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Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value Disclosures [Abstract]

Schedule of Assets and Liabilities Measured at Fair Value

The following table presents the Company’s assets and liabilities that are measured at fair value on a recurring basis, inclusive of related party (in thousands):

Schedule of Assets and Liabilities Measured at Fair Value 

		Level 1				Level 2				Level 3				Total
		March 31, 2026
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds		$	35			$	-			$	-			$	35
Bitcoin			66				-				-				66
Total assets, at fair value		$	101			$	-			$	-			$	101
Liabilities:
Business Combination Warrants		$	-			$	-			$	46			$	46
PIPE Warrants			-				-				9				9
SEPA put option liability			-				-				74				74
Total liabilities, at fair value		$	-			$	-			$	129			$	129

		Level 1				Level 2				Level 3				Total
		December 31, 2025
		Level 1				Level 2				Level 3				Total
Assets:
Money market funds		$	35			$	-			$	-			$	35
Bitcoin			506				-				-				506
Total assets, at fair value		$	541			$	-			$	-			$	541
Liabilities:
Business Combination Warrants		$	-			$	-			$	60			$	60
PIPE Warrants			-				-				11				11
SEPA put option liability			-				-				186				186
Total liabilities, at fair value		$	-			$	-			$	257			$	257

Schedule of Warrants and Notes Measured at Fair Value

The following table presents the changes in the Business Combination Warrants and PIPE Warrants measured at fair value during the three months ended March 31, 2026 (in thousands):

Schedule of Warrants and Notes Measured at Fair Value 

		Business Combination Warrants				PIPE Warrants
Balance, December 31, 2025		$	60			$	11
Changes in fair value			(14	)			(2	)
Balance, March 31, 2026		$	46			$	9

 

The following table presents the changes in the SEPA derivative liabilities measured at fair value during the three months ended March 31, 2026 (in thousands):

		SEPA Put Option Liability				SEPA Forward Option Liability
Balance, December 31, 2025		$	186			$	-
Changes in fair value			(112	)			(67	)
Conversions to Common Stock			-				67
Balance, March 31, 2026		$	74			$	-

 

Schedule of Fair Value Assumptions and Valuation

The Company remeasured the fair value of the Business Combination Warrants and PIPE Warrants at March 31, 2026 using the Black-Scholes option-pricing model with the following assumptions:

Schedule of Fair Value Assumptions and Valuation 

		As of March 31, 2026
		PIPE				Business Combination
		Warrants				Warrants
Stock price		$	0.85			$	0.85
Exercise price		$	10.00			$	11.50
Expected volatility			94.9	%			94.9	%
Weighted average risk-free rate			3.8	%			3.8	%
Expected dividend yield			-				-
Warrants measurement input			-				-
Expected term (in years)			2.61				2.61

 

The Company remeasured the fair value of the Business Combination Warrants and PIPE Warrants at December 31, 2025 using the Black-Scholes option-pricing model with the following assumptions:

		Warrants				Warrants
		As of December 31, 2025
		PIPE				Business Combination
		Warrants				Warrants
Stock price		$	1.10			$	1.10
Exercise price		$	10.00			$	11.50
Expected volatility			85.0	%			85.0	%
Weighted average risk-free rate			3.5	%			3.5	%
Expected dividend yield			0.0	%			0.0	%
Warrants measurement input			0.0	%			0.0	%
Expected term (in years)			2.85				2.85

  

The estimated fair value of the SEPA put option derivative liability was determined using a Monte Carlo simulation model in order to project the future path of the Company’s stock price over the commitment period with the following assumptions:

		March 31, 2026				December 31, 2025
		As of
		March 31, 2026				December 31, 2025
Term (in years)			0.2				0.5
Starting stock price		$	0.85			$	1.10
Expected volatility			156.7	%			144.0	%
Risk-free rate			3.7	%			3.6	%
Derivative liability			3.7	%			3.6	%

 

X

- 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 liabilities measured at fair value measured on a recurring or nonrecurring basis. Includes, but is not limited to, fair value measurements recorded and the reasons for the measurements, level within the fair value hierarchy in which the fair value measurements are categorized and transfers between levels 1 and 2.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-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/2003/role/disclosureRef
-Topic 820
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- Definition

Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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-SubTopic 10
-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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