v3.25.3
WARRANT LIABILITIES (Tables)
 9 Months Ended
Sep. 30, 2025
Warrant Liabilities  
SCHEDULE OF WARRANTS ACTIVITY

The following table summarizes the activity in liability classified warrants for the nine months ended September 30, 2025:

 

   Common Stock Warrants 
   Shares  

Weighted–

Average

Exercise

Price

  

Range of

Exercise

Price

  

Weighted–

Average

Remaining

Life

(Years)

 
Total outstanding –December 31, 2024   68,712   $2.00    $0.05 - $7.80     4.32*
Granted   —     

-

    —    - 
Exercised   —    —    —    — 
Reclassified from equity   —    —    —    — 
Reclassified to equity   —    —    —    — 
Expired   (1,494)  $6.50    $6.50 - $6.50    — 
Total outstanding – September 30, 2025   67,218   $1.90    $0.05 - $7.80    3.94*
    67,218   $1.90    $0.05 - $7.80    3.94*

 

*   excludes 51,199 pre-funded warrants which have no expiration date.

 

The following table summarizes the activity in liability classified warrants for the nine months ended September 30, 2024:

 

   Common Stock Warrants 
   Shares  

Weighted-

Average

Exercise

Price

  

Range of

Exercise

Price

  

Weighted–

Average

Remaining

Life (Years)

 
Total outstanding –December 31, 2023   9,113   $36.50    $36.50 - $36.50    0.49 
Granted   52,474   $10.96    $6.50 - $13.00    4.41 
Exercised   —    —    —    — 
Reclassified from equity   2,314   $6.50    $6.50 - $6.50    4.41 
Reclassified to equity   —    —    —    — 
Expired   (25,586)  $13.00    $13.00 - $13.00    — 
Total outstanding – September 30, 2024   38,315   $6.50    $6.50 - $6.50    4.41 
Exercisable   38,315   $6.50    $6.50 - $6.50    4.41 
SCHEDULE OF FAIR VALUE OF HIERARCHY FOR WARRANT LIABILITIES

The following table presents the Company’s fair value hierarchy for its warrant liabilities measured at fair value on a recurring basis as of September 30, 2025:

 

   Quoted             
   Market   Significant         
   Prices for   Other   Significant     
   Identical   Observable   Unobservable     
   Assets   Inputs   Inputs     
Common Stock Warrant Liabilities  (Level 1)   (Level 2)   (Level 3)   Total 
Balance as of December 31, 2024  $—   $—   $269,175   $269,175 
Granted   —    —    —    — 
Exercised   —    —    —    — 
Loss on change in fair value of warrant liabilities   —    —    93,148    93,148 
Balance as of September 30, 2025  $—   $—   $362,323   $362,323 

 

The following table presents the Company’s fair value hierarchy for its warrant liabilities measured at fair value on a recurring basis as of December 31, 2024:

 

   Quoted             
   Market   Significant         
   Prices for   Other   Significant     
   Identical   Observable   Unobservable     
   Assets   Inputs   Inputs     
Common Stock Warrant liabilities  (Level 1)   (Level 2)   (Level 3)   Total 
Balance as of December 31, 2023  $—   $—   $54,600   $54,600 
Granted   —    —    565,582    565,582 
Exercised   —    —    —    — 
Fair value of warrants reclassified from equity   —    —    262,259    262,259 
Fair value of warrants reclassified to equity   —    —    (197,456)   (197,456)
Gain on change in fair value of warrant liabilities   —    —    (415,810)   (415,810)
Balance as of December 31, 2024  $—   $—   $269,175   $269,175 
SCHEDULE OF ASSUMPTIONS OF WARRANT LIABILITIES

The following are the weighted average and the range of assumptions used in estimating the fair value of warrant liabilities (weighted average calculated based on the number of outstanding warrants on each issuance) as of September 30, 2025 and December 31, 2024:

 

   September 30, 2025   December 31, 2024 
   Range   Weighted Average   Range   Weighted Average 
Risk-free interest rate   3.66% — 3.71%   3.71%   3.79%   4.24% - 4.38%
Expected volatility (peer group)   130.0% — 130.0%   130.00%   133.50%   117.5% - 125.0%
Term of warrants (years)   3.94 — 5.00     4.32    4.2    0.4 - 4.70  
Expected dividend yield   0.00%   0.00%   0.00%   0.00%