v3.26.1
Warrants (Tables)
3 Months Ended
Dec. 31, 2025
Warrants [Abstract]  
Schedule of Warrants Outstanding

The following table summarizes warrants outstanding as of December 31, 2025 and September 30, 2025:

 

Instrument   Classification   Exercise
Price
    Expiration   December 31,
2025
    September 30,
2025
 
Representative’s Warrants   Equity   $ 6.00     Nov-28     105,000       105,000  
Public Offering Warrants   Liability   $ 1.35     Sep-29     411,111       3,013,408  
Placement Agent Warrants   Mezzanine equity   $ 1.69     Sep-29     82,389       616,139  
Common Inducement Warrants   Liability   $ 4.00     Feb-30     1,349,898       2,699,797  
Placement Agent Inducement Warrants   Mezzanine equity   $ 5.00     Mar-30     188,986       188,986  
Total warrants outstanding                     2,137,384       6,623,330  
Schedule of Liability Classified Warrant and Equity Warrants

The following table presents the changes in the liability-classified warrants outstanding.

 

    Public
Offering
Warrants
    Common
Inducement
Warrants
    Total  
Warrants outstanding as of September 30, 2024     15,555,557             15,555,557  
Issuance           2,699,797       2,699,797  
Exercises     (12,542,149 )           (12,542,149 )
Warrants outstanding as of September 30, 2025     3,013,408       2,699,797       5,713,205  
Exercises     (2,602,297 )     (1,349,899 )     (3,952,196 )
Warrants outstanding as of December 31, 2025     411,111       1,349,898       1,761,009  

The following table presents the changes in the Mezzanine Equity Warrants.

 

    Placement
Agent
Warrants
    Placement
Agent
Inducement
Warrants
    Total  
Warrants outstanding as of September 30, 2024     1,088,889       -       1,088,889  
Issuance     -       188,986       188,986  
Exercises     (472,750 )     -       (472,750 )
Warrants outstanding as of September 30, 2025     616,139       188,986       805,125  
Exercises     (533,750 )     -       (533,750 )
Warrants outstanding as of December 31, 2025     82,389       188,986       271,375  
Schedule of Changes in Fair Value of the Liability-Classified Warrants

The following table presents the change in the liability balance associated with the liability-classified warrants. Changes in the fair value of the liability-classified warrants are included within other income (loss) on the consolidated statements of operations.

 

    Public
Offering
Warrants
    Common
Inducement
Warrants
    Total  
Balance as of September 30, 2024   $ 6,940     $ -     $ 6,940  
Issuance     -       4,758       4,758  
Exercises     (26,585 )     -       (26,585 )
Change in fair value     30,648       3,524       34,172  
Balance as of September 30, 2025     11,003       8,282       19,285  
Exercises     (12,849 )     (3,483 )     (16,332 )
Change in fair value     2,957       (1,776 )     1,181  
Balance as of December 31, 2025   $ 1,111     $ 3,023     $ 4,134  
Schedule of Valuation Assumptions

Key assumptions utilized in the issuance-date valuation of the Public Offering Warrants and Common Inducement Warrants are summarized in the table below:

 

    Public
Offering
Warrants
    Common
Inducement
Warrants
 
Stock price   $ 1.27     $ 3.01  
Exercise price   $ 1.35     $ 4  
Expected term (in years)     5       5  
Volatility     73.60 %     75.20 %
Risk-free interest rate     3.62 %     4.29 %

 

Key assumptions utilized in the valuation of the liability-classified warrants as of the balance sheet dates are summarized in the table below:

 

    December 31,
2025
    September 30,
2025
 
Stock price     $3.23       $4.29  
Exercise price     $1.35 - 4.00       $1.35 - 4.00  
Expected term (in years)     3.68 - 4.11       3.93 - 4.36  
Volatility     102.9 - 111.1%       95.1 - 100.8%  
Risk-free interest rate     3.58 - 3.62%       3.64 - 3.66%  

Key assumptions utilized in the issuance-date valuation of the Placement Agent Warrants and Placement Agent Inducement Warrants are summarized in the table below:

 

    Placement
Agent
Warrants
    Placement
Agent
Inducement
Warrants
 
Stock price   $ 1.27     $ 1.98  
Exercise price   $ 1.69     $ 5.00  
Expected term (in years)     5.00       4.95  
Volatility     73.60 %     82.70 %
Risk-free interest rate     3.62 %     3.92 %
Schedule of Mazzanine Equity

 

The following table summarizes activity in mezzanine equity:

 

    Placement
Agent
Warrants
    Placement
Agent
Inducement
Warrants
    Total  
Balance as of September 30, 2024   $ 786     $ -     $ 786  
Issuance     -       189       189  
Exercises     (341 )     -       (341 )
Remeasurement     -       -       -  
Balance as of September 30, 2025   $ 445     $ 189     $ 634  
Exercises     (385 )     -       (385 )
Remeasurement     -       -       -  
Balance as of December 31, 2025   $ 60     $ 189     $ 249