Annual report [Section 13 and 15(d), not S-K Item 405]

Warrant Liability (Tables)

v3.25.4
Warrant Liability (Tables)
 12 Months Ended
Dec. 31, 2025
2023 Warrants [Member]  
Short-Term Debt [Line Items]  
Schedule of Warrant Liability Assumptions

The 2023 Warrant liability is valued using a Black Scholes Option pricing model with the following assumptions:

 

    2023 Warrants  
    December 31, 2025     December 31, 2024  
Stock price   $ 0.79     $ 3.05  
Risk-free interest rate 1     3.51 %     4.27 %
Expected volatility 2     111 %     114 %
Expected life (in years) 3     2.00 – 2.50       3.00 – 3.50  
Expected dividend yield 4     —       —  
Fair value of warrants   $ 11,000     $ 252,000  

 

1 Based on rates established by the Federal Reserve Bank.
2 Historical volatility of the Company’s common stock is used to estimate the future volatility of its common stock.
3 Determined by the remaining contractual life of the derivative instrument.
4 Based on no dividends paid or expected to be paid.