​

For the Three Months Ended March 31,

​

2025

2024

Revenue

​

$

365,471

​

$

—

Cost of goods sold

​

238,592

​

—

Operating expenses:

​

​

​

​

General and administrative expenses

​

4,763,716

​

1,110,229

Research and development expenses

​

1,018,352

​

875,342

Depreciation and amortization

​

8,215

​

8,119

Total operating expenses

​

5,790,283

​

1,993,690

Loss from operations

​

(5,663,404)

​

(1,993,690)

Other income (expense):

​

​

​

Change in fair value of derivative liabilities

​

(827,445)

​

(541,639)

Change in fair value of warrant liabilities

​

223,162

​

(13,043,192)

Change in earnout liability

​

​

(30,000)

​

​

—

Transaction costs expensed

​

​

(9,665,004)

​

​

—

Gain on settlement of forward purchase agreement

​

​

1,406,669

​

​

—

Interest expense

​

(723,467)

​

(2,872,951)

Other income

​

—

​

14,019

Gains from extinguishment of debt, net

​

12,592,052

​

—

Total other income (expense):

​

2,975,967

​

(16,443,763)

Income (loss) before income taxes

​

​

(2,687,437)

​

​

(18,437,453)

Provision for income taxes

​

—

​

—

Net income (loss)

​

$

(2,687,437)

​

$

(18,437,453)

​

For the Year Ended December 31,

​

​

2024

2023

Revenue

​

$

542,166

​

$

—

Cost of Goods Sold

​

448,095

​

—

Operating expenses:

​

​

General and administrative expenses

​

5,579,218

​

6,283,770

Research and development expenses

​

3,400,021

​

3,238,925

Depreciation and amortization

​

32,564

​

36,634

Total operating expenses

​

9,011,803

​

9,559,329

Loss from operations

​

(8,917,732)

​

(9,559,329)

Other income (expense):

​

​

Interest expense

​

(12,364,656)

​

(10,251,094)

Change in fair value of derivative liabilities

​

(7,404,768)

​

649,244

Change in fair value of warrant liabilities

​

5,783,073

​

(16,371,612)

Other income (expense), net

​

(161,712)

​

—

Total other income (expense):

​

(14,148,063)

​

(25,973,462)

Net loss

​

$

(23,065,795)

​

$

(35,532,791)