Equity Instruments (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Equity [Abstract] |
|
| Schedule of Shares of Common Stock Reserved for Issuance |
Shares of common stock reserved for issuance on an “as if converted” basis were as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(share data) |
|
Common stock warrants |
|
|
36,892 |
|
|
|
366,946 |
|
Shares available for future grant under 2021 Equity Incentive Plan |
|
|
— |
|
|
|
46,456 |
|
Reserved for At-the-Market offering |
|
|
5,383 |
|
|
|
5,383 |
|
Reserved for employee stock purchase plan |
|
|
148,787 |
|
|
|
18,958 |
|
Total shares of common stock reserved |
|
|
191,062 |
|
|
|
437,743 |
|
|
| Schedule of Warrants for Shares of Stock |
Warrants for shares of common stock consisted of the following:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2025 |
|
|
|
Issue Date |
|
Expiration
Date |
|
Number of
Warrants |
|
|
Exercise
Price per
Warrant |
|
|
Fair Value on Issue Date per Warrant |
|
|
Fair Value on December 31, 2025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Private Placement Warrants — Common Stock |
|
12/02/2020 |
|
09/29/2026 |
|
|
8,477 |
|
|
$ |
6,037.50 |
|
|
$ |
70.00 |
|
|
$ |
— |
|
Public Warrants — Common Stock |
|
12/02/2020 |
|
09/29/2026 |
|
|
16,429 |
|
|
$ |
6,037.50 |
|
|
$ |
115.50 |
|
|
$ |
— |
|
2022 Private Warrants — Common Stock |
|
07/25/2022 |
|
07/24/2034 |
|
|
134 |
|
|
$ |
1,344.00 |
|
|
$ |
12.29 |
|
|
$ |
1,639 |
|
2023 Placement Agent Warrants — Common Stock |
|
12/29/2023 |
|
12/29/2028 |
|
|
3,429 |
|
|
$ |
326.29 |
|
|
$ |
8.31 |
|
|
$ |
28,504 |
|
BEPO Warrants — Common Stock |
|
4/12/2024 |
|
4/12/2029 |
|
|
5,157 |
|
|
$ |
183.75 |
|
|
$ |
9.40 |
|
|
$ |
48,480 |
|
BEPO Agent Warrants — Common Stock |
|
4/12/2024 |
|
4/12/2029 |
|
|
3,266 |
|
|
$ |
202.13 |
|
|
$ |
9.26 |
|
|
$ |
30,242 |
|
|
|
|
|
|
|
|
36,892 |
|
|
|
|
|
|
|
|
$ |
108,866 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
December 31, 2024 |
|
|
|
Issue Date |
|
Expiration
Date |
|
Number of
Warrants |
|
|
Exercise
Price per
warrant |
|
|
Fair Value on Issue Date per Warrant |
|
|
Fair Value on December 31, 2024 |
|
Private placement warrants — Common Stock |
|
12/02/2020 |
|
09/29/2026 |
|
|
8,477 |
|
|
$ |
6,037.50 |
|
|
$ |
70.00 |
|
|
$ |
— |
|
Public warrants – Common Stock |
|
12/02/2020 |
|
09/29/2026 |
|
|
16,429 |
|
|
$ |
6,037.50 |
|
|
$ |
115.50 |
|
|
$ |
— |
|
2022 Private Warrant — Common Stock |
|
07/25/2022 |
|
07/24/2034 |
|
|
134 |
|
|
$ |
1,344.00 |
|
|
$ |
85.05 |
|
|
$ |
1,102 |
|
RDO Warrants — Common Stock |
|
12/29/2023 |
|
12/29/2028 |
|
|
19,048 |
|
|
$ |
299.25 |
|
|
$ |
10.50 |
|
|
$ |
90,469 |
|
2023 Placement Agent Warrants — Common Stock |
|
12/29/2023 |
|
12/29/2028 |
|
|
3,429 |
|
|
$ |
326.29 |
|
|
$ |
10.50 |
|
|
$ |
15,835 |
|
2024 Private Warrants — Common Stock |
|
4/1/2024 |
|
5/16/2025 |
|
|
41,808 |
|
|
$ |
199.35 |
|
|
$ |
10.08 |
|
|
$ |
2,007 |
|
BEPO Warrants — Common Stock |
|
4/12/2024 |
|
4/12/2029 |
|
|
65,307 |
|
|
$ |
183.75 |
|
|
$ |
9.21 |
|
|
$ |
377,750 |
|
BEPO Agent Warrants — Common Stock |
|
4/12/2024 |
|
4/12/2029 |
|
|
3,266 |
|
|
$ |
202.13 |
|
|
$ |
9.11 |
|
|
$ |
18,477 |
|
July 2024 Private Warrants — Common Stock |
|
7/01/2024 |
|
7/01/2029 |
|
|
110,000 |
|
|
$ |
37.50 |
|
|
$ |
2.55 |
|
|
$ |
864,995 |
|
August Inducement Warrants — Common Stock |
|
8/13/2024 |
|
08/12/2029 |
|
|
99,048 |
|
|
$ |
34.20 |
|
|
$ |
1.64 |
|
|
$ |
796,239 |
|
|
|
|
|
|
|
|
366,946 |
|
|
|
|
|
|
|
|
$ |
2,166,874 |
|
|
| Warrant Liability Rollforward |
The liability for warrants on common stock carried at fair value was as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Beginning balance |
|
$ |
2,167 |
|
|
$ |
11,835 |
|
Issuance of common stock warrant in connection with financing |
|
|
— |
|
|
|
22,426 |
|
Change due to exchange of warrants |
|
|
(3,198 |
) |
|
|
— |
|
Change in fair value of warrants |
|
|
1,140 |
|
|
|
(32,094 |
) |
Ending balance |
|
$ |
109 |
|
|
$ |
2,167 |
|
|
| Fair Value Assumptions |
The fair value assumptions were as follows:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Current stock price |
|
|
Expected volatility |
|
|
Risk-free interest rate |
|
|
Dividend rate |
|
|
Expected term (years) |
|
2022 Private Warrant(i) |
|
$ |
13.74 |
|
|
|
162.8 |
% |
|
|
3.8 |
% |
|
|
— |
% |
|
|
8.57 |
|
Placement Agent Warrants(i) |
|
|
13.74 |
|
|
|
180.9 |
% |
|
|
3.7 |
% |
|
|
— |
% |
|
|
3.00 |
|
BEPO Warrants, BEPO Agent Warrant(i) |
|
|
13.74 |
|
|
|
175.3 |
% |
|
|
3.6 |
% |
|
|
— |
% |
|
|
3.28 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
Current stock price |
|
|
Expected volatility |
|
|
Risk-free interest rate |
|
|
Dividend rate |
|
|
Expected term (years) |
|
2022 Private Warrant, RDO Warrants, Placement Agent Warrants(i) |
|
$ |
10.20 |
|
|
|
139.9 |
% |
|
|
4.3 |
% |
|
|
— |
% |
|
|
4.00 |
|
2024 Private Warrants(ii) |
|
|
10.20 |
|
|
|
191.6 |
% |
|
|
4.2 |
% |
|
|
— |
% |
|
|
0.37 |
|
BEPO Warrants, BEPO Agent Warrant(i) |
|
|
10.20 |
|
|
|
139.9 |
% |
|
|
4.4 |
% |
|
|
— |
% |
|
|
4.28 |
|
August Inducement Warrants(i) |
|
|
10.20 |
|
|
|
139.9 |
% |
|
|
4.4 |
% |
|
|
— |
% |
|
|
4.62 |
|
July 2024 Private Warrants(i) |
|
|
10.20 |
|
|
|
139.9 |
% |
|
|
4.4 |
% |
|
|
— |
% |
|
|
4.50 |
|
(i) The fair value assumptions used the Black-Scholes simulation model for the valuation.
(ii) The fair value assumptions used the Monte Carlo simulation model for the valuation.
|
| Schedule Of Contingent Earnout Liabilities |
The rollforward for the contingent earnout liabilities was as follows:
|
|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
|
2025 |
|
|
2024 |
|
|
|
(In thousands) |
|
Beginning Balance |
|
$ |
11 |
|
|
$ |
1,456 |
|
Change in fair value of contingent earnout liabilities |
|
|
(10 |
) |
|
|
(1,445 |
) |
Ending Balance |
|
$ |
1 |
|
|
$ |
11 |
|
|
| Schedule of Fair Value Assumptions Contingent Earnout Liabilities |
Assumptions used in the fair value of the contingent earnout liabilities are described below.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2025 |
|
|
|
Current stock price |
|
|
Expected volatility |
|
|
Risk-free interest rate |
|
|
Dividend rate |
|
|
Expected term (years) |
|
Contingent earnout liabilities |
|
$ |
13.74 |
|
|
|
193.6 |
% |
|
|
3.5 |
% |
|
|
— |
% |
|
|
0.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of December 31, 2024 |
|
|
|
Current stock price |
|
|
Expected volatility |
|
|
Risk-free interest rate |
|
|
Dividend rate |
|
|
Expected term (years) |
|
Contingent earnout liabilities |
|
$ |
10.20 |
|
|
|
161.2 |
% |
|
|
4.2 |
% |
|
|
— |
% |
|
|
1.75 |
|
|