v3.26.1
Fair Value Measurements (Tables)
3 Months Ended
Mar. 31, 2026
Fair Value Measurements  
Schedule of carrying value and fair value of financial assets and liabilities measured at fair value on a recurring basis

The following table provides the carrying value and fair value of certain financial assets and liabilities of the Company measured at fair value on a recurring basis as of March 31, 2026 and December 31, 2025:

  ​ ​ ​

  ​ ​ ​

Fair Value Measurement at

March 31, 2026

Carrying Value

Level 1

Level 2

Level 3

Assets:

Cash equivalents

$

12,552,683

$

12,552,683

$

$

Total assets measured and recorded at fair value

$

12,552,683

$

12,552,683

$

$

Liabilities:

Warrant liability

$

327,000

$

$

$

327,000

Total liabilities measured and recorded at fair value

$

327,000

$

$

$

327,000

  ​ ​ ​

  ​ ​ ​

Fair Value Measurement at

December 31, 2025

Carrying Value

Level 1

Level 2

Level 3

Assets:

Cash equivalents

$

19,184,883

$

19,184,883

$

$

Total assets measured and recorded at fair value

$

19,184,883

$

19,184,883

$

$

Liabilities:

Warrant liability

$

595,000

$

$

$

595,000

Total liabilities measured and recorded at fair value

$

595,000

$

$

$

595,000

Canaccord Warrants  
Fair Value Measurements  
Schedule of quantitative information regarding Level 3 fair value measurements inputs

The following tables provide quantitative information regarding the Level 3 classified Canaccord Warrants as of their respective measurement dates:

  ​ ​ ​

March 31, 2026

  ​ ​ ​

December 31, 2025

Exercise price

$

9.00

$

9.00

Closing stock price

$

2.23

$

3.46

Number of warrants

 

308,333

 

308,333

Volatility

 

128

%

 

123

%

Term (time to expiration in years)

 

2.59

 

2.84

Risk-free rate

 

3.8

%

 

3.5

%