Stockholders’ Equity (Deficit) (Tables)

9 Months Ended

Sep. 30, 2026

Stockholders’ Equity (Deficit) [Abstract]

Schedule of Convertible Preferred Stock

The significant assumptions used in determining the fair value of the Series A Non-Voting Convertible Preferred Stock issued during the three and nine months ended September 30, 2026 were as follows:

Valuation Assumption
Expected volatility			251.40% - 354.32	%
Risk-free interest rate			3.98% - 4.05	%
Expected term (years)			0.42 - 0.79
Discount for lack of marketability			43.6% - 60.0	%
Probability of conversion			93.5	%
Probability of obtaining required financing			85.0% - 95.0	%
Fair value of Common stock			$4.24 - $4.53

Schedule of Reserved Shares of Common Stock for Future Issuance

The Company reserved shares of common stock, as adjusted for the recapitalization and for the Reverse Stock Splits, on an as-converted basis, for future issuance as follows:

		September 30, 2026				December 31, 2025
Conversion of Series A Non-Voting Convertible Preferred Stock			14,708,215				—
Outstanding options under 2025 Plan			228				103
Issuance of options under the 2025 Plan			7,833				1,003
Outstanding common stock warrants			35,670				2,337
Issuance of earnout shares ⁽¹⁾			387				387
			14,752,333				3,830

(1)

In connection with the Business Combination, certain holders became entitled to receive additional common shares upon achievement of specified stock price or revenue milestones. The 387 shares, as adjusted for the Reverse Stock Splits, relate to two stock price milestones expiring in July 2027 and a fiscal 2026 revenue milestone of $11.9 million. These shares exclude 129 shares related to Milestone III, which expired unachieved on December 31, 2025.