v3.26.1
Warrants (Tables)
6 Months Ended
Jun. 30, 2026
Class of Warrant or Right [Line Items]  
Summary of Warrant Activity

The following table summarizes warrant activity for the six months ended June 30, 2026 and 2025:

 

Outstanding
December 31,
2025

 

 

Warrants Issued

 

 

Warrants Exercised

 

 

Warrants Forfeited

 

 

Outstanding
June 30, 2026

 

Common Stock Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PIPE Warrants

 

 

736,337

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

736,337

 

PIPE Placement Agent Warrants

 

 

21,091

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,091

 

Ladenburg Warrants

 

 

30,000

 

 

 

—

 

 

 

—

 

 

 

(30,000

)

 

 

—

 

Preferred PIPE Placement Agent Warrants

 

 

850,119

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

850,119

 

Pre-Funded Warrants

 

 

—

 

 

 

2,753,246

 

 

 

—

 

 

 

—

 

 

 

2,753,246

 

Liability Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Combination Public Warrants

 

 

575,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

575,000

 

Private Placement Warrants

 

 

20,860

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,860

 

Preferred Stock Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred PIPE Series B Warrants

 

 

1,500,000

 

 

 

—

 

 

 

(22,100

)

 

 

—

 

 

 

1,477,900

 

Liability Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Tranche C Warrants

 

 

107,115

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107,115

 

 

 

Outstanding
December 31,
2024

 

 

Warrants Issued

 

 

Warrants Exercised

 

 

Warrants Forfeited

 

 

Outstanding
December 31,
2025

 

Common Stock Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

PIPE Warrants

 

 

736,337

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

736,337

 

PIPE Placement Agent Warrants

 

 

21,091

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

21,091

 

Ladenburg Warrants

 

 

30,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

30,000

 

Preferred PIPE Placement Agent Warrants

 

 

850,119

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

850,119

 

Liability Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Business Combination Public Warrants

 

 

575,000

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

575,000

 

Private Placement Warrants

 

 

20,860

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

20,860

 

Preferred Stock Warrants

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Equity Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred PIPE Series B Warrants

 

 

—

 

 

 

1,500,000

 

 

 

—

 

 

 

—

 

 

 

1,500,000

 

Liability Classified

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Preferred Tranche B Warrants (1)

 

 

42,846

 

 

 

—

 

 

 

—

 

 

 

(42,846

)

 

 

—

 

Preferred Tranche C Warrants

 

 

107,115

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

107,115

 

(1)
On January 1, 2025, 42,846 Preferred Tranche B Warrants expired, unexercised. The valuation as of December 31, 2024, was based on a risk-free interest rate of 3.93%, an expected remaining term of 0.23 periods, implied volatility of 75%, and an underlying stock price of $309.37.
Schedule of Key Inputs into Monte Carlo Simulation

The key inputs into the valuations as of June 30, 2026 and December 31, 2025, were as follows:

 

June 30,
2026

 

 

December 31,
2025

 

Risk-free interest rate

 

 

4.10

%

 

 

3.83

%

Expected term remaining (periods)

 

 

0.31

 

 

 

0.81

 

Implied volatility

 

 

276.2

%

 

 

200.4

%

Closing common stock price on the measurement date

 

$

3.90

 

 

$

3.74

 

Preferred Tranche C Warrants [Member]  
Class of Warrant or Right [Line Items]  
Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrant as of June 30, 2026 and December 31, 2025, were as follows:

 

June 30,
2026

 

 

December 31,
2025

 

Risk-free interest rate (1)

 

 

4.14

%

 

 

3.54

%

Expected term remaining (periods) (1)

 

 

2.41

 

 

 

2.91

 

Implied volatility

 

 

105.5

%

 

 

105.0

%

Underlying Stock Price (Preferred Series A)

 

$

317.99

 

 

$

304.95

 

(1)
Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of survival, assuming SABS’ intellectual property yields positive results in forthcoming clinical trials, allowing the Company to continue as a going concern rather than face dissolution before 2028. The probability of survival was 57.5% and 40.0% as of June 30, 2026 and December 31, 2025, respectively.