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Derivative Liability (Tables)
3 Months Ended
Mar. 31, 2025
Derivative Liability  
Schedule of Derivative Warrant Liabilities

The key inputs for the Series A warrant liabilities were as follows:

  

Warrant Liability – Series A Warrants  January 17, 2025   December 31, 2024 
Stock price on valuation date  $8.38   $18.00 
Exercise price  $8.38   $34.00 
Number of warrants   1,133,652    279,412 
Remaining term (years)   4.88    4.93 
Annual equity volatility   126.0%   113.0%
Annual volume volatility   377.0%   379.0%
Risk-free interest rate   4.32%   4.29%
Expected stockholder approval date   January 13, 2025    January 14, 2025 
Expected stockholder approval probability   100%   50%
Schedule of Shares of Common Stock Underlying Warrants

The following table provides a roll-forward of the fair value of the derivative liabilities described above during the three months ended March 31, 2025:

  

   Series A Warrants   Series B Warrants   Total Warrant Liabilities 
Balance at December 31, 2024  $5,456,000   $11,147,000   $16,603,000 
Exercises       (15,214,000)   (15,214,000)
Loss on change in fair value   2,401,000    4,067,000    6,468,000 
Reclassification to equity   (7,857,000)       (7,857,000)
Balance at March 31, 2025  $   $   $ 

 

The following table provides a roll-forward of the number of shares of common stock underlying warrants issued during the three months ended March 31, 2025:

   Series A Warrants   Series B Warrants   Other Warrants   Total 
Balance at December 31, 2024   279,412    279,412    4,511    563,335 
Exercises       (279,412)       (279,412)
Balance at March 31, 2025   279,412        4,511    283,923 
Schedule of Shares of Common Stock Underlying Warrants

The following table provides a roll-forward of the number of shares of common stock underlying warrants issued during the three months ended March 31, 2025:

   Series A Warrants   Series B Warrants   Other Warrants   Total 
Balance at December 31, 2024   279,412    279,412    4,511    563,335 
Exercises       (279,412)       (279,412)
Balance at March 31, 2025   279,412        4,511    283,923