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 |
|