v3.26.1
FAIR VALUE (Tables)
6 Months Ended
Jun. 30, 2026
FAIR VALUE  
Schedule of financial instruments measured at fair value on a recurring basis

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Balance

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Level 1

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Level 2

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Level 3

June 30, 2026

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Cash and cash equivalents

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$

33,993,982

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$

33,993,982

​

$

—

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$

—

Total assets

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$

33,993,982

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$

33,993,982

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$

—

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$

—

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Warrant liability

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$

17,000

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$

—

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$

—

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$

17,000

Total liabilities

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$

17,000

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$

—

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$

—

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$

17,000

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June 30, 2025

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Cash and cash equivalents

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$

11,041,027

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$

11,041,027

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$

—

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$

—

Total assets

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$

11,041,027

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$

11,041,027

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$

—

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$

—

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Warrant liability

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$

1,095,926

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$

—

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$

—

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$

1,095,926

Total liabilities

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$

1,095,926

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$

—

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$

—

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$

1,095,926

July 2024 Warrants  
FAIR VALUE  
Schedule of modified option pricing assumptions and assumptions used upon issuance

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June 30, 

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December 31, 

 

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2026

​

2025

 

Volatility

 

79.1-118.30

%  

110.00-117.00

%

Risk-free interest rate

 

3.81%-4.15

%  

3.50-3.80

%

Expected life (years)

 

3.10-3.30

 

3.30-4.10

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Dividend

 

0

%  

0

%

September 2023 Warrants  
FAIR VALUE  
Schedule of modified option pricing assumptions and assumptions used upon issuance

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June 30, 

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December 31, 

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2026

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2025

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Volatility

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125.50-150.70

%  

100.17-125.50

%

Risk-free interest rate

 

3.51-3.80

%  

3.55-3.89

%

Expected life (years)

 

2.20-2.44

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2.69-3.44

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Dividend

 

0

%  

0

%

October 2022 Warrants  
FAIR VALUE  
Schedule of modified option pricing assumptions and assumptions used upon issuance

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June 30, 

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December 31, 

 

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2026

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2025

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Volatility

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102.76

%  

147.20

%

Risk-free interest rate

 

4.04

%  

3.47

%

Expected life (years)

 

1.30

 

1.80

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Dividend

 

0

%  

0

%

Schedule of changes in the fair market value of the warrants

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2026

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2025

Beginning warrant fair value

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$

226,000

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$

1,718,000

Change in warrant fair value

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(209,000)

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421,986

Settlement of warrants to equity

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—

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(1,044,060)

Ending warrant fair value

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$

17,000

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$

1,095,926

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