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Standby Equity Purchase Agreement (Tables) | 9 Months Ended
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Sep. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Schedule of Fair Value Measurement Inputs and Valuation Techniques | Assumptions used in the valuation are described below:
| September 30, 2025 |  | December 31, 2024
Current stock price | $ | 4.65 |  | $ | 5.01
Expected share price volatility | 70.0 | % |  | 70.0 | %
Risk-free interest rate | 3.6 | % |  | 4.3 | %
Expected term (years) | 2.86 |  | 3.61
Estimated dividend yield | — | % |  | — | %
The following table summarizes activity in the Public Warrants, Private Placement Warrants, and Working Capital Warrants in the nine months ended September 30, 2025 and 2024.
Series |  | Balance at December 31, 2024 |  | Exchanges |  | Issuances |  | Retirements / Conversions |  | Balance at September 30, 2025
Public Warrants |  | 1,751,825 |  | — |  | — |  | — |  | 1,751,825 |
Private Placement Warrants |  | 4,428,648 |  | — |  | — |  | — |  | 4,428,648 |
Working Capital Warrants |  | 1,000,000 |  | — |  | — |  | — |  | 1,000,000 |
Series |  | Balance at December 31, 2023 |  | Exchanges |  | Issuances |  | Retirements / Conversions |  | Balance at September 30, 2024
Public Warrants |  | 8,281,779 |  | — |  | — |  | (6,529,954) |  | 1,751,825 |
Private Placement Warrants |  | 4,933,333 |  | — |  | — |  | (504,685) |  | 4,428,648 |
Working Capital Warrants |  | 1,000,000 |  | — |  | — |  | — |  | 1,000,000 |
The fair value of the Initial OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:
| September 30, 2025 |  | December 31, 2024
Expected term (years) | 5.6 |  | 6.3
Risk free interest rate | 3.8% |  | 4.5%
Expected volatility | 70.0% |  | 70.0%
Dividend yield | —% |  | —%
Exercise price | $8.8398 |  | $9.3722
Stock price | $4.65 |  | $5.01
The fair value of the Subsequent OrbiMed Warrant was measured using the Black-Scholes option pricing model. The key inputs used in the valuations were as follows:
| September 30, 2025 |  | February 18, 2025
Expected term (years) | 6.4 |  | 7.0
Risk free interest rate | 3.9% |  | 4.1%
Expected volatility | 70.0% |  | 70.0%
Dividend yield | —% |  | —%
Exercise price | $5.3322 |  | $5.4787
Stock price | $4.65 |  | $5.69
Assumptions used in the valuation are described below:
Valuation assumptions: | September 30, 2025 |  | December 31, 2024
Expected draws | None |  | $ | 2,000
Expected probability of draws | —% |  | 90 | %
Risk-free interest rate | — | % |  | 4.4 | %

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- Definition Tabular disclosure of input and valuation technique used to measure fair value and change in valuation approach and technique for each separate class of asset and liability measured on recurring and nonrecurring basis. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 103 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482078/820-10-55-103 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
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