v3.26.1
Warrants (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Warrants (Tables) [Line Items]    
Schedule of Common Stock Issuable Upon Exercise of Warrants Outstanding

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding as of March 31, 2026:

 

    Warrants Outstanding  
    Range of
Exercise
Price
    Number
Outstanding at
December 31,
2025
    Weighted
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
 
                                 
Public and Private Warrants     92.00       837,625       0.28       7.27  
September 2025 Private Placement Warrant     5.405       2,716,388       3.35       1.39  
February 2026 Warrants     2.13       7,042,200       4.91       1.42  
      2.13-92.00       10,596,213       4.14       10.08  

 

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding as of December 31, 2025:

 

   Warrants Outstanding 
   Range of
Exercise
Price
   Number
Outstanding at
December 31,
2025
   Weighted
Average
Remaining
Contractual
Life (Years)
   Weighted
Average
Exercise
Price
 
                 
Public and Private Warrants   92.00    837,625    0.53    16.19 
April 2024 Warrants   6.88    14,535    0.01    0.02 
August 2025 Warrant   4.4    250,000    0.24    0.23 
September 2025 Private Placement Warrant   5.405    3,658,537    3.60    4.15 
    4.4 – 92.00    4,760,697    2.87    20.59 

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding of December 31, 2025:

 

   Warrants Outstanding 
   Range of
Exercise
Price
   Number
Outstanding at
December 31,
2025
   Weighted
Average
Remaining
Contractual
Life (Years)
   Weighted
Average
Exercise
Price
 
                 
Public and Private Warrants   92.00    837,625    0.53    16.19 
April 2024 Warrants   6.88    14,535    0.01    0.02 
August 2025 Warrant   4.4    250,000    0.24    0.23 
September 2025 Private Placement Warrant   5.405    3,658,537    3.60    4.15 
    0.0001 – 92.00    4,760,697    2.87    6.05 

 

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding at December 31, 2024:

 

   Warrants Outstanding 
   Range of
Exercise
Price
   Number
Outstanding at
December 31,
2024
   Weighted
Average
Remaining
Contractual
Life (Years)
   Weighted
Average
Exercise
Price
 
               USD 
                 
Public and Private Warrants   92.00    837,625    0.61    14.10 
April 2024 Warrants   6.88    14,535    0.01    0.02 
June 2024 Warrants   2.00    150,000    0.12    0.05 
August 2024 Warrants   2.00    175,000    0.15    0.06 
November 2024 Warrant   2.41    351,424    0.31    0.15 
Pre-funded Warrants   0.0001    1,436,666    1.30    0.00 
Private Placement Warrant   6.00    2,499,999    2.27    2.74 
    0.0001 – 92.00    5,465,249    4.77    17.12 
Schedule of Warrant Activities

Warrant activities for the three month ended March 31, 2026 were as follows:

 

   Number
of warrants
   Weighted
Average
Exercise
Price
 
       USD 
         
Outstanding at December 31, 2025   4,760,697    17.12 
Expired   (14,535)   6.88 
Granted   7,042,200    2.13 
Exercised   (1,192,149)   5.19 
    10,596,213    10.08 

Warrant activities for the year ended December 31, 2025 were as follows:

 

   Number
of warrants
   Weighted
Average
Exercise
Price
 
       USD 
         
Outstanding at December 31, 2024   5,465,249    17.12 
Granted   5,610,625    0.02 
Exercised   (6,315,177)   2.74 
    4,760,697    17.12 
Warrant [Member]    
Warrants (Tables) [Line Items]    
Schedule of Black-Scholes Option Pricing Model for Liability-Classified Stock Purchase Warrants  

The assumptions used for the Black-Scholes option pricing model for liability-classified stock purchase warrants are as follows:

 

June 2024 Warrants  November 2024
Modification
 
Expected volatility (%)   113.8%
Risk-free interest rate (%)   4.40%
Expected dividend yield   0.0%
Expected term of options (years)   4.6 
Exercise price (US dollars)   2.0 
Share price (US dollars)     
November 2024 Warrants  November 2024
Issuance
 
Expected volatility (%)   113.8%
Risk-free interest rate (%)   4.20%
Expected dividend yield   0.0%
Expected term of options (years)   5 
Exercise price (US dollars)   2.0 
Share price (US dollars)     

The fair value of the JV Warrants was calculated as of grant date using a Monte Carlo simulation model. The key assumptions used in the valuation were as follows:

 

Fair value of the JV Warrants  August 28, 2025 
Expected volatility (%)   110.10%
Risk-free interest rate (%)   3.65%
Expected dividend yield   0.0%
Expected term of options (years)   5 
Exercise price (US dollars)  $4.40 
Share price (US dollars)  $4.33 
Fair value (U.S. dollars)  $1,673