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Fair Value Measurement (Tables) | 9 Months Ended
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Sep. 30, 2025
Fair Value Measurement [Abstract] |
Schedule of Black-Scholes Option Pricing Model for Liability-Classified Stock Purchase Warrants | The assumptions used for the Black-Scholes option pricing model for liability-classified stock purchase warrants are as follows:
June 2024 Warrants |  | September 30, 2025 |  |  | November 2024 Modification |
Expected term (years) |  |  | 3.7 years |  |  |  | 4.6 years |
Risk-free interest rate |  |  | 3.74 | % |  |  | 4.4 | %
Expected volatility |  |  | 110.0 | % |  |  | 113.8 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
November 2024 Warrants |  | September 30, 2025 |  |  | November 2024 Issuance |
Expected term (years) |  |  | 4.1 years |  |  |  | 5.0 years |
Risk-free interest rate |  |  | 3.74 | % |  |  | 4.2 | %
Expected volatility |  |  | 110.0 | % |  |  | 113.8 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
The assumptions used for the Monte Carlo simulation model for liability-classified stock purchase warrants are as follows:
August 2025 Warrants |  | September 30, 2025 |  |  | August 2025 Issuance |
Expected term (years) |  |  | 4.9 years |  |  |  | 5.0 years |
Risk-free interest rate |  |  | 3.73 | % |  |  | 3.65 | %
Expected volatility |  |  | 108.3 | % |  |  | 110.1 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Probability of a fundamental event |  |  | 10.0 | % |  |  | 10.0 | %
September 2025 Private Placement Warrants |  | September 30, 2025 |  |  | September 2025 Issuance |
Expected term (years) |  |  | 4.9 years |  |  |  | 5.0 years |
Risk-free interest rate |  |  | 3.74 | % |  |  | 3.65 | %
Expected volatility |  |  | 158.4 | % |  |  | 156.9 | %
Expected dividend yield |  |  | 0.0 | % |  |  | 0.0 | %
Probability of a fundamental event |  |  | 10.0 | % |  |  | 10.0 | %
Schedule of Company’s Assets and Liabilities Measured and Recorded at Fair Value on a Recurring Basis | The following table sets forth by level, within the fair value hierarchy, the Company’s assets and liabilities measured and recorded at fair value on a recurring basis as of September 30, 2025:
|  | Quoted Price in Active Markets |  |  | Significant Other Observable Inputs |  |  | Significant Unobservable Inputs |  |  | Balance at September 30, |
|  | (Level 1) |  |  | (Level 2) |  |  | (Level 3) |  |  | 2025 |
Liabilities |  |  |  |  |  |  |  |  |  |  |  |
June 2024 Warrant |  |  | — |  |  |  | — |  |  |  | 914,583 |  |  |  | 914,583 |
November 2024 Warrant |  |  | — |  |  |  | — |  |  |  | 2,133,949 |  |  |  | 2,133,949 |
August 2025 Warrant |  |  | — |  |  |  | — |  |  |  | 2,210,729 |  |  |  | 2,210,729 |
Private Placement Warrants |  |  | — |  |  |  | — |  |  |  | 35,480,932 |  |  |  | 35,480,932 |
Embedded derivative liability |  |  | — |  |  |  | — |  |  |  | - |  |  |  | - |
Total liabilities |  | $ | — |  |  | $ | — |  |  | $ | 40,740,193 |  |  | $ | 40,740,193 |
Schedule of Warrants Measured at Fair Value Using Level 3 Inputs | The following table provides a reconciliation of the warrants measured at fair value using Level 3 inputs:
|  | Embedded Derivative |  |  | June 2024 |  |  | November 2024 |  |  | Pre-funded |  |  | Common Stock |  |  | August 2025 |  |  | September 2025 |
|  | Liability |  |  | Warrant |  |  | Warrant |  |  | Warrant |  |  | Warrant |  |  | Warrant |  |  | Warrant |
Balance at January 1, 2025 |  | $ | 847,753 |  |  | $ | 5,333,794 |  |  | $ | 12,467,515 |  |  | $ | 52,682,426 |  |  | $ | 94,286,790 |  |  | $ | - |  |  | $ | - |
Additions |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1,672,686 |  |  |  | 29,605,956 |
Subtractions |  |  | (259,963 | ) |  |  | - |  |  |  | - |  |  |  | (12,421,864 | ) |  |  | (19,517,415 | ) |  |  | - |  |  |  | - |
Change in fair value |  |  | (587,790 | ) |  |  | (4,419,211 | ) |  |  | (10,333,566 | ) |  |  | (40,260,562 | ) |  |  | (74,769,375 | ) |  |  | 538,043 |  |  |  | 5,874,976 |
Ending balance, September 30, 2025 |  | $ | - |  |  | $ | 914,583 |  |  | $ | 2,133,949 |  |  | $ | - |  |  | $ | - |  |  | $ | 2,210,729 |  |  | $ | 35,480,932 |

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- Definition Tabular disclosure of assets and liabilities, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, 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). + 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 + Details
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- Definition Tabular disclosure of the significant assumptions used during the year to estimate the fair value of stock options, including, but not limited to: (a) expected term of share options and similar instruments, (b) expected volatility of the entity's shares, (c) expected dividends, (d) risk-free rate(s), and (e) discount for post-vesting restrictions. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 718 -SubTopic 10 -Subparagraph (f)(2) -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480429/718-10-50-2 + Details
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