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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Disclosures [Abstract]

Summary of Fair Value Hierarchy for Financial Liabilities Measured At Fair Value on a Recurring Basis

The following tables summarize our fair value hierarchy for our financial liabilities measured at fair value on a recurring basis as of December 31, 2024 and 2023.

				Fair Value at December 31,
		Level		2024				2023
Liabilities
37N Note embedded derivative		3		$	—			$	702,291
Put option liability		3			—				5,637,162
Litigation financing		3			56,950,377				52,115,647
2022 Warrants		3			2,060,773				13,399,822
March 2023 Warrants		3			1,910,950				—
December 2023 Warrants		3			827,036				2,392,563
March 2023 Note Conversion Option		3			2,745,000				—
December 2023 Note Conversion Option		3			307,000				—
Total of fair valued liabilities				$	64,801,136			$	74,247,485

Summary of Fair Values and Related Carrying Values of Financial Instruments

The following tables summarize the fair values and related carrying values of financial instruments at December 31, 2024 that are not required to be remeasured at fair value on a recurring basis.

				December 31, 2024
		Level		Carrying Value				Fair Value
Liabilities
March 2023 Note (1)		2		$	13,101,995			$	12,422,050
December 2023 Note (1)		2		$	6,550,164			$	6,622,108

(1) As of December 31, 2023, prior to the 2024 amendments disclosed in Note 7, Loans Payable which added a conversion feature, the carrying value of the March 2023 Notes and December 2023 Notes approximated their fair value.

Schedule of Changes in Level 3 Fair Value Measurements

Changes in our Level 3 fair value measurements were as follows:

		37N Note Conversion Option				March 2023 Warrants				December 2023 Warrants				Put option liability				March 2023 Conversion Option				December 2023 Conversion Option				Litigation financing				2022 Warrants				Total
Balance as of December 31, 2022		$	—			$	—			$	—			$	—			$	—			$	—			$	45,368,948			$	13,602,467			$	58,971,415
Issuance of new instrument			423,696				—				2,392,563				4,516,007				—				—				—				—				7,332,266
Issuance of new funding			—				—				—				—				—				—				4,633				—				4,633
Change in fair value			457,690				—				—				1,121,155				—				—				6,742,066				(18,045	)			8,302,866
Warrants Exercised			—				—				—				—				—				—				—				(184,600	)			(184,600	)
Debt conversion to equity			(179,095	)			—				—				—				—				—				—				—				(179,095	)
Balance as of December 31, 2023		$	702,291			$	—			$	2,392,563			$	5,637,162			$	—			$	—			$	52,115,647			$	13,399,822			$	74,247,485
Debt conversion to equity			(341,601	)			—				—				—				—				—				—				—				(341,601	)
Added conversion option (embedded derivative)			—				—				—				—				690,000				161,000				—				—				851,000
Classification of warrants as liability			—				7,754,438				—				—				—				—				—				—				7,754,438
Warrant repricing (Note 7)			—				808,508				348,168				—				—				—				—				—				1,156,676
Change in fair value			(360,690	)			(6,651,996	)			(1,913,695	)			(5,637,162	)			2,055,000				146,000				4,834,730				(11,339,049	)			(18,866,862	)
Balance as of December 31, 2024		$	—			$	1,910,950			$	827,036			$	—			$	2,745,000			$	307,000			$	56,950,377			$	2,060,773			$	64,801,136

X

- Definition

Tabular disclosure of assets and liabilities by class, including financial instruments measured at fair value that are classified in shareholders' equity, if any, that are measured at fair value on a nonrecurring basis in periods after initial recognition (for example, impaired assets). Disclosures may include, but are not limited to: (a) the fair value measurements recorded and the reasons for the measurements and (b) the level within the fair value hierarchy in which the fair value measurements are categorized in their entirety (levels 1, 2, 3).

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3). Where the quoted price in an active market for the identical liability is not available, the Level 1 input is the quoted price of an identical liability when traded as an asset.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of information pertaining to carrying amount and estimated fair value of short-term and long-term debt instruments or arrangements, including but not limited to, identification of terms, features, and collateral requirements.

+ References

No definition available.

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