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Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2025
Accounting Policies [Abstract]  
Summary of Securities that were Excluded from the Diluted Per Share

Potentially dilutive securities not included in diluted weighted average shares outstanding consist of the following (in common stock equivalents):

June 30,

2025

 

2024

Common Stock options

104,191

 

41,441

Common Stock warrants

745,701

 

154,941

Total Common Stock equivalents

849,892

 

196,382

 

Schedule of Other Financial Assets and Liabilities Recorded in Balance Sheet at Fair Value

Other financial assets and liabilities are categorized based on a hierarchy of inputs as follows:

 

 

June 30, 2025

 

 

December 31, 2024

 

 

Fair Value

 

 

Carrying Value

 

 

Estimated Fair Value

 

 

Carrying Value

 

 

Estimated Fair Value

 

 

Input Hierarchy

Money market accounts

 

$

25,538

 

 

$

25,538

 

 

$

25,374

 

 

$

25,374

 

 

Level 1

Earnout liabilities

 

 

331,263

 

 

 

331,263

 

 

 

 

 

 

 

 

Level 3

Schedule of Changes in Fair Value of Level 3 Financial Liabilities

Changes in the fair value of Level 3 financial liabilities for the six months ended June 30, 2025 are as follows:

 

Earnout Liabilities:

 

 

 

Balance, beginning of year

 

$

 

Initial recognition

 

 

301,633

 

Change in fair value

 

 

29,630

 

Balance, end of period

 

$

331,263

 

Schedule of Fair Value of Earnout Liability

The fair value of the earnout liability associated with the sale of inventory was estimated using the following assumptions:

 

 

 

January 16, 2025

 

June 30, 2025

Discount rate

 

21%

 

21%

Probability of milestone achievement

 

100%

 

100%

Expected term (in years)

 

1.00

 

0.54

 

The fair value of the earnout liability associated with the hair and scalp products was estimated using the following assumptions:

 

 

 

January 16, 2025

 

June 30, 2025

Discount rate

 

21%

 

21%

Probability of milestone achievement

 

75%

 

75%

Expected term (in years)

 

2.00

 

1.54