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Segment and Geographic Information | 6 Months Ended
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Jun. 30, 2025
Segment and Geographic Information |
Segment and Geographic Information | NOTE 18 — Segment and Geographic Information The Company operates as one operating segment. The Company’s chief operating decision maker (“CODM”) is its chief executive officer, who review financial information presented on a consolidated basis for purposes of making operating decisions, assessing financial performance and allocating resources. The CODM uses operating income and net income to assess financial performance and allocate resources. These financial metrics are used by the CODM to make key operating decisions, such as the determination of the rate at which the Company seeks to grow operating income and the allocation of budget between cost of goods sold, research and development, and general and administrative expenses. The following table presents selected financial information with respect to the Company’s single operating segment for the three and six months ended June 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For the Three Months Ended June 30, |  | For the Six Months Ended June 30,
​ | ​ | 2025 |  | 2024 |  | 2025 |  | 2024
​ | ​ | (As Restated) | ​ | ​ | ​ | ​ | (As Restated) | ​ | ​ | ​
Revenue | ​ | $ | 883,974 | ​ | $ | 522,166 | ​ | $ | 1,230,024 | ​ | $ | 522,166
Cost of goods sold | ​ |  | 757,415 | ​ |  | 448,095 | ​ |  | 1,001,644 | ​ |  | 448,095
Gross margin | ​ | ​ | 126,559 | ​ | ​ | 74,071 | ​ | ​ | 228,380 | ​ | ​ | 74,071
Operating expenses: | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
General and administrative expenses | ​ |  | 2,697,820 | ​ |  | 1,374,786 | ​ |  | 17,358,928 | ​ |  | 2,485,015
Research and development expenses | ​ |  | 1,309,956 | ​ |  | 914,619 | ​ |  | 2,328,308 | ​ |  | 1,789,961
Depreciation and amortization | ​ |  | 8,898 | ​ |  | 8,120 | ​ |  | 17,113 | ​ |  | 16,239
Total operating expenses | ​ |  | 4,016,674 | ​ |  | 2,297,525 | ​ |  | 19,704,349 | ​ |  | 4,291,215
Loss from operations | ​ |  | (3,890,115) | ​ |  | (2,223,454) | ​ |  | (19,475,969) | ​ |  | (4,217,144)
Other income (expense) | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Change in fair value of derivative liabilities | ​ |  | — | ​ |  | (33,754) | ​ |  | (827,445) | ​ |  | (575,393)
Change in fair value of warrant liabilities | ​ |  | — | ​ |  | (435,469) | ​ |  | 223,162 | ​ |  | (13,478,661)
Change in earnout liability | ​ | ​ | 17,000 | ​ | ​ | — | ​ | ​ | 17,000 | ​ | ​ | —
Transaction costs expensed | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (8,763,915) | ​ | ​ | —
Gain on settlement of forward purchase agreement | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,406,669 | ​ | ​ | —
Other expense | ​ |  | — | ​ |  | (30,195) | ​ |  | — | ​ |  | (16,176)
Interest expense | ​ |  | (612,886) | ​ | ​ | (2,984,232) | ​ | ​ | (1,336,353) | ​ | ​ | (5,857,183)
Gains (loss) on extinguishment of debt | ​ |  | (2,454,178) | ​ |  | — | ​ |  | 3,941,432 | ​ |  | —
Total other expense | ​ |  | (3,050,064) | ​ |  | (3,483,650) | ​ |  | (5,369,450) | ​ |  | (19,927,413)
Loss before income taxes | ​ | ​ | (6,940,179) | ​ | ​ | (5,707,104) | ​ | $ | (24,845,419) | ​ | $ | (24,144,557)
Provision for income taxes | ​ | ​ | — | ​ | ​ | — | ​ | ​ | — | ​ | ​ | —
Net loss | ​ | $ | (6,940,179) | ​ | $ | (5,707,104) | ​ | $ | (24,845,419) | ​ | $ | (24,144,557)
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Net loss per share: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic and diluted | ​ | $ | (0.16) | ​ | $ | (0.44) | ​ | $ | (0.74) | ​ | $ | (1.78)
Weighted average number of shares/units: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic and diluted | ​ | ​ | 44,140,202 | ​ | ​ | 14,184,397 | ​ | ​ | 33,756,838 | ​ | ​ | 14,184,397
​

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