| Schedule of Warrants Granted Using the Black-Scholes Valuation Model |
The Company estimated the fair value of the warrants granted during the three months ended March 31, 2026 using the Black-Scholes valuation model with the following assumptions: | | | For the Three Months Ended | | | | March 31, | | March 31, | | | | 2026 | | 2025 | | | | | | | | Risk free interest rate | | 3.58%-3.82% | | 4.25%-4.37% | | Expected term (years) | | 3.92-5.00 | | 1.50-7.00 | | Expected volatility | | 80.5%-82.8% | | 86.0%-98.0% | | Expected dividends | | 0% | | 0% |
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The Company estimated the fair value of the warrants granted using the Black-Scholes valuation model with the following assumptions: | | | For the Years Ended | | | | | December 31, | | | | | 2025 | | | 2024 | | | | | | | | | | | Risk-free interest rate | | | 3.64% - 4.37% | | | | N/A | | | Expected term (years) | | | 1.00 - 7.00 | | | | N/A | | | Expected volatility | | | 86.0% - 108.0% | | | | N/A | | | Expected dividends | | | 0.00% | | | | N/A | |
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| Schedule of Information Related to Warrants |
The following table presents information related to warrants as of March 31, 2026: | Class of Warrants | | Quantity | | | Exercise Price | | | Expiration Date | | Investor A | | | 1,080,814 | | | $ | 4.40 | | | 9/30/2026 | | Investor B | | | 543,206 | | | $ | 6.566 | | | 2/11/2030 | | Placement Agent | | | 270,204 | | | $ | 4.40 | | | 2/11/2032 | | Investor A | | | 319,528 | | | $ | 4.40 | | | 9/30/2026 | | Investor B | | | 160,591 | | | $ | 6.566 | | | 3/31/2030 | | Placement Agent | | | 79,882 | | | $ | 4.40 | | | 3/31/2032 | | Original | | | 56,815 | | | $ | 4.40 | | | 2/11/2030 | | Exchange | | | 75,755 | | | $ | 3.30 | | | 2/11/2030 | | Placement Agent | | | 33,040 | | | $ | 5.00 | | | * | | Total | | | 2,619,835 | | | | | | | | | * | The placement agent warrants related to the closings of the Follow-on Offering are reserved for issuance upon the final closing of the Follow-on Offering with the expiration dates determined accordingly. |
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The following table presents information related to warrants as of December 31, 2025: | Class of Warrants | | Quantity | | | Exercise Price | | | Expiration Date | | Investor A | | | 1,080,814 | | | $ | 4.40 | | | 2/11/2026 | | Investor B | | | 542,462 | | | $ | 6.575 | | | 2/11/2026 | | Placement Agent | | | 270,204 | | | $ | 4.40 | | | 2/11/2032 | | Investor A | | | 319,528 | | | $ | 4.40 | | | 3/31/2026 | | Investor B | | | 160,372 | | | $ | 6.575 | | | 3/31/2030 | | Placement Agent | | | 79,882 | | | $ | 4.40 | | | 3/31/2032 | | Original | | | 56,815 | | | $ | 4.40 | | | 2/11/2030 | | Exchange | | | 75,755 | | | $ | 3.30 | | | 2/11/2030 | | Placement Agent | | | 20,000 | | | $ | 5.00 | | | 12/23/2032 | | | | | | | | | | | | | | Total | | | 2,605,832 | | | | | | | |
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