Common Stock Warrant Liability (Tables)

6 Months Ended

Jun. 30, 2025

Equity [Abstract]

Schedule of Fair Value of Common Stock Warrant Liability Determined Using Black-Scholes Option Pricing Model

At December 31, 2024, the fair value of the common stock warrant liability was determined using the

Black-Scholes option pricing model based on the following weighted average assumptions:

	December 31,
	2024
Stock price ...................................................................................................................................	$12.68
Exercise price ..............................................................................................................................	$0.03
Contractual term (in years) .......................................................................................................	6.6
Expected volatility .......................................................................................................................	72.1%
Weighted-average risk-free interest rate ................................................................................	4.44%
Dividend yield ..............................................................................................................................	—

The Company’s

assumptions used in determining the fair value of the derivative liability is as follows:

	June 14,
	2024
Debt yield .....................................................................................................................................	18.5%
Probability of business combination or IPO (with feature) ...................................................	80.0%
Event date of business combination or IPO (with feature) ...................................................	6/30/2025
Probability of Default ..................................................................................................................	5.0%
Event date of Default .................................................................................................................	9/30/2025
Probability to incur new debt ....................................................................................................	0.0%
Event date to incur new debt ....................................................................................................	n/a
Probability of change of control ................................................................................................	10.0%
Event date of change of control ...............................................................................................	6/30/2025
Event date (without feature) ......................................................................................................	1/19/2026

The Company’s

assumptions used in determining the issuance date fair value of the derivative liability is as follows:

	January 31,	March 26,
	2025	2025
Debt yield .................................................................................................................	7.0%	7.0%
Probability of IPO ....................................................................................................	60.0%	75.0%
Event date of IPO ....................................................................................................	5/5/2025	5/9/2025
Probability of change of control ............................................................................	20.0%	10.0%
Event date of change of control ............................................................................	1/31/2026	3/26/2026
Discount rate ............................................................................................................	31.3%	63.7%