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

CONSOLIDATED STATEMENTS OF CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT)

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CONSOLIDATED STATEMENTS OF CONVERTIBLE REDEEMABLE PREFERRED STOCK AND STOCKHOLDERS' EQUITY (DEFICIT) - USD ($)
$ in Thousands
Common Shares
February 2025 Offering
Common Shares
October Purchase Agreement
Common Shares
July 2025 Offering
Common Shares
10% Note conversions
Common Shares
DV Convertible Note
Common Shares
CSI Convertible Notes
Common Shares
Additional Paid-in Capital
February 2025 Offering
Additional Paid-in Capital
October Purchase Agreement
Additional Paid-in Capital
July 2025 Offering
Additional Paid-in Capital
10% Note conversions
Additional Paid-in Capital
DV Convertible Note
Additional Paid-in Capital
CSI Convertible Notes
Additional Paid-in Capital
Accumulated Deficit
February 2025 Offering
October Purchase Agreement
July 2025 Offering
10% Note conversions
DV Convertible Note
CSI Convertible Notes
Total
Balance at Dec. 31, 2023                                           $ 247
Balance (in shares) at Dec. 31, 2023                                           38,335
Convertible Redeemable Preferred Stock                                            
Issuance of Series B preferred stock in connection with warrant exercise, net of discounts                                           $ 386
Issuance of Series B preferred stock in connection with warrant exercise, net of discounts (in shares)                                           29,322
Issuance of common stock in connection with conversion of Series B preferred stock                                           $ (325)
Issuance of common stock in connection with conversion of Series B preferred stock (in shares)                                           (5,000)
Deemed dividend on conversion of Series B preferred for common stock and repurchase of Series B preferred stock                                           $ 5,842
Repurchase of Series B preferred stock and Series B preferred stock warrants                                           $ (6,266)
Repurchase of Series B preferred stock and Series B preferred stock warrants (in shares)                                           (62,657)
Balance (Accounting Standards Update 2020-06) at Dec. 31, 2024                                           $ 116
Balance at Dec. 31, 2023             $ 1             $ 241,884 $ (247,042)             (5,157)
Balance (in shares) at Dec. 31, 2023             222,380                              
Equity                                            
Stock-based compensation                           2,536               2,536
Stock-based compensation (in shares)             1,233,683                              
Restricted stock awards cancelled (in shares)             (3,941)                              
Issuance of common stock in connection with warrant amendment (in shares)             887,356                              
Issuance of common stock in connection with warrant exercise                           7,794               7,794
Issuance of common stock in connection with warrant exercise (in shares)             5,456,986                              
Issuance of common stock and warrants, net of offering costs                           8,756               8,756
Issuance of common stock and warrants, net of offering costs (in shares)             2,466,583                              
Issuance of common stock in connection with the acquisition of intangible assets             $ 4             81,995               $ 81,999
Issuance of common stock in connection with the acquisition of intangible assets (in shares)             40,000,000                             40,000,000
Issuance of common stock for conversions                           325               $ 325
Issuance of common stock for conversions (in shares)             8,038                              
Deemed dividend on conversion of Series B preferred for common stock and repurchase of Series B preferred stock                           (5,842)               (5,842)
Repurchase of Series B preferred stock and Series B preferred stock warrants                           824               824
Issuance of common stock, pre-funded units and warrants, net of offering costs                           4,210               4,210
Issuance of common stock, pre-funded units and warrants, net of offering costs (in shares)             1,442,518                              
Issuance of common stock in connection with reverse split rounding-up for fractional shares (in shares)             84,254                              
Issuance of common stock to vendors                           600               600
Issuance of common stock to vendors (in shares)             236,203                              
Conversion of liability warrants to equity warrants                           41,851               41,851
Warrants classified to liability                           (645)               (645)
Net loss                             (51,409)             (51,409)
Balance (Accounting Standards Update 2020-06) at Dec. 31, 2024                           (116)               (116)
Balance at Dec. 31, 2024             $ 5             384,172 (298,451)             85,726
Balance (in shares) at Dec. 31, 2024             52,034,060                              
Equity                                            
Stock-based compensation             $ 3             6,259               6,262
Stock-based compensation (in shares)             25,127,867                              
Issuance of common stock in connection with warrant exercise             $ 1                             1
Issuance of common stock in connection with warrant exercise (in shares)             6,493,036                              
Issuance of common stock and warrants, net of offering costs   $ 1           $ 4,859 $ 2,499 $ (23)           $ 4,859 $ 2,500 $ (23)        
Issuance of common stock and warrants, net of offering costs (in shares) 4,757,126 5,725,907 30,600                                      
Issuance of common stock with NYIAX transaction             $ 1             4,894               4,895
Issuance of common stock with NYIAX transaction (in shares)             5,530,000                              
Issuance of warrants with the 2025 Notes                           16,657               16,657
Issuance of common stock in connection with the acquisition of intangible assets             $ 1             10,281               10,282
Issuance of common stock in connection with the acquisition of intangible assets (in shares)             10,600,000                              
Equity issuance costs                           (1,123)               (1,123)
Issuance of common stock for conversions       $ 13 $ 1           $ 47,941 $ 3,099 $ 5,210           $ 47,954 $ 3,100 $ 5,210  
Issuance of common stock for conversions (in shares)       128,417,192 10,000,000 4,569,822                                
Issuance of common stock and prefunded warrant shares in connection with Scilex Investment             $ 28             117,636               117,664
Issuance of common stock and prefunded warrant shares in connection with Scilex Investment (in shares)             278,914,094                              
Issuance of common stock for the acquisition of intangible assets             $ 1             3,484               $ 3,485
Issuance of common stock for the acquisition of intangible assets (in shares)             5,500,000                             5,500,000
Exchange of warrants for common stock with the 10% note extinguishment             $ 3             3,662               $ 3,665
Exchange of warrants for common stock with the 10% note extinguishment (in shares)             30,738,449                              
Issuance of common stock for waiver shares             $ 1             5,448               5,449
Issuance of common stock for waiver shares (in shares)             5,000,000                              
Conversion of liability warrants to equity warrants                           15               15
Other equity issuances                           344               344
Net loss                             (78,994)             (78,994)
Balance at Dec. 31, 2025             $ 59             $ 615,360 $ (377,445)             $ 237,974
Balance (in shares) at Dec. 31, 2025             573,438,153