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Fair Value Measurements (Tables)

6 Months Ended

Jun. 30, 2025

Fair Value Measurements

Schedule of assumptions of the fair value of the Company's warrant liability

​

​	​	​
Assumptions	June 30, 2025	December 31, 2024
Risk-free rate	3.74%	4.33%
Volatility	115.00%	150.00%
Expiration date of Series C	November 29, 2029	November 29, 2029
Expiration date of Series D	N/A	May 29, 2027
Shareholder approval date	N/A	February 25, 2025
Potential de-listing date	N/A	N/A

Schedule of changes in the fair value of Level 3 financial instruments

​

​	​	​	​	​	​	​	​	​	​
​	​	PIPE Warrants		​	PIPE Warrants		​	Total Warrant
Level 3 Rollforward:	​	Series C		​	Series D		​	Liability
Balance, December 31, 2023	​	$	—	​	$	—	​	$	—
Additions	​	​	501,961	​	​	5,100,746	​	​	5,602,707
Change in fair value	​	​	15,910	​	​	922,780	​	​	938,690
Balance, December 31, 2024	​	​	517,871	​	​	6,023,526	​	​	6,541,397
Additions	​	​	—	​	​	—	​	​	—
Change in fair value	​	​	35,843	​	​	9,360,793	​	​	9,396,636
Exercise of Series D warrants	​	​	—	​	​	(15,384,319)	​	​	(15,384,319)
Balance, June 30, 2025	​	$	553,714	​	$	—	​	$	553,714

​

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.

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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

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-Topic 820
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