​

​

​

​

Capped Call Derivative Fair Value Model Assumptions

​

September 30, 2026

December 31, 2025

​

​

​

​

Expected life (years)

​

4.3

5.0

Volatility

​

51.4% - 70.0%

49.8% - 70.4%

Risk free rate

​

5.0%

3.7%

Expected dividend rate

​

—%

—%

Exercise prices (capped call floor)

​

$ 1.73

$ 1.73

Exercise prices (capped call ceiling)

​

$ 2.72

$ 2.72

Current market price

​

$ 1.08

$ 1.39