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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

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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/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
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-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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- 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
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-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482106/820-10-50-2

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