v3.26.1
Capital Structure (Tables)
3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Schedule of Fair Value of Common Warrants Using the Black-Scholes Option Pricing Model

The Company calculated the fair value of common warrants using the Black-Scholes option pricing model with the following inputs:

 

 

June 2025 Underwritten Public Offering

 

 

 

June 20,

 

 

March 31,

 

 

 

2025

 

 

2026

 

 

 

(issuance)

 

 

(period end)

 

Common stock price

 

$

1.81

 

 

$

1.53

 

Expected dividend yield

 

 

%

 

 

%

Expected term (years)

 

 

1.5

 

 

 

0.7

 

Risk-free interest rate

 

 

4.0

%

 

 

3.7

%

Expected volatility

 

 

132.9

%

 

 

91.3

%

 

 

October 2025 Underwritten Public Offering

 

 

 

October 8,

 

 

March 31,

 

 

 

2025

 

 

2026

 

 

 

(issuance)

 

 

(period end)

 

Common stock price

 

$

1.68

 

 

$

1.53

 

Expected dividend yield

 

 

%

 

 

%

Expected term (years)

 

 

3.0

 

 

 

2.5

 

Risk-free interest rate

 

 

3.6

%

 

 

3.8

%

Expected volatility

 

 

121.6

%

 

 

121.3

%

Schedule of Warrants to Purchase Shares

As of March 31, 2026, the following warrants to purchase shares of the Company's common stock were issued and outstanding:

Warrant Type

 

Issue Date

 

Expiration Date

 

Exercise Price

 

 

Number of Warrants Outstanding

 

Common warrants

 

June 20, 2025

 

December 20, 2026

 

$

2.50

 

 

 

23,000,000

 

Common warrants

 

October 8, 2025

 

October 8, 2028

 

$

2.50

 

 

 

14,024,389

 

 

 

 

 

 

 

 

 

 

 

37,024,389