​

​

Warrants

($ in thousands)

  ​ ​ ​

liabilities

Balance at December 31, 2023

​

$

886

Change in fair value of common stock warrants - Avenue

​

​

(170)

Change in fair value of common stock warrants - Checkpoint

​

​

73

Change in fair value of placement agent warrants - Urica

​

​

(24)

Exercise of common stock warrants - Avenue

​

​

(400)

Exchange of common stock warrants - Urica

​

​

(151)

Balance at December 31, 2024

​

​

214

Change in fair value of common stock warrants - Avenue

​

​

(15)

Change in fair value of common stock warrants - Checkpoint

​

​

108

Deconsolidation of Checkpoint

​

​

(306)

Balance at December 31, 2025

​

$

1

​

​

December 31, 

​

​

December 31

​

​

​

​

2025

​

​

2024

​

​

Stock price

​

$ 0.68

​

​

$ 2.00

​

​

Risk-free interest rate

  ​ ​ ​

3.75

%  

​

4.27

%  

​

Expected dividend yield

—

​

—

​

Expected term in years

1.8

​

2.8

​

Expected volatility

151

%  

​

155

%  

​

​

​

May 31, 

​

December 31,

​

​

Checkpoint Warrants

​

2025

​

2024

​

​

Stock price

​

$

4.10

​

$

5.41

​

​

Risk-free interest rate

​

​

3.9

%

​

4.3

%

​

Expected dividend yield

​

​

—

​

​

—

​

​

Expected term in years

​

​

2.5

​

​

3.0

​

​

Expected volatility

​

​

131.9

%

​

111.1

%

​