Stockholders' Equity (Tables)
|
12 Months Ended |
Dec. 31, 2025 |
|---|
| Stockholders' Equity |
|
| Summary of Warrant Activities |
A summary of warrant activities for the years ended December 31, 2025 and 2024, is presented below:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
|
|
|
|
|
Remaining |
|
|
|
|
Weighted Average |
|
Contractual Life (in |
|
|
Warrants |
|
Exercise Price |
|
years) |
Outstanding as of December 31, 2023 |
|
89,618 |
|
$ |
67.16 |
|
5.34 |
Granted |
|
2,234,669 |
|
|
10.93 |
|
2.10 |
Exercised |
|
(747,368) |
|
|
5.35 |
|
— |
Outstanding as of December 31, 2024 |
|
1,576,919 |
|
$ |
14.56 |
|
3.14 |
Granted |
|
7,637,889 |
|
|
2.17 |
|
1.99 |
Exercised |
|
(4,536,162) |
|
|
1.57 |
|
— |
Outstanding as of December 31, 2025 |
|
4,678,646 |
|
$ |
6.93 |
|
3.37 |
|
| Schedule of key inputs used for the Black-Scholes Model calculation to measure the fair value the New Warrants |
The key inputs used for the Black-Scholes Model calculation on October 25, 2024, to measure the fair value of the New Warrants, were as follows:
|
|
|
|
|
|
|
|
|
New Series B-1 |
|
New Series B-2 |
|
|
Warrants |
|
Warrants |
Stock Price |
|
14.50 |
|
|
14.50 |
|
Risk-free interest rate |
|
4.1 |
% |
|
4.3 |
% |
Expected dividend yield |
|
— |
|
|
— |
|
Expected term in years |
|
5 |
|
|
1 |
|
Expected volatility |
|
122.2 |
% |
|
213.2 |
% |
|
| Summary of Stock Option Activities |
The following table summarizes stock option activities for the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
|
|
|
|
|
Remaining |
|
|
|
|
Weighted Average |
|
Contractual Life (in |
|
|
Stock Options |
|
Exercise Price |
|
years) |
Outstanding at December 31, 2024 |
|
1,521 |
|
$ |
4,297.50 |
|
2.31 |
Outstanding at December 31, 2025 |
|
1,521 |
|
$ |
4,297.50 |
|
1.31 |
Options vested and exercisable at December 31, 2025 |
|
951 |
|
$ |
4,297.50 |
|
1.31 |
|
| Schedule of Stock-Based Compensation Expense |
The following table summarizes stock-based compensation expense for the years ended December 31, 2025 and 2024 (in thousands).
|
|
|
|
|
|
|
|
|
For the year ended December 31, |
|
|
2025 |
|
2024 |
General and administrative |
|
$ |
139 |
|
$ |
200 |
Research and development (1) |
|
|
(10) |
|
|
(650) |
Total stock-based compensation expense |
|
$ |
129 |
|
$ |
(450) |
|
| Restricted stock award |
|
| Stockholders' Equity |
|
| Schedules of Restricted Stock and Restricted Stock Unit Activity |
The following table summarizes restricted stock award activities for the years ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
|
|
Grant Date Fair |
|
|
Number of Shares |
|
Value |
Nonvested at December 31, 2023 |
|
1,285 |
|
$ |
577.50 |
Vested |
|
(90) |
|
|
2,722.50 |
Nonvested at December 31, 2024 |
|
1,195 |
|
$ |
415.95 |
Vested |
|
(475) |
|
|
523.50 |
Nonvested at December 31, 2025 |
|
720 |
|
$ |
345.00 |
|
| Restricted stock units |
|
| Stockholders' Equity |
|
| Schedules of Restricted Stock and Restricted Stock Unit Activity |
The following table summarizes restricted stock units’ activities for the year ended December 31, 2025 and 2024:
|
|
|
|
|
|
|
|
|
|
Weighted Average |
|
|
|
|
Grant Date Fair |
|
|
Number of Units |
|
Value |
Nonvested at December 31, 2023 |
|
1,911 |
|
$ |
948.25 |
Forfeited |
|
(1,320) |
|
|
911.70 |
Vested |
|
(365) |
|
|
1,205.20 |
Nonvested at December 31, 2024 |
|
226 |
|
$ |
746.70 |
Forfeited |
|
(12) |
|
|
1,321.25 |
Vested |
|
(118) |
|
|
1,042.90 |
Nonvested at December 31, 2025 |
|
96 |
|
$ |
310.81 |
|