v3.26.1
Stockholders' Deficit (Tables)
6 Months Ended
Jun. 30, 2026
Stockholders’ Deficit [Abstract]  
Schedule of Warrants Granted Using the Black-Scholes Valuation Model

The Company estimated the fair value of the warrants granted during the three and six months ended June 30, 2026 and 2025 using the Black-Scholes valuation model with the following assumptions:

 

    Three Months Ended   Six Months Ended
    June 30,   June 30,
    2026   2025   2026   2025
Risk-free interest rate   4.16%-4.26%   N/A   3.58%-4.26%   4.25%-4.37%
Expected term (years)   3.68-5.00   N/A   3.68-5.00   1.50-7.00
Expected volatility   81.5%-84.2%   N/A   80.5%-84.2%   86.0%-98.0%
Expected dividends   0%   N/A   0%   0%
Schedule of Information Related to Warrants

The following table presents information related to warrants as of June 30, 2026:

 

Class of Warrants   Quantity     Exercise Price     Expiration Date
Investor A     915,764     $ 4.40     9/30/2026
Investor B     544,283     $ 6.55     2/11/2030
Placement Agent     270,204     $ 4.40     2/11/2032
Investor A     319,528     $ 4.40     9/30/2026
Investor B     160,910     $ 6.55     3/31/2030
Placement Agent     79,882     $ 4.40     3/30/2032
Original     56,815     $ 4.40     2/11/2030
Exchange     75,755     $ 3.30     2/11/2030
Placement Agent     38,240     $ 5.00     6/9/2031
Total     2,461,381              

 

In conjunction with the closings of the Follow-on Offering (see Note 5), the Company issued 18,240 placement agent warrants for the February, March and June 2026 closings in addition to the 20,000 placement agent warrants issued related to the December 2025 closing. The placement agent warrants have an exercise price of $5.00 per share, expire in five (5) years from the date of issuance and are equity classified. The placement agent warrants issued during the three and six months ended June 30, 2026 had a fair value of approximately $17,940 and $62,075, respectively.

 

The closings of the Follow-on Offering also triggered the anti-dilution provision for the B Warrants (see Note 5) and accordingly, as of June 30, 2026, the number of B Warrants increased to an aggregate total of 705,193 with an exercise price of $6.553 per share.