v3.26.1
Stockholders’ Deficit
12 Months Ended
Dec. 31, 2025
Stockholders’ Deficit [Abstract]  
STOCKHOLDERS’ DEFICIT

7. STOCKHOLDERS’ DEFICIT

 

See Note 3 - Reverse Recapitalization for details associated with the issuance of common stock and warrants, as well as details associated with the reverse recapitalization in connection with the Merger.

 

See Note 4 – Common Stock for details associated with the issuance of common stock and warrants in the Company’s Follow-on Offering.

 

Warrants

 

See Note 3 - Reverse Recapitalization for details associated with the issuance of warrants, including their term and accounting treatment.

 

See Note 4 – Common Stock for details associated with the issuance of warrants, including their term and accounting treatment.

 

The Company estimated the fair value of the warrants granted using the Black-Scholes valuation model with the following assumptions:

 

   For the Years Ended 
   December 31, 
   2025   2024 
         
Risk-free interest rate  3.64% - 4.37%   N/A 
Expected term (years)  1.00 - 7.00   N/A 
Expected volatility  86.0% - 108.0%   N/A 
Expected dividends  0.00%  N/A 

 

The following table presents information related to warrants as of December 31, 2025:

 

Class of Warrants  Quantity   Exercise
Price
   Expiration
Date
Investor A  1,080,814  $4.40  2/11/2026
Investor B  542,462  $6.575  2/11/2026
Placement Agent  270,204  $4.40  2/11/2032
Investor A  319,528  $4.40  3/31/2026
Investor B  160,372  $6.575  3/31/2030
Placement Agent  79,882  $4.40  3/31/2032
Original  56,815  $4.40  2/11/2030
Exchange  75,755  $3.30  2/11/2030
Placement Agent  20,000  $5.00  12/23/2032
              
Total  2,605,832