Quarterly report [Sections 13 or 15(d)]

Warrant Liability (Tables)

v3.26.1
Warrant Liability (Tables)
 3 Months Ended
Mar. 31, 2026
Warrant Liability [Abstract]  
Schedule of Valuation Inputs into the Black Scholes Model for the Liability The tables below summarize the valuation inputs into the Black Scholes model for the liability associated with the three tranches of Warrants at December 31, 2025 and March 31, 2026.
Tranche A Warrant   At
December 31,
2025		     At
March 31,
2026		  
Fair value of underlying stock   $ 5.77     $ 6.58  
Exercise price   $ 5.39     $ 5.39  
Volatility     61.6% – 100.3 %     66.4% - 99.6 %
Risk free rate     3.5% – 3.7 %     3.7 %
Dividend yield     0 %     0 %
Term (in years)     0.2 – 1.0       0.2 – 1.0  
Discount for lack of marketability     5.0 %     5.0 %
Probability for receipt of FDA approval for Oxylanthanum carbonate     64.80% - 66.83 %     73.44-75.74 %
Tranche B Warrant   At
December 31,
2025		     At
March 31,
2026		  
Fair value of underlying stock   $ 5.77     $ 6.58  
Exercise price   $ 5.93     $ 5.93  
Volatility     100.3% - 108.2 %     63.6% - 99.6 %
Risk free rate     3.5 %     3.7 %
Dividend yield     0 %     0 %
Term (in years)     0.7 - 1.5       0.8 - 1.5  
Discount for lack of marketability     5.0 %     5.0 %
Probability for receipt of Transitional Drug Add-On Payment Adjustment approval for Oxylanthanum carbonate     70.0 %     70.0 %

 

Tranche C Warrant   At
December 31,
2025		     At
March 31,
2026		  
Fair value of underlying stock   $ 5.77     $ 6.58  
Exercise price   $ 7.41     $ 7.41  
Volatility     99.0% - 105.0 %     94.5% - 102.3 %
Risk free rate     3.5 %     3.7 %
Dividend yield     0 %     0 %
Term (in years)     1.2 – 2.0       1.2 – 2.0  
Discount for lack of marketability     5.0 %     5.0 %
Probability for public disclosure of financial results for four (4) quarters of commercial sales for Oxylanthanum carbonate following receipt of Transitional Drug Add-On Payment Adjustment approval     1.56% - 51.2 %     2.7% - 61.41 %
Schedule of Preferred Stock Warrants

The following table summarizes activity, on an as-converted to common shares basis, for the Company’s preferred stock warrants for the three months ended March 31, 2026:

 

                Weighted-        
    Number of           Average        
    Shares     Weighted-     Remaining     Aggregate  
    Underlying     Average     Contractual     Intrinsic  
    Outstanding     Exercise     Term     Value  
    Warrants     Price     (in Years)     (in thousands)  
Outstanding, December 31, 2025     15,818,817     $ 6.41       1.12     $
-
  
Warrants contingently issuable    
-
      
-
      
-
      
-
  
Warrants exercised            
-
      
-
      
-
  
Outstanding, March 31, 2026     15,818,817     $ 6.41       0.88     $
-