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Short-term Investments and Fair Value Measurements (Tables)

9 Months Ended

Sep. 30, 2025

Investments, Debt and Equity Securities [Abstract]

Schedule of Summary of Investments

The following is a summary of available-for-sale securities as of September 30, 2025 and December 31, 2024:

									As of September 30, 2025
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	10,771,176					$	—					$	(340,924)					$	10,430,252
U.S. treasury securities			Less than 1						—						—						—						—
Certificates of deposit			Less than 1						2,981,285						8,288						(266)						2,989,307
U.S. agency mortgage-backed securities			*						1,209,229						—						(393,018)						816,211
									$	14,961,690					$	8,288					$	(734,208)					$	14,235,770

									As of December 31, 2024
			Contractual Maturity (in years)						Cost						Gross Unrealized Gains						Gross Unrealized Losses						Fair Market Value
Mutual funds			---						$	25,926,415					$	—					$	(1,445,706)					$	24,480,709
Certificates of deposit			Less than 1						2,980,273						9,750						(281)						2,989,742
U.S. agency mortgage-backed securities			*						1,260,745						—						(430,964)						829,781
									$	30,167,433					$	9,750					$	(1,876,951)					$	28,300,232

*No single maturity date.

Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis

The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis, determined using the following inputs as of September 30, 2025:

			Fair Value Measurements at
			September 30, 2025
			Total						Quoted Prices in Active Markets (Level 1)						Significant Other Unobservable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments
Mutual funds			$	10,430,252					$	10,430,252					$	—					$	—
Certificates of deposit			2,989,307						—						2,989,307						—
U.S. agency mortgage-backed securities			816,211						—						816,211						—
Total short-term investments			14,235,770						10,430,252						3,805,518						—
Investment in affiliated entity			2,495,730						2,495,730						—						—
Total assets measured at fair value			$	16,731,500					$	12,925,982					$	3,805,518					$	—
Liabilities:
Common stock warrant liabilities			50,384,043						$	—					$	—					50,384,043
Total liabilities			$	50,384,043					$	—					$	—					$	50,384,043

The following table presents the Company’s assets and liabilities that were measured at fair value on a recurring basis, determined using the following inputs as of December 31, 2024:

			Fair Value Measurements at
			December 31, 2024
			Total						Quoted Prices in Active Markets (Level 1)						Significant Other Unobservable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)
Assets:
Short-term investments
Mutual funds			$	24,480,709					$	24,480,709					$	—					$	—
Certificates of deposit			2,989,742						—						2,989,742						—
U.S. agency mortgage-backed securities			829,781						—						829,781						—
Total short-term investments			28,300,232						24,480,709						3,819,523						—
Investment in affiliated entity			1,613,844						1,613,844						—						—
Total assets measured at fair value			$	29,914,076					$	26,094,553					$	3,819,523					$	—
Liabilities:
Common stock warrant liability			13,255,188						—						—						13,255,188
Total liabilities			$	13,255,188					$	—					$	—					$	13,255,188

Fair Value Measurement Inputs and Valuation Techniques

The following assumptions were used to estimate the fair value of the warrant liability of the July 2025 Series A warrants:

			On Issuance Date						September 30, 2025
Risk-free interest rate			4.3%						4.0%
Expected volatility			96%						112%
Expected life in years			0.6						0.3
Dividend yield			—						—

The following assumptions were used to estimate the fair value of the warrant liability of the July 2025 Series B warrants:

			On Issuance Date						September 30, 2025
Risk-free interest rate			3.9%						3.7%
Expected volatility			94%						89%
Expected life in years			5						4.8
Dividend yield			—						—

The following assumptions were used to estimate the fair value of the warrant liability of the December 2024 warrants:

			September 30, 2025						December 31, 2024
Risk-free interest rate			3.7%						4.4%
Expected volatility			88%						111%
Expected life in years			4.2						5
Dividend yield			—						—

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation

The following table presents the change in fair value of the Company’s total Level 3 financial liabilities for the nine months ended September 30, 2025:

			Common Stock Warrant Liabilities
Balance at December 31, 2024			$	13,255,188
Issuance of Series A common stock warrants in July 2025			3,779,879
Issuance of Series B common stock warrants in July 2025			13,206,951
Increase in fair value of Series A common stock warrants issued in July 2025			8,910,710
Increase in fair value of Series B common stock warrants issued in July 2025			11,610,105
Increase in fair value of common stock warrants issued in December 2024			160,053
Change in classification from liability to stockholders equity due to warrant exercise			(538,843)
Balance at September 30, 2025			$	50,384,043

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