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Derivative Liability | 6 Months Ended
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Jun. 30, 2025
Derivative Instruments and Hedging Activities Disclosure [Abstract] |
Derivative Liability | Note 12 – Derivative Liability During the six months ended June 30, 2025, the Company had derivative warrant liabilities that were measured at fair value on a recurring basis. These fair value measurements were estimated using a Monte Carlo simulation model, with the key inputs described below. Each of these fair value measurements was considered to be a Level 3 measurement by the Company as they used significant unobservable inputs, including the probability and expected date of stockholder approval. The key inputs for the Series A warrant liabilities were as follows: Schedule of Derivative Warrant Liabilities
Warrant Liability – Series A Warrants |  | January 17, 2025 |  |  | December 31, 2024 |
Stock price on valuation date |  | $ | 8.38 |  |  | $ | 18.00 |
Exercise price |  | $ | 8.38 |  |  | $ | 34.00 |
Number of warrants |  |  | 1,133,652 |  |  |  | 279,412 |
Remaining term (years) |  |  | 4.88 |  |  |  | 4.93 |
Annual equity volatility |  |  | 126.0 | % |  |  | 113.0 | %
Annual volume volatility |  |  | 377.0 | % |  |  | 379.0 | %
Risk-free interest rate |  |  | 4.32 | % |  |  | 4.29 | %
Expected stockholder approval date |  |  | January 13, 2025 |  |  |  | January 14, 2025 |
Expected stockholder approval probability |  |  | 100 | % |  |  | 50 | %
The Series B warrant liabilities were remeasured on each exercise date based on the closing price of the Company’s common stock on the date the warrants were exercised. On January 13, 2025, the Company’s shareholders approved the issuance of the Series A and Series B Warrants. This approval triggered the adjustment to the exercise price described above. In connection with this approval, the holders of the Series B warrants exercised their warrants in full under the alternative cashless exercise provision, resulting in the issuance of 1,910,975 shares of common stock and no additional proceeds received by the Company. The Series A warrants became exercisable for 1,133,652 shares of common stock at an exercise price of $8.38 per share after the shareholder approval adjustment was finalized on March 17, 2025. In addition, the Company reassessed the classification of the Series A warrants after the shareholder approval adjustment was finalized, concluding that the Series A warrants now met the requirements for equity classification under ASC 480 and ASC 815. The Company adjusted the Series A Warrants to fair value upon reclassification and reclassified that value to additional paid-in capital during the six months ended June 30, 2025. The following table provides a roll-forward of the fair value of the derivative liabilities described above during the six months ended June 30, 2025: Schedule of Fair Value of the Derivative Liabilities
|  | Series A Warrants |  |  | Series B Warrants |  |  | Total Warrant Liabilities |
Balance at December 31, 2024 |  | $ | 5,456,000 |  |  | $ | 11,147,000 |  |  | $ | 16,603,000 |
Balance |  | $ | 5,456,000 |  |  | $ | 11,147,000 |  |  | $ | 16,603,000 |
Exercises |  |  | — |  |  |  | (15,214,000 | ) |  |  | (15,214,000 | )
Loss on change in fair value |  |  | 2,401,000 |  |  |  | 4,067,000 |  |  |  | 6,468,000 |
Reclassification to equity |  |  | (7,857,000 | ) |  |  | — |  |  |  | (7,857,000 | )
Balance at June 30, 2025 |  | $ | — |  |  | $ | — |  |  | $ | — |
Balance |  | $ | — |  |  | $ | — |  |  | $ | — |
The following table provides a roll-forward of the number of shares of common stock underlying warrants issued during the six months ended June 30, 2025: Schedule of Shares of Common Stock Underlying Warrants
|  | Series A Warrants |  |  | Series B Warrants |  |  | Other Warrants |  |  | Total |
Balance at December 31, 2024 |  |  | 279,412 |  |  |  | 279,412 |  |  |  | 4,511 |  |  |  | 563,335 |
Balance |  |  | 279,412 |  |  |  | 279,412 |  |  |  | 4,511 |  |  |  | 563,335 |
Exercises |  |  | — |  |  |  | (279,412 | ) |  |  | — |  |  |  | (279,412 | )
Balance at June 30, 2025 |  |  | 279,412 |  |  |  | — |  |  |  | 4,511 |  |  |  | 283,923 |
Balance |  |  | 279,412 |  |  |  | — |  |  |  | 4,511 |  |  |  | 283,923 |
The Company did not issue any warrants during the three and six months ended June 30, 2024 and did not have any warrants outstanding as of June 30, 2024.

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- Definition The entire disclosure for derivatives and fair value of assets and liabilities. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 820 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/820/tableOfContent Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 815 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/815/tableOfContent + Details
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