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Fair Value Measurement (Tables)

9 Months Ended

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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Tabular disclosure of derivative liabilities at fair value.

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-Topic 815
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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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).

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 820
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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.

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