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WARRANTS (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Class of Warrant or Right [Line Items]    
Summary of Outstanding Warrants

The following table provides a summary of the number of the Company's outstanding warrants:

 

 

 

September 30,
2025

 

 

 

December 31,
2024

 

Liability-classified warrants:

 

 

 

 

 

 

 

 

Offering Common Stock Warrants

 

 

 

123,454,232

 

 

 

 

 

Junior Note Warrants

 

 

 

859,315

 

 

 

 

859,315

 

Public Warrants

 

 

 

417,770

 

 

 

 

417,770

 

Total liability-classified warrants outstanding

 

 

 

124,731,317

 

 

 

 

1,277,085

 

 

 

 

 

 

 

 

 

 

Equity-classified warrants:

 

 

 

 

 

 

 

 

Offering Pre-Funded Warrants

 

 

 

31,660,075

 

 

 

 

 

Offering Placement Agent Warrants

 

 

 

3,361,344

 

 

 

 

 

June 2023 Senior Note Warrants

 

 

 

335,210

 

 

 

 

335,210

 

Pre-Funded Warrants

 

 

 

 

 

 

 

837,116

 

August 2024 Warrants Issued with Junior Notes

 

 

 

19,892

 

 

 

 

19,892

 

Total equity-classified warrants outstanding

 

 

 

35,376,521

 

 

 

 

1,192,218

 

The following table provides a summary of the number of the Company's outstanding warrants:

 

 

Year Ended December 31,

 

 

 

2024

 

 

2023

 

Liability classified warrants:

 

 

 

 

 

 

 

 

Junior Note Warrants

 

 

 

859,315

 

 

 

 

550,000

 

Public Warrants

 

 

 

417,770

 

 

 

 

417,770

 

Total liability-classified warrants outstanding

 

 

 

1,277,085

 

 

 

 

967,770

 

 

 

 

 

 

 

 

 

 

Equity classified warrants:

 

 

 

 

 

 

 

 

June 2023 Senior Note Warrants

 

 

 

335,210

 

 

 

 

335,210

 

Pre-Funded Warrants

 

 

 

837,116

 

 

 

 

 

August 2024 Warrants Issued with Junior Notes

 

 

 

19,892

 

 

 

 

 

Total equity-classified warrants outstanding

 

 

 

1,192,218

 

 

 

 

335,210

 

Junior Note Warrants    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants The range of significant inputs to the calculation of the fair value of the Junior Note Warrant liability during the periods presented were as follows:

 

 

 

Nine Months Ended September 30,

 

 

 

2025

 

 

2024

Junior Note Warrants:

 

 

 

 

 

 

Stock price

 

$

0.15 - 0.35

 

$

0.03 - 0.51

Expected term (in years)

 

 

3.2 - 4.4

 

 

4.2 - 4.9

Expected volatility

 

 

62.4% - 182%

 

 

58.9% - 76.9%

Risk-free interest rate

 

 

3.7% - 3.9%

 

 

3.6% - 4.3%

Expected dividend yield

 

 

0.0%

 

 

0.0%

The aggregate fair value of the Junior Note Warrants was estimated using a Monte Carlo simulation based approach, a Level 3 valuation. The significant inputs to the calculation of the fair value of the Junior Note Warrant liability were as follows:

 

 

Year Ended December 31,

 

 

2024

 

2023

Common Stock Warrants:

 

 

 

 

 

 

Stock price

 

$

0.03 - 0.67

 

$

0.15 - 0.18

Expected term (in years)

 

 

3.9 - 4.9

 

 

4.9 - 5.0

Expected volatility

 

 

58.9% - 79.6%

 

 

66.3%

Risk-free interest rate

 

 

3.6% - 4.3%

 

 

3.8% - 4.1%

Expected dividend yield

 

 

0.0%

 

 

0.0%

Offering Placement Agent Warrants    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants The issuance date fair value of the Offering Placement Agent Warrants of $417,815 was treated as an equity-issuance cost and reduction in additional-paid in capital, and was estimated using the Monte Carlo simulation based approach, a Level 3 valuation, with the following assumptions:

 

 

 

Upon Issuance

Offering Placement Agent Warrants:

 

 

 

Stock price

 

$

0.1395

Expected term (in years)

 

 

5.0

Expected volatility

 

 

145.0%

Risk-free interest rate

 

 

3.6%

Expected dividend yield

 

 

0.0%

 
Common Stock Warrant [Member] | Senior Note Warrants    
Class of Warrant or Right [Line Items]    
Schedule of Aggregate Fair value of Warrants The aggregate fair value of the Senior Note Warrants of $3,401,366 was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

 

 

Upon Issuance

Common Stock Warrants:

 

 

 

Expected term (in years)

 

 

5.0

Expected volatility

 

 

47.9%

Risk-free interest rate

 

 

4.0%

Expected dividend yield

 

 

0.0%

The aggregate fair value of the Senior Note Warrants of $3,401,366 was estimated using the Black-Scholes option-pricing model with the following assumptions:

 

 

 

Upon Issuance

Common Stock Warrants:

 

 

 

Expected term (in years)

 

 

5.0

Expected volatility

 

 

47.9%

Risk-free interest rate

 

 

4.0%

Expected dividend yield

 

 

0.0%