Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
Mar. 31, 2025 |
Summary of Significant Accounting Policies [Abstract] |
|
Schedule of Fair Value of Financial Instruments Measured on a Recurring Basis |
The fair value of financial instruments measured
on a recurring basis is as follows as of March 31, 2025 and December 31, 2024:
| |
As of March 31, 2025 | |
Description | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Liabilities: | |
| | |
| | |
| | |
| |
Contingent warrant liability | |
$ | 52,884 | | |
| — | | |
| — | | |
$ | 52,884 | |
Subscription agreement liability – related party | |
$ | 804,000 | | |
| — | | |
| — | | |
$ | 804,000 | |
Total | |
$ | 856,884 | | |
$ | — | | |
$ | — | | |
$ | 856,884 | |
| |
As of December 31, 2024 | |
Description | |
Total | | |
Level 1 | | |
Level 2 | | |
Level 3 | |
Liabilities: | |
| | |
| | |
| | |
| |
Contingent warrant liability | |
$ | 43,089 | | |
| — | | |
| — | | |
$ | 43,089 | |
Subscription agreement liability – related party | |
$ | 4,123,000 | | |
| — | | |
| — | | |
$ | 4,123,000 | |
Total | |
$ | 4,166,089 | | |
$ | — | | |
$ | — | | |
$ | 4,166,089 | |
|
Schedule of Activity Fair Value Liabilities |
The following table summarizes the activity for
the related party subscription agreement liability, using unobservable Level 3 inputs, for the three months ended March 31, 2025:
| |
Subscription Agreement Liability | |
Balance at December 31, 2024 | |
$ | 4,123,000 | |
Change in fair value | |
| (3,319,000 | ) |
Balance at March 31, 2025 | |
$ | 804,000 | |
The following table summarizes the activity for
the contingent warrant liability, using unobservable Level 3 inputs, for the three months ended March 31, 2025:
| |
Contingent Warrant Liability | |
Balance at December 31, 2024 | |
$ | 43,089 | |
Change in fair value | |
| 9,795 | |
Balance at March 31, 2025 | |
$ | 52,884 | |
|
Schedule of Revenue was Generated from the Following Geographic Regions |
The Company’s revenue was generated from
the following geographic regions during the three months ended March 31, 2025:
| |
European Union | | |
Non-European Union (UK) | | |
United States | |
Development services | |
| 100 | % | |
| — | % | |
| — | % |
Product sales | |
| 93 | % | |
| 7 | % | |
| — | % |
| |
European Union | | |
Non-European Union (UK) | | |
United States | | |
Total
Revenue | |
Development services | |
$ | 1,514 | | |
$ | — | | |
$ | — | | |
$ | 1,514 | |
Product sales | |
| 92,870 | | |
| 7,246 | | |
$ | — | | |
| 100,116 | |
Total | |
$ | 94,384 | | |
$ | 7,246 | | |
$ | — | | |
$ | 101,630 | |
The Company’s revenue was generated
from the following geographic regions during the three months ended March 31, 2024:
| |
European Union | | |
Non-European Union (UK) | | |
United States | |
Development services | |
| 100 | % | |
| — | % | |
| — | % |
Product sales | |
| — | % | |
| 14 | % | |
| 86 | % |
| |
European Union | | |
Non-European Union (UK) | | |
United States | | |
Total
Revenue | |
Development services | |
$ | 622,985 | | |
$ | — | | |
$ | — | | |
$ | 622,985 | |
Product sales | |
| — | | |
| 13,945 | | |
$ | 63,503 | | |
| 77,448 | |
Total | |
$ | 622,985 | | |
$ | 13,945 | | |
$ | 63,503 | | |
$ | 700,433 | |
|
Schedule of Customer Concentrations for Revenue |
The Company had the following customer concentrations
for its revenue during the three months ended March 31, 2025 and 2024:
| |
For the Three Months Ended March 31, 2025 | | |
For the Three Months Ended March 31, 2024 | |
| |
Development Services | | |
Product Sales | | |
Development Services | | |
Product Sales | |
Customer A | |
| 100 | % | |
| 93 | % | |
| 100 | % | |
| — | % |
Customer B | |
| — | % | |
| — | % | |
| — | % | |
| 86 | % |
Customer C | |
| — | % | |
| 2 | % | |
| — | % | |
| — | % |
Customer D | |
| — | % | |
| 5 | % | |
| — | % | |
| — | % |
|