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Warrants (Tables)
 6 Months Ended 12 Months Ended
Jun. 30, 2025
Dec. 31, 2024
Warrants [Abstract]    
Schedule of Private Warrants Outstanding

The following table represents the Private Warrants outstanding at June 30, 2025 and December 31, 2024:

 

   Issued Date  Exercise
Price		   Number of
shares		   Expiration
Date
Series A  January 2013  $63.36    631   January 2028
Series B  June 2015   229.99    434   June 2030
Series E  July 2022   1,284.95    778   July 2029
Total           1,843    

The following table represents the Private Warrants outstanding as of December 31, 2024:

 

    Issued Date   Exercise
Price		     Number of
shares		     Expiration
Date
Series A   January 2013   $ 63.36       631     January 2028
Series B   June 2015     229.99       434     June 2030
Series E   July 2022     1,284.95       778     July 2029
Total                 1,843      

 

The following table represents the convertible preferred stock warrants outstanding as of December 31, 2023:

 

   Issued Date  Exercise
Price		   Number of
shares		   Expiration
Date
Series A  January 2013  $63.36    631   January 2028
Series B  June 2015   229.98    434   June 2030
Series C  July 2017   574.55    293   July 2024
Series D  September 2017   1,087.80    2,206   September 2024
Series E  July 2022   1,284.95    778   July 2029
Total           4,342    
Schedule of Assumptions Were Used to Calculate the Fair Value

The following assumptions were used to calculate the fair value of the Triton Warrants upon issuance as of February 13, 2025 using the Black-Scholes pricing model:

 

   February 13,
2025		 
Stock price  $24.60 
Exercise price  $10.00 
Effective expiration date   8/13/2030 
Term (years)   5.5 
Volatility   84%
Risk-free rate   4.4%
  
Schedule of Fair Value of the Convertible Preferred Stock Warrant Liability  

The following assumptions were used to calculate the fair value of the convertible preferred stock warrant liability as of December 31, 2023 under PWERM:

 

   December 31,
2023		 
Fair value of common stock(1)  $4.08 
Discount rate(2)   15%
Probability(3)   10%—90%
Exercise Price(4)  $0.00—$4.35 
Expected term (in years)(5)   0.50 years 

 

(1) The fair value of Legacy Bolt Common Stock was determined by management with the assistance of an independent third-party valuation specialist.

 

(2) The discount rate was the expected rate of return and was determined by management with the assistance of an independent third-party valuation specialist.

 

(3) Scenario probability based on timing expectations of management that a qualified offering occurring as of December 31, 2023 was estimated at 90% and no qualified offering occurred was estimated at 10%.

 

(4) The warrants have varying exercise prices, with certain warrants having an exercise price higher than the value of the Company’s common shares at the time of valuation.

 

(5) The expected term represents the period of time that warrants granted are expected to be outstanding.
Schedule of Monte Carlo Simulation Model to Value the Public Warrants  

The key inputs for the Monte Carlo simulation model to value the Public Warrants at December 31, 2024 were as follows:

 

   December 31,
2024		 
Stock price  $9.60 
Exercise price for whole share of common stock  $230.00 
Redemption threshold  $360.00 
Effective expiration date   August 13, 2029 
Term (years)   4.62 
Volatility   80.4%
Risk-free rate   4.27%