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EQUITY (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Warrants Outstanding and Exercisable

The following table summarizes the status of the Company’s warrants and related transactions for each of the presented years:


	Non-Derivative Warrants	Derivative Warrants (1)	Total Number of Warrants	Weighted - Average Exercise Price Per Warrant		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2023	30,673,635	55,375,202	86,048,837	$	1.40	$	1,081	3.9
Granted (2)(3)	2,970,221	—	2,970,221	$	0.63
Cancelled (3)	(2,087,500)	—	(2,087,500)	$	2.18
Reclassified	17,512,280	(17,512,280)	—
Balance, December 31, 2023	49,068,636	37,862,922	86,931,558	$	1.12	$	—	3.0
Granted (4)	2,500,000	19,400,000	21,900,000	$	0.99
Cancelled/forfeited/expired (5)	(1,050,100)	(35,862,922)	(36,913,022)	$	1.21
Balance, December 31, 2024	50,518,536	21,400,000	71,918,536	$	1.03	$	—	3.6
Exercisable, December 31, 2024	48,898,536	21,400,000	70,298,536	$	1.04	$	—	3.6

(1)In June 2023, 5,890,922 warrants were repriced from $1.25 to $1.00. Additionally, 17,512,280 warrants were reclassified from derivative liability warrants to non-derivative (equity) warrants and repriced from $2.086 to $1.00. Refer to Note 13 - Derivative Liabilities for additional information.

(2)The non-derivative warrants were issued for consulting or other services, therefore, these compensatory warrants are accounted for as share-based payment arrangements.

(3)On November 15, 2023, the Company cancelled warrants to purchase 200,000 SVS at an exercise price of $1.75 held by the Company’s Chief Financial Officer, that were originally issued on December 9, 2022, and reissued warrants to purchase 200,000 SVS at an exercise price of $0.55 and an expiration date of December 17, 2028.

(4)In July 2024, 19,400,000 warrants were issued in connection with the Term Loans. In February 2024, 1,800,000 warrants were issued in connection with the Debt Exchange. Refer to Note 10 - Debt for more information.

(5)On December 23, 2024, 35,862,922 warrants that were issued in connection with the Senior Notes expired.

Schedule of Share-Based Payment Award, Warrants, Valuation Assumptions

The following assumptions were used for the calculations at date of issuance.


	Year Ended December 31,
	2024	2023
Weighted average stock price	$0.60	$0.55
Weighted average expected stock price volatility	87%	77%
Expected annual dividend yield	—%	—%
Weighted average expected life of warrants	4.8 years	5.1 years
Weighted average risk-free annual interest rate	3.97%	3.94%
Weighted average grant date fair value	$0.36	$0.28

Schedule of Stock Options Outstanding

The following table summarizes the status of stock options and related transactions for each of the presented years:


	Stock Options	Weighted Average Exercise Price per Stock Options		Aggregate Intrinsic Value		Weighted Average Remaining Contractual Life (in Years)
Balance, January 1, 2023	30,752,259	$	2.58	$	—	8.5
Granted	11,507,429	$	0.54

Cancelled/forfeited/expired	(14,606,504)	$	3.20
Balance, December 31, 2023	27,653,184	$	1.40	$	—	8.2
Granted	12,954,490	$	0.57
Exercised	(64,999)	$	0.60
Cancelled/forfeited/expired	(13,773,256)	$	1.81
Balance, December 31, 2024	26,769,419	$	0.79	$	—	8.5
Exercisable, December 31, 2024	11,209,397	$	0.99	$	—	8.0

Schedule of Share-Based Payment Award, Stock Options, Valuation Assumptions

The following assumptions were used for the calculation at date of grant:


	Year Ended December 31,
	2024	2023
Weighted average stock price	$0.56	$0.53
Weighted average expected stock price volatility	86.9%	76.6%
Expected annual dividend yield	—%	—%
Weighted average expected life	5.0 years	5.9 years
Weighted average risk-free annual interest rate	3.56%	3.81%
Weighted average grant date fair value	$0.21	$0.30

Schedule of Restricted Stock Activity

The following table summarized the status of restricted stock and related transactions for each presented years:


	Unvested Restricted Stock	Weighted-Average Grant-date Fair Value Price per Restricted Stock		Average Intrinsic Value		Weighted Average Remaining Vesting Term (in Years)
Issued and Outstanding as of January 1, 2023	1,156,319	$	2.45	$	881	0.3
Cancelled	(54,774)	$	2.43
Vested and Released	(1,099,684)	$	2.45	$	526
Issued and Outstanding as of December 31, 2023	1,861	$	4.05	$	1	0.7
Vested and Released	(1,861)	$	4.05	$	1
Issued and Outstanding as of December 31, 2024	—

Schedule of Components of Share-based Compensation Expense

As of December 31, 2024, the Company had $2,266 of unrecognized share-based compensation cost related to unvested stock options and warrants, which is expected to be recognized as share-based compensation cost over a weighted average period of 1.4 years as follows:


2025	$	1,589
2026	491
2027	147
2028	33
Thereafter	6
	$	2,266