Derivative Liability (Tables)

9 Months Ended

Sep. 30, 2025

Derivative Instruments and Hedging Activities Disclosure [Abstract]

Schedule of Derivative Instruments

At September 30, 2025 and 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:

	September 30,	December 31,
	2025	2024
Stock price ...............................................................................................	$33.66	$12.68
Exercise price ..........................................................................................	$0.03	$0.03
Contractual term (in years) ...................................................................	5.8	6.6
Expected volatility ...................................................................................	55.7%	72.1%
Weighted-average risk-free interest rate ............................................	3.80%	4.44%
Dividend yield ..........................................................................................	0%	0%

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%