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Warrants (Tables)
9 Months Ended
Sep. 30, 2025
Warrants [Abstract]  
Schedule of Warrants Outstanding

The following table summarizes the activity of warrants outstanding:

 

   Number of
Warrants
 
Beginning balance as of January 1, 2025   1,128 
Granted   34,338,488 
Exercised   (8,039,000)
Expired   
 
Exchanged   
 
Ending balance as of September 30, 2025   26,300,616 
      
Exercisable as of September 30, 2025   26,299,859 
Schedule of Grant Date Fair Value of the Warrants and Shares of Common Stock

The grant date fair value of the warrants and shares of common stock on January 10, 2025 is summarized below and is reflected as temporary equity for the warrants and within additional paid-in capital for the common stock as of September 30, 2025.

 

Instrument  Grant Date
Fair Value
 
Common stock  $19,663,008 
Placement Agent Warrants  $337,000 
The grant date fair value of the warrants and shares of common stock on March 31, 2025 (March Offering), June 26, 2025 (June Offering) and September 15, 2025 (September Offering) is summarized below in the aggregate and is reflected as temporary equity (“Mezzanine Equity”) for the Representative’s Warrants and Placement Agent Warrants, a warrant liability for the Common Warrants and Pre-funded Warrants, and within additional paid-in capital for the common stock as of September 30, 2025.
Instrument  Grant Date
Fair Value
March
Offering
   Grant Date
Fair Value
June
Offering
   Grant Date
Fair Value
September
Offering
   Total 
Common stock  $765   $6,231    10,575   $17,571 
                     
Warrants:                    
Pre-funded Warrants  $2,957,949   $5,092,738   $3,078,075   $11,128,762 
Representative’s Warrants and Placement Agent Warrants  $115,000   $572,000   $722,000   $1,409,000 
Common Warrants  $2,395,000   $13,334,000   $14,445,000   $30,174,000 
Total Fair Value of Warrants Issued  $5,467,949   $18,998,738   $18,245,075   $42,711,762