Derivative Liabilities

6 Months Ended

Jun. 30, 2026

Derivative Liabilities [Abstract]

DERIVATIVE LIABILITIES

NOTE 8—DERIVATIVE LIABILITIES

Issuance and revaluation of warrants

The fair value of the warrant-related derivative liabilities for the issuance and subsequent remeasurement was determined using the Black-Scholes option pricing model, a market-based valuation technique that incorporates significant unobservable inputs:

Volatility		72.1% – 77.6	%
Risk-free interest rate		3.43% – 4.13	%
Dividend yield		0.0	%
Expected term		1.03 –1.50 years

Convertible debt conversion feature

The fair value of the derivative liabilities associated with the conversion features was determined using a valuation methodology that considered the holders’ most beneficial conversion amount based on the contractual conversion terms and the market value of the Company’s common stock at the applicable measurement or conversion date.

See Note 7 for further details regarding the Company’s convertible notes and warrant issuances.

The following table provides a roll-forward of changes for financial instruments measured at fair value on a recurring basis for the six months ended June 30, 2026:

		Amount
Fair value at December 31, 2025		$	686,927
Derivative liability – issuance of warrants			354,361
Derivative liability – convertible debt conversion feature			186,837
Conversion of debt to equity			(1,005,256	)
Reclassification to additional paid-in capital upon equity classification			(371,635	)
Fair value adjustment to derivative liability – issuance of warrants and conversion feature			148,766
Fair value at June 30, 2026		$	-