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Warrants (Tables)

9 Months Ended

Sep. 30, 2025

Warrants and Rights Note Disclosure [Abstract]

Schedule of Warrants Outstanding

Warrants that have not been tendered for exchange and outstanding at September 30, 2025, and December 31, 2024, are as follows:

			September 30, 2025						December 31, 2024
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
OrbiMed Warrants			222,068						130,805
Total warrants			7,402,541						7,311,278

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

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- Definition

Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147481112/505-10-50-3

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