Quarterly report [Sections 13 or 15(d)]

Warrant Liability (Tables)

v3.25.3
Warrant Liability (Tables)
 9 Months Ended
Sep. 30, 2025
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, 2024 and September 30, 2025.
Tranche A Warrant   At
December 31,
2024		     At
September 30,
2025		  
Fair value of underlying stock   $ 7.90     $ 4.36  
Exercise price   $ 5.39     $ 5.39  
Volatility     105.4% – 111.3 %     109.8% – 124.4 %
Risk free rate     4.2 %     3.7% – 3.8%  
Dividend yield     0 %     0 %
Term (in years)     0.5 – 1.5       0.5 – 1.3  
Discount for lack of marketability     7.5 %     7.5 %
Probability for receipt of FDA approval for Oxylanthanum Carbonate     38.48% - 39.29 %     38.88% - 40.10 %

 

Tranche B Warrant   At
December 31,
2024		     At
September 30,
2025		  
Fair value of underlying stock   $ 7.90     $ 4.36  
Exercise price   $ 5.93     $ 5.93  
Volatility     105.4% - 125.2 %     105.9% - 110.5 %
Risk free rate     4.2 %     3.7 %
Dividend yield     0 %     0 %
Term (in years)     1.0 - 2.0       1.0 - 1.7  
Discount for lack of marketability     7.5 %     7.5 %
Probability for receipt of Transitional Drug Add-On Payment Adjustment approval for Oxylanthanum Carbonate     30 %     40.0 %
Tranche C Warrant   At
December 31,
2024		     At
September 30,
2025		  
Fair value of underlying stock   $ 7.90     $ 4.36  
Exercise price   $ 7.41     $ 7.41  
Volatility     105.4% - 125.2 %     108.1% - 111.7 %
Risk free rate     4.2 %     3.6% - 3.7%  
Dividend yield     0 %     0 %
Term (in years)     1.5 – 2.5       1.5 – 2.3  
Discount for lack of marketability     7.5 %     7.5 %
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     0.01% - 27.46 %     1.56% - 42.19 %
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 nine months ended September 30, 2025:

 

                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, 2024     16,095,817     $ 6.40       2.12     $
        -
  
Warrants contingently issuable    
-
      
-
      
-
      
-
  
Warrants exercised     (277,000 )    
-
      
-
      
-
  
Outstanding, September 30, 2025     15,818,817     $ 6.42       1.37     $
-