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Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2024

Fair Value Measurements

Schedule of carrying value and fair value of financial assets and liabilities measured at fair value on a recurring basis

The following tables provides the carrying value and fair value of certain financial assets and liabilities of the Company measured at fair value on a recurring basis as of December 31, 2024 and 2023:

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​

​

​

​

​

​

​

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Fair Value Measurement at

​

​

​

​

​

December 31, 2024

​

​

Carrying Value

​

Level 1

Level 2

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

$

491,006

​

$

491,006

​

$

—

​

$

—

Total assets measured and recorded at fair value

​

$

491,006

​

$

491,006

​

$

—

​

$

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Warrant liability

​

$

737,000

​

$

—

​

$

—

​

$

737,000

Total liabilities measured and recorded at fair value

​

$

737,000

​

$

—

​

$

—

​

$

737,000

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Fair Value Measurement at

​

​

​

​

​

December 31, 2023

​

​

Carrying Value

​

Level 1

Level 2

Level 3

Assets:

​

​

​

​

​

​

​

​

​

​

​

​

Cash equivalents

​

$

5,136,677

​

$

5,136,677

​

$

—

​

$

—

Total assets measured and recorded at fair value

​

$

5,136,677

​

$

5,136,677

​

$

—

​

$

—

Liabilities:

​

​

​

​

​

​

​

​

​

​

​

​

Warrant liability

​

$

13,680,000

​

$

—

​

$

—

​

$

13,680,000

Total liabilities measured and recorded at fair value

​

$

13,680,000

​

$

—

​

$

—

​

$

13,680,000

Canaccord Warrants

Fair Value Measurements

Schedule of quantitative information regarding Level 3 fair value measurements inputs

The following tables provide quantitative information regarding Level 3 fair value measurements inputs as of their respective measurement dates. The table for the year ending December 31, 2024 presents inputs used under a Black-Scholes option-pricing model. The table for the year ending December 31, 2023 presents inputs used under a Monte Carlo simulation model:

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​	​	​	​	​	​	​	​
​		December 31, 2024			December 31, 2023
Exercise price	​	$	9.00	​	$	9.00	​
Closing stock price	​	$	5.03	​	$	18.70	​
Number of warrants outstanding	​		308,333	​		1,200,000	​
Phase III data probability of success	​		—	%		60	%
Volatility	​		80	%		55	%
Term (time to expiration in years)	​		3.84	​		4.84	​
Redemption hurdle price	​	$	—	​	$	14.25	​
Risk-free rate	​		4.3	%		3.9	%

​

X

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 820
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 100
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482078/820-10-55-100

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

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Paragraph 2
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 820
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-Name Accounting Standards Codification
-Section 50
-Paragraph 3
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-3

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- 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/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 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section 50
-Paragraph 2
-Subparagraph (bbb)(1)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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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).

+ 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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