Warrants

3 Months Ended

Mar. 31, 2026

Warrants

Warrants

Note 7 – Warrants

Public Warrants and Private Placement Warrants

The table below provides a summary of the outstanding Public and Private Placement Warrants classified as a liability.

	March 31, 2026	December 31, 2025
Public Warrants	17,115,685	13,958,836
Private Placement Warrants	2,217,618	5,374,467

Each whole Warrant entitles the holder thereof to purchase one share of common stock at a price of $11.50 per share, subject to customary adjustments. Only whole Warrants are exercisable. The Warrants became exercisable on January 7, 2022 and will expire on December 8, 2026.

None of the Private Placement Warrants are redeemable by the Company so long as they are held by the initial purchasers of the Private Placement Warrants or their permitted transferees. The table below provides the fair value of warrant liabilities at:

		March 31, 2026		December 31, 2025
Fair value of warrant liabilities	$	4,240	$	13,881

The table below provides the gain (loss) recognized in connection with changes in fair value of warrant liabilities at:

		Three Months Ended March 31,
		2026		2025
Gain (Loss) recognized associated with warrant liabilities	$	9,642	$	5,879

There have been no changes to the terms of the Public or Private Placement Warrants disclosed in the 2025 Form 10-K.

Pre-Funded Warrants and Common Warrants

In January 2026, the Company issued pre-funded warrants (the “Pre-Funded Warrants”) to purchase an aggregate of 5,807,018 shares of common stock and warrants (the “Common Warrants”) to purchase up to an aggregate of 45,614,036 shares of common stock. As of March 31, 2026, there were no Pre-Funded Warrants outstanding and there were Common Warrants to purchase an aggregate of 45,614,036 shares of common stock outstanding. The Common Warrants are classified in equity and are not measured at fair value and are not remeasured each reporting period. See Note 8 – Stockholders’ Equity for additional information.