Warrant Liability (Tables)

6 Months Ended

Jun. 30, 2026

Warrants and Rights Note Disclosure [Abstract]

Summary of Valuation Inputs

The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at June 30, 2026:


	June 30, 2026
	Tranche A Warrants				Tranche B Warrants
Scenario 1: Milestone Successfully Achieved
Discount rate		4.02	%			4.02	%
Time period between valuation date and Milestone Event		1.50				1.50
Risk-neutral probability of Milestone Event achievement		48.00	%			48.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	2,048.90			$	2,161.90
Scenario 2: Milestone Not Achieved
Discount rate		4.02	%			4.02	%
Time period between valuation date and Milestone Event		1.50				1.50
Risk-neutral probability of Milestone Event failure		52.00	%			52.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	36.80			$	36.80
Fair Value of Series A Warrants	$	2,085.70			$	2,198.60

The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at December 31, 2025:


	12/31/2025
	Tranche A Warrants				Tranche B Warrants
Scenario 1: Milestone Successfully Achieved
Discount rate		3.52	%			3.52	%
Time period between valuation date and Milestone Event		2.00				2.00
Risk-neutral probability of Milestone Event achievement		49.00	%			49.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	1,360.60			$	1,500.60
Scenario 2: Milestone Not Achieved
Discount rate		3.52	%			3.52	%
Time period between valuation date and Milestone Event		2.00				2.00
Risk-neutral probability of Milestone Event failure		51.00	%			51.00	%
Probability-weighted present value of the Series A Preferred Warrants	$	21.60			$	21.60
Fair Value of Series A Warrants	$	1,382.20			$	1,522.20

The table below summarizes the valuation inputs used in the Black-Scholes Option Pricing Model for the Warrants at June 30, 2026 and December 31, 2025.


	June 30, 2026				December 31, 2025
Term to expiration		1.81				1.81
Risk-free interest rate		4.05	%			3.51	%
Volatility		115.00	%			117.50	%
Dividend yield		0.00	%			0.00	%

Summary of Warrant Liability Fair Value Estimates and Changes in Level 3 Fair Value Measurements

The following table provides a summary of the Company’s warrant liability fair value estimates and the changes in Level 3 fair value measurements during the three months ended June 30, 2026:


	Three Months Ended June 30, 2026
Fair value, March 31, 2026	$	278,596,901
Reduction of warrant liability upon exercise of warrants		(18,353,512	)
Changes in fair value of the warrant liability		(27,553,204	)
Fair value, June 30, 2026	$	232,690,185

The following table provides a summary of the Company’s warrant liability fair value estimates and the changes in Level 3 fair value measurements during the six months ended June 30, 2026:


	Six Months Ended June 30, 2026
Fair value, January 1, 2026	$	171,464,575
Reduction of warrant liability upon exercise of warrants		(20,581,816	)
Changes in fair value of the warrant liability		81,807,426
Fair value, June 30, 2026	$	232,690,185