v3.26.1
Warrants (Tables)
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Warrants [Line Items]    
Schedule of Common Stock Issuable Upon Exercise of Warrants Outstanding

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding as of June 30, 2026:

 

    Warrants Outstanding  
    Range of
Exercise
Price
    Number
Outstanding at
June 30,
2026
    Weighted
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
 
                         
Public and Private Warrants     11,500       6,701       0.03       908.75  
September 2025 Private Placement Warrant     675.63       3,777       3.10       173.75  
February 2026 Warrants     266.25       701,746       4.66       177.50  
      266.25-11,500       712,224       4.61       184.36  

 

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding as of December 31, 2025:

 

    Warrants Outstanding  
    Range of
Exercise
Price
    Number
Outstanding at
December 31,
2025
    Weighted
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
 
                         
Public and Private Warrants     11,500.00       6,701       0.53       2,023.75  
April 2024 Warrants     860.00       116       0.01       2.50  
August 2025 Warrant     550.00       2,000       0.24       28.75  
September 2025 Private Placement Warrant     675.63       29,268       3.60       518.75  
      0.0125 – 11,500.00       38,085       2.87       756.25  

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding of December 31, 2025:

 

    Warrants Outstanding  
    Range of
Exercise
Price
    Number
Outstanding at
December 31,
2025
    Weighted
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
 
                         
Public and Private Warrants     92.00       837,625       0.53       16.19  
April 2024 Warrants     6.88       14,535       0.01       0.02  
August 2025 Warrant     4.4       250,000       0.24       0.23  
September 2025 Private Placement Warrant     5.405       3,658,537       3.60       4.15  
      0.0001 – 92.00       4,760,697       2.87       6.05  

 

The following table summarizes the shares of the Company’s common stock issuable upon exercise of warrants outstanding at December 31, 2024:

 

    Warrants Outstanding  
    Range of
Exercise
Price
    Number
Outstanding at
December 31,
2024
    Weighted
Average
Remaining
Contractual
Life (Years)
    Weighted
Average
Exercise
Price
 
                      USD  
                         
Public and Private Warrants     92.00       837,625       0.61       14.10  
April 2024 Warrants     6.88       14,535       0.01       0.02  
June 2024 Warrants     2.00       150,000       0.12       0.05  
August 2024 Warrants     2.00       175,000       0.15       0.06  
November 2024 Warrant     2.41       351,424       0.31       0.15  
Pre-funded Warrants     0.0001       1,436,666       1.30       0.00  
Private Placement Warrant     6.00       2,499,999       2.27       2.74  
      0.0001 – 92.00       5,465,249       4.77       17.12  
Schedule of Warrant Activities

Warrant activities for the six months ended June 30, 2026 were as follows:

 

    Number of
warrants
    Weighted
Average
Exercise
Price
 
          USD  
             
Outstanding at December 31, 2025     38,085       2,573.75  
Expired     (116 )     860.00  
Granted     701,746       177.50  
Exercised     (27,491 )     648.75  
      712,224       1,260.00  

Warrant activities for the year ended December 31, 2025 were as follows:

 

    Number
of warrants
    Weighted
Average
Exercise
Price
 
          USD  
             
Outstanding at December 31, 2024     5,465,249       17.12  
Granted     5,610,625       0.02  
Exercised     (6,315,177 )     2.74  
      4,760,697       17.12  
Warrant [Member]    
Warrants [Line Items]    
Schedule of Black-Scholes Option Pricing Model for Liability-Classified Stock Purchase Warrants  

The assumptions used for the Black-Scholes option pricing model for liability-classified stock purchase warrants are as follows:

 

June 2024 Warrants   November 2024
Modification
 
Expected volatility (%)     113.8 %
Risk-free interest rate (%)     4.40 %
Expected dividend yield     0.0 %
Expected term of options (years)     4.6  
Exercise price (US dollars)     2.0  
Share price (US dollars)        
November 2024 Warrants   November 2024
Issuance
 
Expected volatility (%)     113.8 %
Risk-free interest rate (%)     4.20 %
Expected dividend yield     0.0 %
Expected term of options (years)     5  
Exercise price (US dollars)     2.0  
Share price (US dollars)        

The fair value of the JV Warrants was calculated as of grant date using a Monte Carlo simulation model. The key assumptions used in the valuation were as follows:

 

Fair value of the JV Warrants   August 28, 2025  
Expected volatility (%)     110.10 %
Risk-free interest rate (%)     3.65 %
Expected dividend yield     0.0 %
Expected term of options (years)     5  
Exercise price (US dollars)   $ 4.40  
Share price (US dollars)   $ 4.33  
Fair value (U.S. dollars)   $ 1,673