v3.26.1
Warrants (Tables)
12 Months Ended
Sep. 30, 2025
Warrants [Abstract]  
Schedule of Warrants Outstanding

The following table summarizes warrants outstanding as of September 30, 2025 and 2024:

 

Instrument   Classification   Exercise
Price
  Expiration   September 30,
2025
    September 30,
2024
 
Representative’s Warrants   Equity   $ 6.00   Nov-28     105,000       105,000  
Public Offering Warrants   Liability   $ 1.35   Sep-29     3,013,408       15,555,557  
Placement Agent Warrants   Mezzanine equity   $ 1.69   Sep-29     616,139       1,088,889  
Common Inducement Warrants   Liability   $ 4.00   Feb-30     2,699,797       -  
Placement Agent Inducement Warrants   Mezzanine equity   $ 5.00   Mar-30     188,986       -  
Total warrants outstanding                   6,623,330       16,749,446  
Schedule of Changes in the Liability-Classified Warrants Outstanding

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

 

    Public
Offering
Warrants
    Common
Inducement
Warrants
    Total  
Warrants outstanding as of September 30, 2023                  
Issuance     15,555,557             15,555,557  
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  

The following table presents the changes shares of the Mezzanine Equity Warrants.

 

    Placement
Agent
Warrants
    Placement
Agent
Inducement
Warrants
    Total  
Warrants outstanding as of September 30, 2023            
Issuance     1,088,889             1,088,889  
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  
Schedule of Changes in the 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, 2023   $     $     $  
Issuance     12,125             12,125  
Change in fair value     (5,185 )           (5,185 )
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  
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     $ 4.00  
Expected term (in years)     5.00       5.00  
Volatility     73.6 %     75.2 %
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:

 

    September 30,
2025
    September 30,
2024
 
Stock price   $ 4.29     $ 0.84  
Exercise price   $ 1.35 – 4.00     $ 1.35  
Expected term (in years)     3.93 – 4.36       4.93  
Volatility     95.1 – 100.8 %     74.9 %
Risk-free interest rate     3.64 – 3.66 %     3.55 %

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     73.6 %     82.7 %
Risk-free interest rate     3.62 %     3.92 %
Schedule of Mezzanine Equity

The following table summarizes activity in mezzanine equity:

 

    Placement
Agent
Warrants
    Placement
Agent
Inducement
Warrants
    Total  
Balance as of September 30, 2023   $     $     $  
Issuance     786             786  
Balance as of September 30, 2024     786             786  
Issuance           189       189  
Exercises     (341 )           (341 )
Remeasurement                  
Balance as of September 30, 2025   $ 445     $ 189     $ 634