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Warrants (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Activity Related to Series A and B Warrants

A summary of activity related to warrants, classified within stockholders’ equity (deficit) for the years presented is as follows:

 Summary of Activity Related to Warrants Classified Within Stockholders’ Equity (Deficit)

		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term
Outstanding as of December 31, 2022			21,129			$	1.10	*			—
Issued – March 2023			7,143				1.10	*			—
Issued – June 2023			25,080				30.00	**			—
Issued – November 2023			14,836				1.10	*			—
Issued – November 2023			1,484				124.70
Exercised			(5,000	)			—				—
Outstanding as of December 31, 2023			64,672			$	15.23				3.43
Exercised			(16,590	)			30.00	**			—
Issued – March 6, 2024			16,588				1.10	*			—
Issued – March 7, 2024			2,737				75.50				—
Issued – April 12, 2024			28,378				1.10	*			—
Issued – May 31, 2024			32,659				1.10	*			—
Issued – July 29, 2024			21,598				1.10	*			—
Issued – August 27, 2024			24,765				1.10	*
Issued – December 18, 2024			142,857				5.25
Outstanding as of December 31, 2024			317,664			$	4.96				2.60
Exercisable as of December 31, 2024			317,664			$	4.96				2.60

* Reflects the exercise price after a modification executed on May 31, 2024.

** Reflects the exercise price after the Down Round Trigger events (see Note 9).

Series A and B Warrant [Member]

Summary of Activity Related to Series A and B Warrants

A summary of activity related to the Series A and B warrants, classified as liabilities, for the year ended December 31, 2024 is as follows:

 Summary of Activity Related to Series A and B Warrants 

		Shares				Weighted Average Exercise Price				Weighted Average Remaining Contractual Term
Outstanding as of December 31, 2023			-			$	-				-
Issued - October 2024 Offering			1,076,000				1.94	*			-
Issued - Share Combination Event			9,161,077				1.94				-
Exercises Series A			(3,154,537	)			-	**			-
Exercises Series B			(2,454,228	)			1.94				-
Outstanding as of December 31, 2024			4,628,312			$	1.94				4.75

* Reflects the reduction in exercise price triggered by the Share Combination Event.

** The Series A Warrants were exercised under the Alternate Cashless exercise provision resulting in the issuance of 6,309,074 shares of common stock and no cash proceeds.

X

- 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://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147480429/718-10-50-1

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