v3.26.1
Warrants (Tables)
 6 Months Ended
Mar. 31, 2026
Warrants [Abstract]  
Schedule of Warrants Outstanding

The following table summarizes warrants outstanding as of March 31, 2026 and September 30, 2025:

 

Instrument   Classification   Exercise
Price		     Expiration     March 31,
2026		     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       Aug-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 Changes in the Liability-Classified Warrants Outstanding

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 March 31, 2026     411,111       1,349,898       1,761,009  
Schedule of Changes in the Fair Value of the Liability-Classified Warrants within Other Income (Loss) on the Consolidated Statements of Operations

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     2,561       (2,936 )     (375 )
Balance as of March 31, 2026   $ 715     $ 1,863     $ 2,578  
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:

 

    March 31,
2026		     September 30,
2025		  
Stock price   $ 2.09     $ 4.29  
Exercise price   $ 1.35 – 4.00     $ 1.35 – 4.00  
Expected term (in years)     3.43 – 3.86       3.93 – 4.36  
Volatility     112.7 – 130.5 %     95.1 – 100.8 %
Risk-free interest rate     3.80 – 3.82 %     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     73.6 %     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, 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 March 31, 2026   $ 60     $ 189     $ 249  

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 March 31, 2026     82,389       188,986       271,375