v3.25.4
Common Stock Warrants (Tables)
9 Months Ended 12 Months Ended
Sep. 30, 2025
Dec. 31, 2024
Common Stock Warrants [Abstract]    
Schedule of Company's Warrant Activity

The following is a summary of the Company’s warrant activity for the nine months ended September 30, 2025:

Warrant Issuance

 

Issuance

 

Exercise
Price

 

Outstanding,
December 31,
2024

 

Granted

 

Exercised

 

Canceled/
Expired

 

Variable
Settlement
Provision
Adjustment

 

Outstanding,
September 30,
2025

 

Expiration

Preferred A Placement Warrants

 

March and April 2018 and August 2019

 

$

210.00

 

1,957

 

—

 

—

 

 

(1,957

)

 

—

 

—

 

April 2025

Preferred B Placement Warrants

 

April 2019

 

$

315.00

 

3,098

 

—

 

—

 

 

(3,098

)

 

—

 

—

 

April 2025

Convertible Notes Placement Warrants

 

August 2020

 

$

385.50

 

1,146

 

—

 

—

 

 

(1,146

)

 

—

 

—

 

August 2025

Underwriter Warrants

 

March 2021

 

$

900.00

 

6,380

 

—

 

—

 

 

—

 

 

—

 

6,380

 

March 2026

January 2023 warrants

 

January 2023

 

$

235.50

 

15,480

 

—

 

—

 

 

—

 

 

—

 

15,480

 

January 2028

February 2023 warrants

 

February 2023

 

$

235.50

 

2,322

 

—

 

—

 

 

—

 

 

—

 

2,322

 

February 2028

August 2023 warrants

 

August 2023

 

$

186.00

 

1,345

 

—

 

—

 

 

—

 

 

—

 

1,345

 

August 2028

April 2024 Pre-Funded warrants

 

April 2024

 

$

0.15

 

20,994

 

—

 

(4,855

)

 

—

 

 

—

 

16,139

 

April 2029

April 2024 warrants

 

April 2024

 

$

61.10

 

301,584

 

—

 

—

 

 

—

 

 

—

 

301,584

 

April 2029

August 2024 warrants

 

August 2024

 

$

61.10

 

2,211

 

—

 

—

 

 

—

 

 

—

 

2,211

 

August 2029

       

 

   

356,517

 

—

 

(4,855

)

 

(6,201

)

 

—

 

345,461

 
 

The following is a summary of the Company’s warrant activity for the nine months ended September 30, 2024:

Warrant Issuance

 

Issuance

 

Exercise
Price

 

Outstanding,
December 31,
2023

 

Granted

 

Exercised

 

Canceled/
Expired

 

Variable
Settlement
Provision
Adjustment

 

Outstanding,
September 30,
2024

 

Expiration

Preferred A Placement Warrants

 

March and April 2018 and August 2019

 

$

210.00

 

1,957

 

—

 

—

 

—

 

—

 

1,957

 

April 2025

Preferred B Placement Warrants

 

April 2019

 

$

315.00

 

3,098

 

—

 

—

 

—

 

—

 

3,098

 

April 2025

Convertible Notes Placement Warrants

 

August 2020

 

$

385.50

 

1,146

 

—

 

—

 

—

 

—

 

1,146

 

August 2025

Underwriter Warrants

 

March 2021

 

$

900.00

 

6,380

 

—

 

—

 

—

 

—

 

6,380

 

March 2026

January 2023 warrants

 

January 2023

 

$

235.50

 

15,480

 

—

 

—

 

—

 

—

 

15,480

 

January 2028

February 2023 warrants

 

February 2023

 

$

235.50

 

2,322

 

—

 

—

 

—

 

—

 

2,322

 

February 2028

August 2023 warrants

 

August 2023

 

$

186.00

 

1,345

 

—

 

—

 

—

 

—

 

1,345

 

August 2028

April 2024 Pre-Funded warrants

 

April 2024

 

$

0.15

 

—

 

20,994

 

—

 

—

 

—

 

20,994

 

April 2029

April 2024 warrants

 

April 2024

 

$

61.10

 

—

 

301,584

 

—

 

—

 

—

 

301,584

 

April 2029

August 2024 warrants

 

August 2024

 

$

61.10

 

—

 

2,211

 

—

 

—

 

—

 

2,211

 

August 2029

       

 

   

31,728

 

324,789

 

—

 

—

 

—

 

356,517

 
 

The following is a summary of the Company’s warrant activity for the years ended December 31, 2024 and 2023:

Warrant Issuance

 

Issuance

 

Exercise
Price

 

Outstanding,
December 31,
2023

 

Granted

 

Exercised

 

Canceled/
Expired

 

Outstanding,
December 31,
2024

 

Expiration

Preferred A Placement Warrants

 

March and April 2018 and August 2019

 

$

210.00

 

1,957

 

—

 

—

 

—

 

1,957

 

April 2025

Preferred B Placement Warrants

 

April 2019

 

$

315.00

 

3,098

 

—

 

—

 

—

 

3,098

 

April 2025

Convertible Notes Placement Warrants

 

August 2020

 

$

385.50

 

1,146

 

—

 

—

 

—

 

1,146

 

August 2025

Underwriter Warrants

 

March 2021

 

$

900.00

 

6,380

 

—

 

—

 

—

 

6,380

 

March 2026

January 2023 warrants

 

Janauary 2023

 

$

235.50

 

15,480

 

—

 

—

 

—

 

15,480

 

January 2028

February 2023 warrants

 

February 2023

 

$

235.50

 

2,322

 

—

 

—

 

—

 

2,322

 

February 2028

August 2023 warrants

 

August 2023

 

$

186.00

 

1,345

 

—

 

—

 

—

 

1,345

 

August 2028

Warrant Issuance

 

Issuance

 

Exercise
Price

 

Outstanding,
December 31,
2023

 

Granted

 

Exercised

 

Canceled/
Expired

 

Outstanding,
December 31,
2024

 

Expiration

April 2024 Pre-Funded warrants

 

April 2024

 

$

0.15

 

—

 

20,994

 

—

 

—

 

20,994

 

April 2029

April 2024 warrants

 

April 2024

 

$

61.10

 

—

 

301,584

 

—

 

—

 

301,584

 

April 2029

August 2024 warrants

 

August 2024

 

$

61.10

 

—

 

2,211

 

—

 

—

 

2,211

 

August 2029

       

 

   

31,728

 

324,789

 

—

 

—

 

356,517

   

Warrant Issuance

 

Issuance

 

Exercise
Price

 

Outstanding,
December 31,
2022

 

Granted

 

Exercised

 

Canceled/
Expired

 

Outstanding,
December 31,
2023

 

Expiration

Preferred A Placement Warrants

 

March and April 2018 and August 2019

 

$

210.00

 

1,957

 

—

 

—

 

—

 

 

1,957

 

April 2024

Preferred A Lead Investor Warrants

 

February 2021

 

$

1.875

 

350

 

—

 

—

 

(350

)

 

—

 

March 2023

Preferred B Placement Warrants

 

April 2019

 

$

315.00

 

3,098

 

—

 

—

 

—

 

 

3,098

 

April 2024

Convertible Notes Placement Warrants

 

August 2020

 

$

385.50

 

1,146

 

—

 

—

 

—

 

 

1,146

 

August 2025

Underwriter Warrants

 

March 2021

 

$

900.00

 

6,380

 

—

 

—

 

—

 

 

6,380

 

March 2026

January 2023 warrants

 

January 2023

 

$

235.50

 

—

 

15,480

 

—

 

—

 

 

15,480

 

January 2028

February 2023 warrants

 

February 2023

 

$

235.50

 

—

 

2,322

 

—

 

—

 

 

2,322

 

February 2028

August 2023 warrants

 

August 2023

 

$

186.00

 

—

 

1,345

 

—

 

—

 

 

1,345

 

August 2028

       

 

   

12,931

 

19,147

 

—

 

(350

)

 

31,728

   
Schedule of Fair Value of Common Stock Warrants  

The major inputs were:

 

Issuance
Date

Dividend yield

 

 

—

%

Expected volatility

 

 

60.83

%

Risk-free interest rate

 

 

3.54

%

Expected life

 

 

5.0 years

 

Valuation date common stock price

 

$

208.50

 

The following assumptions were used to calculate the fair value of the pre-funded and common stock warrants at issuance date:

Expected term

 

5.0 years

Expected volatility

 

59.5%

Risk-free interest rate

 

4.4%

Expected dividends

 

0.0%

The warrants are classified as equity instruments since they do not meet the characteristics of a liability or a derivative and are recorded at fair value on the date of issuance using the Black-Scholes option pricing model with the following assumptions to determine the fair value of the August 2024 Warrants as of August 14, 2024:

Expected term

 

5.0 years

Expected volatility

 

60.83%

Risk-free interest rate

 

3.67%

Expected dividends

 

0.0%