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Warrants (Tables)

12 Months Ended

Dec. 31, 2025

Warrants and Rights Outstanding [Abstract]

Schedule of Outstanding Warrants

The following tables summarize information regarding the warrants outstanding and warrant activity at December 31, 2025:

Common Stock Warrants			Classification						Number of Warrants Outstanding						Weighted Average Exercise Price						Weighted Average Remaining Contractual Life (years)
Elicio Warrants			Equity						144,814						$	53.59					3.5
Angion Warrants			Liability						3,950						$	76.00					2.7
March 2024 Pre-Funded Warrants(1)(2)			Equity						1,032,702						$	0.01					Perpetual
July 2024 Pre-Funded Warrants(1)(2)			Equity						1,600,000						$	0.01					Perpetual
July 2024 Common Warrants			Liability						441,500						$	5.00					3.5
July 2024 Common Warrants(2)			Equity						1,600,000						$	5.00					3.5
January 2025 Common Warrants			Equity						1,261,830						$	7.80					4.1
June 2025 Common Warrants			Equity						103,225						$	7.75					4.4
Total Warrants Outstanding at December 31, 2025									6,188,021						$	4.68					3.7

(1) The March 2024 Pre-Funded Warrants and July 2024 Pre-Funded Warrants outstanding as of December 31, 2025 have a perpetual term and are therefore excluded from the calculation of the weighted-average remaining contractual life.

(2) During the fourth quarter of 2024, the Company reclassified the March 2024 Pre-Funded Warrants, the July 2024 Pre-Funded Warrants and the July 2024 Common Warrants held by GKCC and its affiliates from liability to equity classification.

			Warrants						Weighted Average Exercise Price						Weighted Average Life (years)
Outstanding at December 31, 2024			5,081,466						$	3.85					4.5
Issued			1,365,055						7.80
Exercised			(258,500)						5.00
Outstanding at December 31, 2025			6,188,021						$	4.68					3.7

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- Definition

Warrants and Rights Outstanding

+ References

No definition available.

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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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