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Warrants (Tables)
12 Months Ended
Dec. 31, 2025
Warrants and Rights Note Disclosure [Abstract]  
Schedule of Assumptions Used to Estimate Fair Value of Warrants

The Company estimated the fair value of the SSI Warrant liability prior to the exercise using the following assumptions:

Risk-free interest rate

 

 

3.59

%

Expected dividend yield

 

 

 

Expected term (in years)

 

 

3.6

 

Expected volatility

 

 

94

%

Market value of common stock (per share)

 

$

5.66

 

The fair value adjustment was less than $0.1 million as of December 31, 2024, using the Black-Scholes-Merton option pricing model. The Company estimated the fair value of the SSI Warrant liability using the following assumptions as of December 31, 2024:

Risk-free interest rate

 

 

 

4.43

%

Expected dividend yield

 

 

 

 

Expected term (in years)

 

 

 

4.1

 

Expected volatility

 

 

 

87

%

Market value of common stock (per share)

 

 

$

1.73

 

Schedule of Warrant Liability

The following table summarizes changes in the Company’s warrant liability during the years ended December 31, 2025 and 2024 (in thousands):

 

 

Warrant Liability

 

Balance at January 1, 2024

 

$

454

 

Change in fair value

 

 

(16

)

Balance at December 31, 2024

 

$

438

 

Change in fair value

 

 

1,199

 

Exercise of SSI Warrants

 

 

(1,637

)

Balance at December 31, 2025

 

$