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STOCKHOLDERS EQUITY (Tables)
9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Schedule of the Fair Value of the Warrants
The Black-Scholes valuation model was used to estimate the fair value of the warrants with the following assumptions:
December 31, 2024
Volatility166.0 %
Expected term in years2.5
Dividend rate0.0 %
Risk-free interest rate4.26 %
The Black-Scholes option-pricing model was used to estimate the fair value of the Series B-1 Common and Series B-2 Common Warrants with the following weighted-average assumptions:
Volatility156.3 %
Expected term in years1.63
Dividend rate0.0 %
Risk-free interest rate4.65 %
The Black-Scholes option-pricing model was used to estimate the fair value of the Series C-1 Common
Warrants, the Series C-2 Common Warrants, and the Placement Agent Warrants with the following weighted-average assumptions:
Volatility159.1 %
Expected term in years1.65
Dividend rate0.0 %
Risk-free interest rate4.92 %
The Black-Scholes option-pricing model was used to estimate the fair value of the Series D-1 Common Warrants, the Series D-2 Common Warrants, and the October 2024 PA Warrants with the following weighted-average assumptions:
Volatility174.4 %
Expected term in years1.65
Dividend rate0.0 %
Risk-free interest rate4.16 %
The Company determined that the amount paid for the April 2025 Pre-Funded Warrants approximates their fair value. The Black-Scholes option-pricing model was used to estimate the fair value of the Series E Common Warrants and the April 2025 PA Warrants with the following weighted-average assumptions:
Volatility156.44 %
Expected term in years2.48
Dividend rate— %
Risk-free interest rate4.02 %
Schedule of Warrants Outstanding to Purchase Common Stock
As of December 31, 2024, the Company had the following warrants outstanding to purchase common stock.
Number of SharesExercise Price per ShareExpiration Date
210$243.10August 2025
9$464,100.00February 2026
128,577$31.11March 2026
44,839$17.00April 2026
16$43,548.05May 2027
1$0.01July 2027
3$94,970.33April 2028
210$243.10February 2029
9,002$38.8875June 2029
128,577$31.11September 2029
44,839$17.00October 2029
3,140$21.25October 2029
As of September 30, 2025, the Company had the following warrants outstanding to purchase Common Stock:
Number of SharesExercise Price per ShareExpiration Date
1,388,888$3.20January 2026
9$464,100.00February 2026
128,577$31.11March 2026
44,839$17.00April 2026
1,388,888$3.20October 2026
16$43,548.05May 2027
1$0.01July 2027
3$94,970.33April 2028
210$243.10February 2029
9,002$38.8875June 2029
128,577$31.11September 2029
44,839$17.00October 2029
3,140$21.25October 2029
1,388,888$3.20April 2030
97,222$4.50April 2030