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Common Stock and Stock-Based Compensation (Tables)

6 Months Ended

12 Months Ended

Jun. 30, 2025

Dec. 31, 2024

Common Stock and Stock-Based Compensation [Abstract]

Schedule of Stock by Class

Common stock reserved for issuance at June 30, 2025 and December 31, 2024, was as follows:

		June 30, 2025				December 31, 2024
Warrants outstanding for future issuance of Common stock			881,007				729,166
Stock options and restricted stock units			438,384				353,908
Stock options and restricted stock units available for future issuance			285,341				34,934
Total shares of Common stock reserved			1,604,732				1,118,008

Common stock reserved for issuance as of December 31, 2024 and 2023, is as follows:

		2024				2023
Series A convertible preferred stock			—				78,699
Series B convertible preferred stock			—				125,550
Series C convertible preferred stock			—				74,925
Series D convertible preferred stock			—				65,636
Series E convertible preferred stock			—				57,616
Warrants outstanding for future issuance of convertible preferred stock			—				4,343
Warrants outstanding for future issuance of Common stock			729,166				66,858
Stock options and restricted stock units			353,908				82,850
Stock options and restricted stock units available for future issuance			34,934				33,523
Total shares of common stock reserved			1,118,008				590,000

Schedule of Option Award Activity For Performance Milestone-based Stock Options Granted

Option award activity for service-based stock options granted at June 30, 2025, was as follows:

		Number of options outstanding				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value (in thousand)
Balances at January 1, 2025			304,245			$	31.60				9.5			$	802
Granted			70,859				5.90				-				-
Exercised			-				-				-				-
Expired			(3,076	)			87.40				-				-
Forfeited			-				-				-				-
Balances at June 30, 2025			372,028			$	26.16				9.2			$	-
Vested and exercisable at June 30, 2025			179,314			$	47.17				8.9			$	-

Option award activity for performance milestone-based stock options granted at June 30, 2025, was as follows:

		Number of options outstanding				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value (in thousands)
Balances at January 1, 2025			5,106			$	417.00				5.6			$	-
Granted			-				-				-				-
Exercised			-				-				-				-
Expired			-				-				-				-
Forfeited			-				-				-				-
Balances at June 30, 2025			5,106			$	417.00				5.1			$	-
Vested and exercisable at June 30, 2025			1,702			$	417.00				5.1			$	-

Option award activity for service-based stock options granted as of December 31, 2024, was as follows:

		Number of options outstanding				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value (in thousand)
Balances as of January 1, 2023			48,506			$	355.40				6.1			$	2,561
Granted			—				—				—				—
Exercised			—				—				—				—
Expired			(19,045	)			319.00				—				—
Forfeited			(7,668	)			457.40				—				—
Balances as of December 31, 2023			21,793			$	352.00				4.8			$	754
Granted			282,528				6.80				—				—
Exercised			—				—				—				—
Expired			(76	)			87.40				—				—
Forfeited			—				—				—				—
Balances as of December 31, 2024			304,245			$	31.60				9.5			$	802
Options vested and exercisable at December 31, 2024			155,366			$	54.20				9.1			$	380

A summary of the Company’s performance milestone-based stock options activity and related information is as follows:

		Number of options outstanding				Weighted- Average Exercise Price				Weighted- Average Remaining Contractual Life (Years)				Aggregate Intrinsic Value (in thousands)
Balances as of January 1, 2023			5,254			$	417.00				5.6			$	463
Granted			—				—				—				—
Exercised			—				—				—				—
Expired			—				—				—				—
Forfeited			(148	)			—				—				—
Balances as of December 31, 2023			5,106			$	417.00				6.6			$	—
Granted			—				—				—				—
Exercised			—				—				—				—
Expired			—				—				—				—
Forfeited			—				—				—				—
Balances as of December 31, 2024			5,106			$	417.00				5.6			$	—
Vested and exercisable at December 31, 2024			1,702			$	417.00				5.6			$	—

Schedule of Restricted Stock Units

A summary of the Company’s RSU activity and related information is as follows:

		Number of RSUs Outstanding				Weighted-Average Grant Date Fair Value Per Share
Balances at January 1, 2025			44,520			$	193.80
Granted			36,073				6.14
Vested			(15,366	)			86.31
Forfeited			(3,977	)			180.00
Balances at June 30, 2025			61,250			$	116.75

A summary of the Company’s RSU activity and related information is as follows:

		Number of RSUs Outstanding				Weighted- Average Grant Date Fair Value Per Share
Balances as of January 1, 2023			31,037			$	442.20
Granted			50,584				199.00
Vested			—				—
Forfeited			(25,730	)			327.80
Balances as of December 31, 2023			55,891			$	272.80
Granted			49,548				190.80
Vested			(53,110	)			272.80
Forfeited			(7,809	)			182.60
Balances as of December 31, 2024			44,520			$	193.80

Schedule of Stock-Based Compensation Expense

The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s interim condensed consolidated statements of operations and comprehensive loss (in thousands):

		Three Months Ended June 30,								Six Months Ended June 30,
		2025				2024				2025				2024
Research and development		$	70			$	-			$	197			$	-
Sales and marketing			12				-				21				-
General and administrative			1,481				97				3,476				195
Total stock-based compensation expense		$	1,563			$	97			$	3,694			$	195

The following table summarizes stock-based compensation expense recorded in each component of operating expenses in the Company’s consolidated statements of operations and comprehensive loss (in thousands):

		Year Ended December 31,
		2024				2023
Research and development		$	3,000			$	4
Sales and marketing			1,446				1
General and administrative			13,718				638
Total stock-based compensation expense		$	18,164			$	643

Schedule of Fair Value of Employee Service-Based Option Grants

The following assumptions were used to calculate the fair value of employee service-based option grants made during the year ended December 31, 2024:

			2024
Expected dividend yield(1)			—
Risk-free interest rate(2)			4.17% - 4.20	%
Expected volatility(3)			85.00%- 86.20	%
Expected life (in years)(4)			0.76 - 6.50
Fair value of common stock		$	6.80 – 180.00

(1) The Company has no history or expectation of paying cash dividends on its common stock and, thus, has assumed a zero-dividend rate.

(2) The risk-free interest rate is based on the U.S. Treasury yield for a term consistent with the expected life of the awards in effect at the time of grant.

(3) To determine the expected volatility used above, the Company used the average volatility of a peer group of representative public companies.

(4) The expected life or term of the options represents the period of time that options granted are expected to be outstanding and is determined using the simplified method (based on the mid-point between the vesting date and the end of the contractual term).

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