 2025   15,818,817   $6.41    1.12   $
-
 
Warrants contingently issuable   
-
    
-
    
-
    
-
 
Warrants exercised        
-
    
-
    
-
 
Outstanding, March 31, 2026   15,818,817   $6.41    0.88   $
-