v3.25.1
Stockholders’ Equity (Tables)
 3 Months Ended
Mar. 31, 2025
Equity [Abstract]  
Schedule of Assumptions Used to Calculate Fair Value of Liability

 

   Series A Warrants 
   March 31,   December 31, 
   2025   2024 
Stock price  $0.43   $23.50 
Expected warrant term (years)   3.89 years    4.5 years 
Risk-free interest rate   3.93%   4.3%
Expected volatility   47.89%   90.1%
Dividend yield   —    — 

 

   Series B-1 Warrants   Series B-2 Warrants 
   March 31   December 31,   March 31,   December 31, 
   2025   2024   2025   2024 
Stock price  $0.43   $23.50   $0.43   $23.50 
Expected warrant term (years)   3.89 years    4.1 years    0.39 years    0.6 year 
Risk-free interest rate   3.93%   4.3%   4.27%   4.2%
Expected volatility   47.89%   90.1%   36.39%   92.6%
Dividend yield   —    —    —    — 
 
   2025 Series A Warrants 
   March 31,   January 23, 
   2025   2025 
Stock price  $0.43   $10.00 
Expected warrant term (years)   4.94 years    5.17 years 
Risk-free interest rate   3.96%   4.12%
Expected volatility   119.0%   114.0%
Dividend yield   —    — 
 
Schedule of Derivative Liabilities at Fair Value

The following table sets forth the components of changes in our derivative financial instruments liability balance for the three months ended March 31, 2025.

 

Date  Number of Warrants Outstanding   Derivative Instrument Liability 
Balance of derivative liability at December 31, 2024   49,020    333,189 
Issuance of 2025 Series A warrants   3,443,461    1,348,441 
Issuance of 2025 Series B warrants   10,221,402    5,360,673 
Exercise of 2025 Series B warrants   (8,834,034)   (9,757,913)
Change in fair value of warrants1   

—

    

4,202,178

 
Balance of derivative liability at March 31, 2025   4,879,849    1,486,568 

 

1The total change in fair value of warrants excludes the expense of $0.6 million of issuance cost.