| Schedule of Fair Value Inputs |
Key assumptions used to determine the fair value of the May 2025 Convertible Note were as follows: | | | | | | | | | | | | | January 9,
2026 | | December 31,
2025 | | Expected term (years) | 0.84 | | 0.96 | | Stock price | $ | 12.46 | | | $ | 4.87 | | | Volatility | 45.00 | % | | 45.00 | % | | Risk-free rate | 3.54 | % | | 3.49 | % | | Dividend yield | — | % | | — | % |
| | | | | | | | | | | | | Underlying Investor Warrants (BSM) | | Junior Convertible Notes | | Expected term (years) | 5.00 | | 0.92 | | Stock price | $ | 4.87 | | | $ | 4.87 | | | Volatility | 87.50% | | 45.00 | % | | Risk-free rate | 3.73 | % | | 3.50 | % | | Dividend yield | — | % | | — | % | | Discount rate on the note | 78.64 | % | | 78.64 | % | | Exercise price of AIR Warrants (millions) | $ | 3.7 | | | $ | 3.7 | |
| | | | | | | | | | | | | Underlying Investor Warrants (BSM) | | Junior Convertible Notes | | Expected term (years) | 5.00 | | 0.92 | | Stock price | $ | 22.13 | | | $ | 22.13 | | | Volatility | 87.50% | | 45.00% | | Risk-free rate | 3.75 | % | | 3.49 | % | | Dividend yield | — | % | | — | % | | Discount rate on the note | N/A | | 78.64 | % | | Exercise price of AIR Warrants (millions) | $ | 3.7 | | | $ | 3.7 | |
| | | | | | | Expected term (years) | 5.00 | | Stock price | $ | 29.99 | | | Volatility | 90.00 | % | | Risk-free rate | 4.04 | % | | Dividend yield | 0.00 | % |
| | | | | | | Expected term (years) | 5.00 | | Stock price | $ | 20.17 | | | Volatility | 90.00 | % | | Risk-free rate | 3.84 | % | | Dividend yield | 0.00 | % |
| | | | | | | Expected term (years) | 5.00 | | Stock price | $ | 21.42 | | | Volatility | 87.50 | % | | Risk-free rate | 3.57 | % | | Dividend yield | 0.00 | % |
| | | | | | | | | | | | | Pre-modification | | Post-modification | | Expected term (years) | 4.63 | | 4.63 | | Stock price | $ | 21.42 | | | $ | 21.42 | | | Exercise price | $ | 132.27 | | | $ | 19.81 | | | Volatility | 87.50 | % | | 87.50 | % | | Risk-free rate | 3.55 | % | | 3.55 | % | | Dividend yield | 0.00 | % | | 0.00 | % |
| | | | | | | Expected term (years) | 5.00 | | Stock price | $ | 14.28 | | | Volatility | 82.50 | % | | Risk-free rate | 3.72 | % | | Dividend yield | 0.00 | % |
| | | | | | | | | | | | | January 2026 Warrants | | January 2026 Placement Agent Warrants | | Warrant term (years) | 5.08 | | 5.00 | | Stock price | $ | 9.83 | | | $ | 9.83 | | | Volatility | 85.00 | % | | 85.00 | % | | Risk-free rate | 3.73 | % | | 3.72 | % | | Dividend yield | — | % | | — | % |
| | | | | | | | | | | | | | | | | | | Pre-modification | | Post-modification | | October 2025 Warrants | | December 2025 Warrants | | January 2026 Modified Warrants | | Warrant term (years) | 5.09 | | 5.09 | | 5.09 | | Stock price | $ | 8.82 | | | $ | 8.82 | | | $ | 8.82 | | | Volatility | 85.00 | % | | 85.00 | % | | 85.00 | % | | Risk-free rate | 3.72 | % | | 3.72 | % | | 3.72 | % | | Dividend yield | 0.00 | % | | 0.00 | % | | 0.00 | % |
| | | | | | | Expected term (years) | 4.77 | | Stock price | $ | 13.57 | | | Volatility | 82.50 | % | | Risk-free rate | 3.76 | % | | Dividend yield | 0.00 | % |
| | | | | | | Expected term (years) | 5.15 | | Stock price | $ | 16.96 | | | Volatility | 82.50 | % | | Risk-free rate | 3.73 | % | | Dividend yield | 0.00 | % |
| | | | | | | | | | | | | Pre-modification | | Post-modification | | Expected term (years) | 5.16 | | 5.16 | | Stock price | $ | 13.57 | | | $ | 13.57 | | | Volatility | 82.50 | % | | 82.50 | % | | Risk-free rate | 3.79 | % | | 3.79 | % | | Dividend yield | 0.00 | % | | 0.00 | % |
| | | | | | | | | | | | | March 2025 Warrants | | July 2025 Warrants | | Expected term (years) | 4.44 | | 4.71 | | Stock price | $ | 30.52 | | | $ | 30.52 | | | Volatility | 85.00 | % | | 85.00 | % | | Risk-free rate | 3.56 | % | | 3.58 | % | | Dividend yield | 0.00 | % | | 0.00 | % |
| | | | | | | Expected term (years) | 5.31 | | Stock price | $ | 30.52 | | | Volatility | 85.00 | % | | Risk-free rate | 3.63 | % | | Dividend yield | 0.00 | % |
| | | | | | | | | | | | | | | | | | | February 2025 Warrants | | Investor Modified Warrants | | Warrant term (years) | 4.49 | | 4.35 | - | 4.70 | | Stock price | $ | 34.09 | | | $ | 34.09 | | | Volatility | 87.50 | % | | 87.50 | % | | Risk-free rate | 3.74 | % | | 3.73 | % | - | 3.75% | | Dividend yield | 0.00 | % | | 0.00 | % |
| | | | | | | Warrant term (years) | 5.09 | | Stock price | $ | 34.09 | | | Volatility | 87.50 | % | | Risk-free rate | 3.78 | % | | Dividend yield | 0.00 | % |
| | | | | | | | | | | | | | | | | | | | | | | | | Pre-modification | | Pre-modification | | Warrant term (years) | 4.47 | - | 4.82 | | 4.47 | - | 4.82 | | Stock price | $ | 21.78 | | | $ | 21.78 | | | Volatility | 90.00 | % | | 90.00 | % | | Risk-free rate | 3.76 | % | - | 3.78% | | 3.76 | % | - | 3.78% | | Dividend yield | 0.00 | % | | 0.00 | % |
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| Schedule of Outstanding Stock Purchases Warrants |
The Company’s outstanding stock purchases warrants are summarized as follows: | | | | | | | | | | | | | | | | | | | | | | | | | Tranche | Exercise Price | | Expiration Date | | March 31, 2026 | | December 31, 2025 | | Private Warrants | $ | 143,693.00 | | | 08/12/26 | | 903 | | 903 | | Public Warrants | $ | 143,693.00 | | | 08/12/26 | | 691 | | 691 | | September 2024 Placement Agent Warrants | $ | 158.06 | | | 09/17/29 | | 2,002 | | 2,002 | | October 2024 SIV Warrants | $ | 19.81 | | | 04/24/30 | | 15,124 | | 15,124 | | December 2024 SIV Warrants | $ | 19.81 | | | 04/24/30 | | 10,828 | | 10,828 | | December 2024 Placement Agent Warrants | $ | 121.74 | | | 12/18/29 | | 2,241 | | 2,241 | | December 2024 Wolverine Warrants (1) | $ | 3.80 | | | 12/13/29 | | 1,597 | | 1,597 | | February 2025 Placement Agent Warrants | $ | 77.07 | | | 02/11/30 | | 3,569 | | 3,569 | | Initial Tranche Warrants (1) | $ | 3.80 | | | 06/18/30 | | 26,688 | | 26,688 | | Second Tranche Warrants (1) | $ | 3.80 | | | 06/18/30 | | 26,688 | | 26,688 | | September 2025 SIV Warrants | $ | 19.81 | | | 09/13/30 | | 112,045 | | 112,045 | | September 2025 Warrants | $ | 24.99 | | | 09/25/30 | | 81,847 | | 81,847 | | October 2025 Warrants (2) | $ | 13.74 | | | 12/09/30 | | — | | 418,465 | | December 2025 Warrants (2) | $ | 13.74 | | | 12/09/30 | | — | | 408,576 | | December 2025 SIV Warrants | $ | 14.10 | | | 12/05/30 | | 13,446 | | 13,446 | | January 2026 Warrants | $ | 5.40 | | | 02/06/31 | | 925,926 | | — | | January 2026 Placement Agent Warrants | $ | 5.94 | | | 01/06/31 | | 46,296 | | — | | January 2026 Modified Warrants (2) | $ | 5.40 | | | 02/06/31 | | 827,042 | | — |
(1) The exercise price of these warrants was reduced from $4.87 to $3.80 per share during the three months ended March 31, 2026 as a result of down-round adjustments triggered by sales under the Company's ATM Sales Agreement. (2) The October 2025 Warrants and December 2025 Warrants were amended in January 2026 to reduce the exercise price and extend the expiration date, as discussed under January 2026 Offering discussion above, and are referred to as the January 2026 Modified Warrants thereafter.
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