v3.26.1
Summary of Significant Accounting Policies (Tables)
6 Months Ended
Jun. 30, 2026
Summary of Significant Accounting Policies  
Schedule of financial assets and liabilities measured at fair value on a recurring basis

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Fair value measurement at reporting date using

June 30, 2026

(Level 1)

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(Level 2)

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(Level 3)

Assets:

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​

​

​

​

​

​

​

Cash and cash equivalents - money market funds

$

3,905,000

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$

-

​

$

-

Liabilities:

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  ​ ​ ​

  ​ ​ ​

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  ​ ​ ​

  ​ ​ ​

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Warrant liabilities - Series A Warrants

$

-

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$

-

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$

44,000

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​

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​

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December 31, 2025

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Assets:

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​

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​

​

​

Cash and cash equivalents - money market funds

$

2,927,000

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$

-

​

$

-

Liabilities:

  ​ ​ ​

​

  ​ ​ ​

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  ​ ​ ​

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Warrant liabilities - Series A Warrants

$

-

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$

-

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$

100,000

Schedule of Black-Scholes option pricing model assumptions

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June 30, 2026

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December 31, 2025

Expected term of warrants (years)

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1.5 years

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2 years

Risk-free interest rate

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3.7%

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3.5%

Expected volatility

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132.1%

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121.8%

Dividend yield

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$ -

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$ -

Schedule of warrant liability activity

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Balance, December 31, 2025

$

100,000

Change in fair value of Series A Warrants

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159,000

Balance, March 31, 2026

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259,000

Change in fair value of Series A Warrants

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(215,000)

Balance, June 30, 2026

$

44,000

Schedule of the components of basic and diluted net (loss) income per share

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Three Months Ended June 30, 

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Six Months Ended June 30, 

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2026

  ​ ​ ​

2025

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2026

  ​ ​ ​

2025

Numerator:

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Net (loss) income

$

(3,054,000)

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$

(915,000)

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$

(10,161,000)

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$

20,575,000

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Net (loss) income attributable to common stockholders

$

(2,611,000)

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$

(625,000)

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$

(8,446,000)

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$

14,860,000

Net (loss) income attributable to Series C Preferred stockholders

$

(443,000)

​

$

(290,000)

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$

(1,715,000)

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$

5,715,000

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Denominator:

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Weighted-average shares of common stock outstanding, basic

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15,864,041

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5,820,903

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13,266,763

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7,359,825

Restricted stock units

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-

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-

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-

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2,825

Stock options

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-

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-

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-

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251,675

Weighted-average shares of common stock outstanding, diluted

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15,864,041

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5,820,903

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13,266,763

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7,614,325

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Net (loss) income per share of common stock, basic

$

(0.16)

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$

(0.11)

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$

(0.64)

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$

2.02

Net (loss) income per share of common stock, diluted

$

(0.16)

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$

(0.11)

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$

(0.64)

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$

1.95

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Weighted-average shares of Series C Preferred outstanding, basic and diluted

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6,737

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​

6,759

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​

6,737

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​

7,077

Net (loss) income per share of Series C Preferred, basic and diluted

$

(65.76)

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$

(42.91)

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$

(254.56)

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$

807.55

Schedule of antidilutive securities which have been excluded from the computation of diluted weighted average shares outstanding

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June 30, 

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  ​ ​ ​

2026

  ​ ​ ​

2025

Warrants

 

33,833,844

 

3,919,589

Stock Options

 

2,037,911

 

299,784

Unvested restricted stock units

 

146,450

 

22,690

Series C Preferred (assumed conversion to common stock)

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2,694,900

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2,694,900

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38,713,105

 

6,936,963