v3.26.1
Warrant and Derivative Liabilities (Tables)
6 Months Ended
Jun. 30, 2026
Warrant and Derivative Liabilities [Abstract]  
Schedule of Activity for the Contingent Warrant Liabilities, Using Unobservable Level 3 Inputs

The following table summarizes the activity for the contingent warrant liabilities, using unobservable Level 3 inputs, for the three and six months ended June 30, 2026:

 

    Contingent
Warrant
Liability
 
Balance at December 31, 2025     26,590  
Change in fair value     (1,612 )
Balance at March 31, 2026   $ 24,978  
Change in fair value     400  
Balance at June 30, 2026   $ 25,378  
Schedule of Inputs Used to Determine the Fair Value of the Derivative and Warrant Liabilities

The table below shows the inputs used to determine the fair value of the derivative liabilities:

 

    As of  
    June 30,     June 30,     December 31,     December 31,  
    2026     2026     2025     2025  
    Closing Scenario     Non-closing Scenario     Closing
Scenario
    Non-closing
Scenario
 
Expected term (years)     2.23       2.23       2.75       2.73  
Expected volatility     150.00 %     150.00 %     150.00 %     150.00 %
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %
Risk-free interest rate     4.12 %     4.12 %     3.50 %     3.50 %
Probability     40.00 %     60.00 %     40.00 %     60.00 %
Probability of Survival     —  %     25.00 %     —  %     —  %

The table below shows the inputs used to determine the fair value of the derivative liabilities:

 

    As of  
    June 30,     June 30,     December 31,     December 31,  
    2026     2026     2025     2025  
    Closing Scenario     Non-closing Scenario     Closing
Scenario
    Non-closing
Scenario
 
Expected term (years)     2.25       2.25       2.73       2.75  
Expected volatility     150.00 %     150.00 %     150.00 %     150.00 %
Expected dividend yield     0.00 %     0.00 %     0.00 %     0.00 %
Risk-free interest rate     4.12 %     4.12 %     3.50 %     3.50 %
Probability     40.00 %     60.00 %     40.00 %     60.00 %
Schedule of Company’s Derivative Liabilities and Warrant Liabilities that are Measured at Fair Value on a Recurring Basis

The following table presents information about the Company’s derivative liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

    Valuation
Level
  June 30,
2026
    December 31,
2025
 
                 
Derivative liabilities   Level 3     649,134       4,581,333  
        $ 649,134     $ 4,581,333  

The following table presents information about the Company’s derivative liabilities that are measured at fair value on a recurring basis as of June 30, 2026 and December 31, 2025, and indicates the fair value hierarchy of the valuation inputs the Company utilized to determine such fair value:

 

    Valuation
Level
  June 30,
2026
    December 31,
2025
 
                 
Derivative liabilities   Level 3           2,404,014  
        $     $ 2,404,014  
Schedule of Change in the Fair Value of the Derivative Liabilities and Warrant Liabilities

The following table sets forth a summary of the change in the fair value of the derivative liabilities that are measured at fair value on a recurring basis for the six months ended June 30, 2026:

 

    Derivative
Liabilities
 
Balance, as of December 31, 2025   $ 4,581,333  
Change in fair value     (3,955,778 )
Balance, as of March 31, 2026     625,555  
Change in fair value     136,471  
Conversion     (112,892 )
Balance, as of June 30, 2026   $ 649,134  

The following table sets forth a summary of the change in the fair value of the derivative liabilities that are measured at fair value on a recurring basis for the six months ended June 30, 2026:

 

    Derivative
Liabilities
 
Balance, as of December 31, 2025   $ 2,404,014  
Change in fair value     (2,072,590 )
Balance, as of March 31, 2026     331,424  
Conversions     (331,424 )
Balance, as of June 30, 2026   $