XML 30 R24.htm IDEA: XBRL DOCUMENT
v3.26.1

Warrant Liability (Tables) | 3 Months Ended
--- | ---
Mar. 31, 2026
Warrants and Rights Note Disclosure [Abstract] |
Summary of Valuation Inputs | The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at March 31, 2026:
| March 31, 2026 |
| Tranche A Warrants |  |  | Tranche B Warrants |
Scenario 1: Milestone Successfully Achieved |  |  |  |  |
Discount rate |  | 3.73 | % |  |  | 3.73 | %
Time period between valuation date and Milestone Event |  | 1.75 |  |  |  | 1.75 |
Risk-neutral probability of Milestone Event achievement |  | 48.00 | % |  |  | 48.00 | %
Probability-weighted present value of the Series A Preferred Warrants | $ | 2,264.20 |  |  | $ | 2,375.40 |
Scenario 2: Milestone Not Achieved |  |  |  |  |
Discount rate |  | 3.73 | % |  |  | 3.73 | %
Time period between valuation date and Milestone Event |  | 1.75 |  |  |  | 1.75 |
Risk-neutral probability of Milestone Event achievement |  | 52.00 | % |  |  | 52.00 | %
Probability-weighted present value of the Series A Preferred Warrants | $ | 43.50 |  |  | $ | 43.50 |
Fair Value of Series A Warrants | $ | 2,307.70 |  |  | $ | 2,418.80 |
The table below summarizes the valuation inputs used in the binomial model for the liability associated with the Warrants at December 31, 2025:
| 12/31/2025 |
| Tranche A Warrants |  |  | Tranche B Warrants |
Scenario 1: Milestone Successfully Achieved |  |  |  |  |
Discount rate |  | 3.52 | % |  |  | 3.52 | %
Time period between valuation date and Milestone Event |  | 2.00 |  |  |  | 2.00 |
Risk-neutral probability of Milestone Event achievement |  | 49.00 | % |  |  | 49.00 | %
Probability-weighted present value of the Series A Preferred Warrants | $ | 1,360.60 |  |  | $ | 1,500.60 |
Scenario 2: Milestone Not Achieved |  |  |  |  |
Discount rate |  | 3.52 | % |  |  | 3.52 | %
Time period between valuation date and Milestone Event |  | 2.00 |  |  |  | 2.00 |
Risk-neutral probability of Milestone Event achievement |  | 51.00 | % |  |  | 51.00 | %
Probability-weighted present value of the Series A Preferred Warrants | $ | 21.60 |  |  | $ | 21.60 |
Fair Value of Series A Warrants | $ | 1,382.20 |  |  | $ | 1,522.20 |
The table below summarizes the valuation inputs used in the Black-Scholes Option Pricing Model for the Warrants at March 31, 2026 and December 31, 2025.
| March 31, 2026 |  |  | December 31, 2025 |
Term to expiration |  | 1.81 |  |  |  | 1.81 |
Risk-free interest rate |  | 3.73 | % |  |  | 3.51 | %
Volatility |  | 117.50 | % |  |  | 117.50 | %
Dividend yield |  | 0.00 | % |  |  | 0.00 | %
Summary of Warrant Liability Fair Value Estimates and Changes in Level 3 Fair Value Measurements | The following table provides a summary of the Company’s warrant liability fair value estimates as of March 31, 2026, and the changes in Level 3 fair value measurements during the three months ended March 31, 2026:
| Three Months Ended March 31, 2026 |
Fair value, January 1, 2026 | $ | 171,464,575 |
Issuance of common stock upon exercise of warrants |  | (2,228,304 | )
Changes in fair value of the warrant liability |  | 109,360,630 |
Fair value, March 31, 2026 | $ | 278,596,901 |

X
- 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/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 2: 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 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (bbb)(2) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisValuationTechniquesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the fair value measurement of liabilities using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets), and gains or losses recognized in other comprehensive income (loss) and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs) by class of liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-3 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482106/820-10-50-2 + Details
Name: | us-gaap_FairValueLiabilitiesMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_WarrantsAndRightsNoteDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration