Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2026

Fair Value of Financial Instruments [Abstract]

Fair Value of Assets and Liabilities Measured on Recurring Basis

The following fair value hierarchy table presents information about the Company’s assets and liabilities measured at fair value on a recurring basis:

	Fair value measurement at Reporting Date
	(Level 1)	(Level 2)		(Level 3)
As of March 31, 2026
Liabilities:
AMPA liability			$	-
Conversion Option liability			$	488,000
Warrants liabilities			$	1,260,000

Fair Value of Conversion Option Liability and Warrants Liabilities

Activity during the quarter ended March 31, 2026 is summarized below:

		Fair Value of Conversion Option Liability			Fair Value of Warrants Liabilities
Balance at December 31, 2025	$	2,014,000		$	4,943,000
Change in fair value other than modification		(1,112,413	)		(4,084,000	)
Change in fair value related to March 19, 2026 modification		(401,000	)		(1,801,000	)
Issuance of Series D-1 Warrants		—			2,202,000
Conversion of convertible note		(12,587	)		—
Balance at March 31, 2026	$	488,000		$	1,260,000

Fair Value Estimated Using Black-Scholes Option Pricing Model

The March 31, 2026 fair value of the Conversion Option liability and Warrants liabilities were estimated using the Black-Scholes option pricing model Level 3 inputs, with the following assumptions:

		Conversion Option Liability			Warrants Liabilities
Expected term (in years)		2.59			2.59
Risk‑free interest rate		3.7	%		3.7	%
Dividend yield		—	%		—	%
Expected volatility		30	%		30	%
Exercise price	$	0.73		$	0.58-1.10
Stock price	$	0.42		$	0.42
Black-Scholes value	$	0.023		$	0.004-0.047