Warrants (Tables)

6 Months Ended

Jun. 30, 2026

Class of Warrant or Right [Line Items]

The following table summarizes warrant activity for the six months ended June 30, 2026 and 2025:


	Outstanding December 31, 2025		Warrants Issued		Warrants Exercised			Warrants Forfeited			Outstanding June 30, 2026
Common Stock Warrants
Equity Classified
PIPE Warrants		736,337		—		—			—			736,337
PIPE Placement Agent Warrants		21,091		—		—			—			21,091
Ladenburg Warrants		30,000		—		—			(30,000	)		—
Preferred PIPE Placement Agent Warrants		850,119		—		—			—			850,119
Pre-Funded Warrants		—		2,753,246		—			—			2,753,246
Liability Classified
Business Combination Public Warrants		575,000		—		—			—			575,000
Private Placement Warrants		20,860		—		—			—			20,860
Preferred Stock Warrants
Equity Classified
Preferred PIPE Series B Warrants		1,500,000		—		(22,100	)		—			1,477,900
Liability Classified
Preferred Tranche C Warrants		107,115		—		—			—			107,115


	Outstanding December 31, 2024		Warrants Issued		Warrants Exercised		Warrants Forfeited			Outstanding December 31, 2025
Common Stock Warrants
Equity Classified
PIPE Warrants		736,337		—		—		—			736,337
PIPE Placement Agent Warrants		21,091		—		—		—			21,091
Ladenburg Warrants		30,000		—		—		—			30,000
Preferred PIPE Placement Agent Warrants		850,119		—		—		—			850,119
Liability Classified
Business Combination Public Warrants		575,000		—		—		—			575,000
Private Placement Warrants		20,860		—		—		—			20,860
Preferred Stock Warrants
Equity Classified
Preferred PIPE Series B Warrants		—		1,500,000		—		—			1,500,000
Liability Classified
Preferred Tranche B Warrants (1)		42,846		—		—		(42,846	)		—
Preferred Tranche C Warrants		107,115		—		—		—			107,115

(1)

On January 1, 2025, 42,846 Preferred Tranche B Warrants expired, unexercised. The valuation as of December 31, 2024, was based on a risk-free interest rate of 3.93%, an expected remaining term of 0.23 periods, implied volatility of 75%, and an underlying stock price of $309.37.

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs into the valuations as of June 30, 2026 and December 31, 2025, were as follows:


	June 30, 2026			December 31, 2025
Risk-free interest rate		4.10	%		3.83	%
Expected term remaining (periods)		0.31			0.81
Implied volatility		276.2	%		200.4	%
Closing common stock price on the measurement date	$	3.90		$	3.74

Preferred Tranche C Warrants [Member]

Class of Warrant or Right [Line Items]

Schedule of Key Inputs into Monte Carlo Simulation

The key inputs utilized in determining the fair value of each Preferred Tranche C Warrant as of June 30, 2026 and December 31, 2025, were as follows:


	June 30, 2026			December 31, 2025
Risk-free interest rate (1)		4.14	%		3.54	%
Expected term remaining (periods) (1)		2.41			2.91
Implied volatility		105.5	%		105.0	%
Underlying Stock Price (Preferred Series A)	$	317.99		$	304.95

(1)

Reflects a probability-weighted input derived from multiple Black-Scholes calculations. These calculations incorporate the Company’s estimated probability of survival, assuming SABS’ intellectual property yields positive results in forthcoming clinical trials, allowing the Company to continue as a going concern rather than face dissolution before 2028. The probability of survival was 57.5% and 40.0% as of June 30, 2026 and December 31, 2025, respectively.