v3.26.1
Summary of Significant Accounting Policies (Tables)
 3 Months Ended
Mar. 31, 2026
Summary of Significant Accounting Policies [Line Items]  
Schedule of Financial Instruments Measured at Fair Value

The following table provides a summary of financial instruments that are measured at fair value as of March 31, 2026.

 

   Fair   Fair Value Measurement Using 
   Value   Level 1   Level 2   Level 3   Total 
Derivative liabilities  $35,450,735   $
—
   $35,450,735   $
—
   $35,450,735 
Investment in Evofem warrants   3,160,058    
—
    3,160,058    
—
    3,160,058 
Evofem Notes   4,007,664    
—
    
—
    4,007,664    4,007,664 
Total  $42,618,457   $
—
   $38,610,793   $4,007,664   $42,618,457 

 

The following table provides a summary of financial instruments that are measured at fair value as of December 31, 2025.

 

   Fair   Fair Value Measurement Using 
   Value   Level 1   Level 2   Level 3   Total 
Derivative liabilities  $2   $
—
   $2   $
—
   $2 
Investment in Evofem warrants   3,135,054    
—
    3,135,054    
—
    3,135,054 
Evofem Notes   3,899,859    
—
    
—
    3,899,859    3,899,859 
Total  $7,034,915   $
—
   $3,135,056   $3,899,859   $7,034,915 
Schedule of Useful Lives Assigned to Fixed Assets

The Company’s fixed assets include the following on March 31, 2026:

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $380,297   $(378,198)  $2,099 
Lab Equipment   2,296,914    (1,527,332)   769,582 
Office Furniture   53,750    (25,796)   27,954 
Other Fixed Assets   148,605    (144,092)   4,513 
Leasehold Improvements   90,779    (84,464)   6,315 
Total Fixed Assets  $2,970,345   $(2,159,882)  $810,463 

 

The Company’s fixed assets include the following on December 31, 2025:

 

   Cost Basis   Accumulated
Depreciation		   Net 
Computers  $381,157   $(378,646)  $2,511 
Lab Equipment   2,297,049    (1,468,647)   828,402 
Office Furniture   56,656    (26,910)   29,746 
Other Fixed Assets   136,939    (132,138)   4,801 
Leasehold Improvements   120,440    (105,659)   14,781 
Total Fixed Assets  $2,992,241   $(2,112,000)  $880,241 
Schedule of Components in Equity Investments

The following table sets forth a summary of the components in equity investments.

 

   March 31,
2026		 
Evofem warrants, at fair value  $3,160,058 
Evofem F-1 Preferred Stock, net   3,511,002 
As of March 31, 2026  $6,671,060 
Schedule of Changes in Equity Investments

The following table sets forth a summary of the changes in equity investments. This investment has been recorded at cost in accordance with ASC 321 for the shares of Evofem F-1 Preferred Stock and fair value for the Evofem warrants.

 

   For the
three months
ended
March 31,
2026		 
As of December 31, 2025  $6,646,056 
Change in fair value of Evofem Warrants   25,004 
As of March 31, 2026  $6,671,060 
Schedule of Accounts Payable and Accrued Expenses

As of March 31, 2026 and December 31, 2025, accounts payable and accrued expenses was comprised of:

 

   March 31,
2026		   December 31,
2025		 
Accounts payable  $7,728,747   $7,340,490 
Accrued wages   
-
    52,689 
Accrued interest   189,084    300,041 
Other   
-
    190 
Total accounts payable and accrued expenses  $7,917,831   $7,693,410 
Schedule of Fair Value the Derivative was Estimated using the Assumption and/or Factors in the Black-Scholes Model

The Company valued the derivative using a Black-Scholes Model. For the three months ended March 31, 2026, the fair value the derivative was estimated using the assumption and/or factors in the Black-Scholes Model as follows:

 

Exercise price  $18.63 
Expected dividend yield   0%
Risk free interest rate   3.92%
Expected life in years   5.00 
Expected volatility   178%
Schedule of Fair Value of the Derivative Liability

The following table sets forth a summary of the fair value of the derivative liability.

 

   March 31,
2026		   December 31,
2025		 
Fair value of derivative liability of Series A-1 Convertible Preferred Stock  $14,064,288   $
      -
 
Fair value of derivative liability of Series B-1 Convertible Preferred Stock   1,840,155    1 
Fair value of derivative liability of Series B-2 Convertible Preferred Stock   1,796,358    1 
Fair value of derivative liability of Series C-1 Convertible Preferred Stock   613,157    
-
 
Fair value of derivative liability of warrants   17,136,777    
-
 
Total derivative liability  $35,450,735   $2 
Schedule of Dilutive Earnings Per Share as Effects of Anti-Dilutive The weighted-average number of common shares outstanding excludes common stock equivalents because their inclusion would be anti-dilutive.
Instrument  Quantity
Issued and
Outstanding
as of
March 31,
2026		   Standard
Conversion
Common
Stock
Equivalent		   Liquidation
Amount		 
Series A Preferred Stock   
-
    
-
   $
-
 
Series A-1 Convertible Preferred Stock1   20,552    1,103,165    25,689,940 
Series A-2 Convertible Preferred Stock   36,000    488,222    36,000,000 
Series B Preferred Stock   
-
    
-
    
-
 
Series B-1 Convertible Preferred Stock   2,689    144,338    3,361,250 
Series B-2 Convertible Preferred Stock   2,625    140,902    3,281,250 
Series C Preferred Stock   
-
    
-
    
-
 
Series C-1 Convertible Preferred Stock1   896    48,107    1,120,290 
Series D-1 Preferred Stock   
-
    
-
    
-
 
Warrants   698,871    698,871    
-
 
Options   55    55    
-
 
Total Common Stock Equivalent   761,688    2,623,660   $69,452,730 

 

1 Quantity issued and outstanding as of March 31, 2026, includes the additional shares classified as mandatorily redeemable in the consolidated balance sheets.
Property, Plant and Equipment [Member]  
Summary of Significant Accounting Policies [Line Items]  
Schedule of Useful Lives Assigned to Fixed Assets

Useful lives assigned to fixed assets are as follows:

 

Computers   Three years to five years
Lab Equipment   Seven to ten years
Office Furniture   Five to ten years
Other Fixed Assets   Five to ten years
Leasehold Improvements   Shorter of estimated useful life or remaining lease term