v3.26.1
Stockholders’ Equity: Equity Offerings and Warrants (Tables)
 6 Months Ended
Jun. 30, 2026
Stockholders Equity Equity Offerings And Warrants  
Schedule of Offerings

 

Offering  Common shares   Investor warrants   Gross proceeds   Net proceeds 
Underwritten public offering (incl. over-allotment)   661,150    330,575   $5,950,350   $5,280,941 
Registered direct offering   71,110    35,555   $639,990   $580,206 
Total   732,260    366,130   $6,590,340   $5,861,147 
Schedule of Fair Value Hierarchy for Investor Warrant Liability Recurring Fair Value Measurement

The following table summarizes the Company’s fair value hierarchy for the Investor Warrant liability, its only recurring fair value measurement, as of the dates presented:

 

Item  Level  At issuance   At June 30, 2026 
Investor Warrant liability  Level 3  $2,075,471   $1,902,612 
Fair Value Measurement Inputs and Valuation Techniques

The Company estimated the fair value of the Investor Warrants using the Black-Scholes option-pricing model at issuance, using the following Level 3 inputs:

 

Assumption  Underwritten Public Offering (Base Close & Over-Allotment)   Registered Direct (6/30/26) 
Volatility   80.83% (avg)    80.97%
Risk-free rate   4.27% – 4.29%   4.19%
Remaining term   4.97 – 5.00    4.93 
Dividend yield   0%   0%

 

The Company remeasured the Investor Warrant liability as of June 30, 2026 using the following Level 3 inputs:

 

Assumption  June 30, 2026 (all outstanding Investor Warrants) 
Volatility   80.97%
Risk-free rate   4.19%
Remaining term   4.93 
Dividend yield   0%