Common Stock Warrants (Tables)
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6 Months Ended |
12 Months Ended |
Jun. 30, 2026 |
Dec. 31, 2025 |
| Common Stock Warrants [Abstract] |
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| Schedule of Warrant Activity |
The following table summarizes all warrant activity of the Company for the six months ended June 30, 2026:
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Number of Warrants |
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Weighted Average Exercise Price |
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Weighted Average Contractual Term (Years) |
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Balance outstanding at December 31, 2025 |
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2,478,848 |
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$ |
85.38 |
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|
4.58 |
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Granted |
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1,768,315 |
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4.30 |
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|
5.26 |
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Exercised |
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— |
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— |
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— |
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Forfeited |
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— |
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— |
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— |
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Expired |
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— |
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— |
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— |
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Balance outstanding at June 30, 2026 |
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4,247,163 |
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|
8.93 |
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|
4.08 |
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Exercisable at June 30, 2026 |
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2,366,017 |
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11.94 |
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3.51 |
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The following table summarizes all stock warrant activity of the Company for the year ended December 31, 2025 :
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Number of
Warrants |
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Weighted
Average
Exercise
Price |
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Weighted
Average
Contractual
Term (Years) |
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Balance outstanding at December 31, 2024 |
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180,707 |
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$ |
85.38 |
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|
4.58 |
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Issued |
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2,298,141 |
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|
5.49 |
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3.66 |
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Exercised |
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— |
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— |
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— |
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Forfeited |
|
— |
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— |
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— |
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Expired |
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— |
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— |
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— |
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Balance outstanding at December 31, 2025 |
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2,478,848 |
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$ |
11.31 |
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3.66 |
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Exercisable at December 31, 2025 |
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2,178,848 |
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$ |
11.91 |
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|
3.77 |
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| Schedule of Assumptions Used |
The warrant liability was valued based on the following inputs for the Series A and Series B Warrants, respectively:
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Input |
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June 30, 2026 |
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December 31, 2025 |
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Exercise price |
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$ |
75.95 |
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$ |
75.95 |
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Stock price |
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$ |
5.33 |
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$ |
4.53 |
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Volatility |
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162.5% and 114.5% |
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155.6% and 151.3% |
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Discount rate |
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4.15% and 3.98% |
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3.61% and 3.48% |
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Expected dividend |
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— |
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— |
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Expected life (years) |
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3.14 and 0.64 |
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3.64 and 1.13 |
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The warrant liability was valued based on the following inputs for the warrants:
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Input |
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December 31, 2025
(Initial Measurement) |
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December 31, 2024 |
Exercise price |
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$6.32 - $75.95 |
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$28.70 and $1.75 |
Stock price |
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$4.53 and $7.41 |
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$7.26 |
Volatility |
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140.44% - 163.82% |
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131% and 167% |
Discount rate |
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3.47% - 3.63% |
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4.36% |
Dividends |
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— |
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— |
Expected life (years) |
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1.13 - 5.01 |
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4.64 |
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| Schedule of Reconciliation of Changes in the Company’s Level 3 Warrant Liability |
The following tables present a reconciliation of changes in the Company’s Level 3 warrant liability for the three and six months ended June 30, 2026:
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Ending balance, December 31, 2025 |
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$ |
479,747 |
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Exercises |
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— |
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Change in fair value of warrant liability |
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|
8,857 |
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Ending balance, March 31, 2026 |
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|
488,603 |
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Exercises |
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|
— |
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Change in fair value of warrant liability |
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|
66,702 |
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Ending balance, June 30, 2026 |
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$ |
555,306 |
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The following tables present a reconciliation of changes in the Company’s Level 3 warrant liability for the three and six months ended June 30, 2025:
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Ending balance, December 31, 2024 |
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$ |
799,284 |
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Exercises |
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— |
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Change in fair value of warrant liability |
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(408,562 |
) |
Ending balance, March 31, 2025 |
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390,722 |
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Exercises |
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— |
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Change in fair value of warrant liability |
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(62,112 |
) |
Ending balance, June 30, 2025 |
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$ |
328,610 |
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