Stockholders’ Equity (Tables)
|
9 Months Ended |
Sep. 30, 2025 |
|---|
| Stockholders’ Equity [Abstract] |
|
| Schedule of Net Proceeds |
The table below details the
net proceeds of the June 2025 Public Offering.
| Gross Proceeds: |
|
|
|
| Initial Closing |
|
$ |
39,999,040 |
|
| Option Closing |
|
|
6,000,000 |
|
| |
|
|
45,999,040 |
|
| Offering Costs: |
|
|
|
|
| Underwriting discounts and commissions |
|
|
(2,500,000 |
) |
| Other offering costs |
|
|
(821,957 |
) |
| Net Proceeds |
|
$ |
42,677,083 |
|
The table below details the
net proceeds of the August 2025 Public Offering.
| Gross Proceeds: |
|
|
|
| Initial Closing |
|
$ |
150,020,000 |
|
| Option Closing |
|
|
22,503,000 |
|
| |
|
|
172,523,000 |
|
| Offering Costs: |
|
|
|
|
| Underwriting discounts and commissions |
|
|
(9,488,765 |
) |
| Other offering costs |
|
|
(398,025 |
) |
| Net Proceeds |
|
$ |
162,636,210 |
|
The table below details the net proceeds of the September 2025 Offering.
| Gross Proceeds: |
|
|
|
| Initial Closing |
|
$ |
200,000,000 |
|
| Option Closing |
|
|
30,000,000 |
|
| |
|
|
230,000,000 |
|
| Offering Costs: |
|
|
|
|
| Underwriting discounts and commissions |
|
|
(12,650,000 |
) |
| Other offering costs |
|
|
(354,595 |
) |
| Net Proceeds |
|
$ |
216,995,405 |
|
|
| Schedule of Warrants Activity |
A summary of our Warrants
activity for the nine months ended September 30, 2025 and related information follows:
| |
| Number of
Shares
Under
Warrant |
|
| Weighted
Average
Exercise
Price |
|
| Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2025 |
| |
26,490,110 |
|
| $ |
1.70 |
|
| |
3.84 |
|
| Granted |
| |
9,600,000 |
|
| |
0.00 |
|
| |
|
|
| Exercised |
| |
(33,224,290 |
) |
| |
0.63 |
|
| |
|
|
| Cancelled |
| |
(262,700 |
) |
| |
7.01 |
|
| |
|
|
| Balance as of September 30, 2025 |
| |
2,603,120 |
|
| $ |
5.30 |
|
| |
5.26 |
|
| Vested and exercisable as of September 30, 2025 |
| |
2,576,567 |
|
| $ |
5.23 |
|
| |
4.85 |
|
|
| Schedule of Assumptions Used in the Black-Scholes Model |
The assumptions used in the
Monte Carlo simulation and Black-Scholes Model are set forth in the table below.
| |
|
Nine Months
Ended
September 30,
2025 |
|
| Stock price |
|
$ |
0.77-6.60 |
|
| Risk-free interest rate |
|
|
3.77-4.65 |
% |
| Volatility |
|
|
59.05-88.69 |
% |
| Expected life in years |
|
|
5.00-6.27 |
|
| Dividend yield |
|
|
0.00 |
% |
|
| Schedule of Option Activity |
A summary of our Option activity
for the three and nine months ended September 30, 2025 and related information follows:
| |
| Number of
Shares
Under
Option |
|
| Weighted
Average
Exercise
Price |
|
| Weighted
Average
Remaining
Contractual
Life |
|
| Balance as of January 1, 2025 |
| |
4,289,359 |
|
| $ |
3.70 |
|
| |
7.59 |
|
| Granted |
| |
14,991,944 |
|
| |
1.68 |
|
| |
|
|
| Exercised |
| |
(1,771,897 |
) |
| |
1.50 |
|
| |
|
|
| Forfeited |
| |
(135,012 |
) |
| |
1.00 |
|
| |
|
|
| Canceled |
| |
(13,791 |
) |
| |
18.85 |
|
| |
|
|
| Balance as of September 30, 2025 |
| |
17,360,603 |
|
| $ |
2.19 |
|
| |
8.24 |
|
| Vested and Exercisable as of September 30, 2025 |
| |
5,730,527 |
|
| $ |
3.66 |
|
| |
5.84 |
|
|
| Schedule of Stock-Based Compensation Expense for Stock Options |
Total stock-based compensation
expense for stock options for the three and nine months ended September 30, 2025 and 2024 is as follows:
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| General and administrative |
|
$ |
3,684,991 |
|
|
$ |
67,656 |
|
|
$ |
5,349,054 |
|
|
$ |
207,016 |
|
| Sales and marketing |
|
|
174,652 |
|
|
|
40,021 |
|
|
|
309,043 |
|
|
|
191,987 |
|
| Research and development |
|
|
198,386 |
|
|
|
30,219 |
|
|
|
403,583 |
|
|
|
109,717 |
|
| Cost of goods sold |
|
|
174,862 |
|
|
|
18,293 |
|
|
|
368,855 |
|
|
|
55,341 |
|
| Total stock-based expense related to options |
|
$ |
4,232,891 |
|
|
$ |
156,189 |
|
|
$ |
6,430,535 |
|
|
$ |
564,061 |
|
Total stock-based compensation
expense for RSUs for the three and nine months ended September 30, 2025 and 2024 is as follows:
| |
|
Three Months Ended
September 30, |
|
|
Nine Months Ended
September 30, |
|
| |
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2024 |
|
| General and administrative |
|
$ |
1,075,516 |
|
|
$ |
49,010 |
|
|
$ |
1,999,702 |
|
|
$ |
155,644 |
|
| Sales and marketing |
|
|
48,245 |
|
|
|
- |
|
|
|
259,203 |
|
|
|
13,564 |
|
| Research and development |
|
|
45,029 |
|
|
|
- |
|
|
|
148,590 |
|
|
|
715 |
|
| Cost of goods sold |
|
|
57,894 |
|
|
|
- |
|
|
|
191,043 |
|
|
|
- |
|
| Total stock-based expense related to restricted stock units |
|
$ |
1,226,684 |
|
|
$ |
49,010 |
|
|
$ |
2,598,538 |
|
|
$ |
169,923 |
|
|
| Schedule of Restricted Stock Unit (RSUs) Activity |
A summary of our RSUs activity
and related information is as follows:
| |
| RSUs |
|
| Weighted
Average
Grant Date
Fair Value |
|
| Weighted
Average
Vesting
Period
(Years) |
|
| Unvested balance at January 1, 2025 |
| |
252,417 |
|
| $ |
0.68 |
|
| |
0.75 |
|
| Granted |
| |
5,915,334 |
|
| $ |
2.20 |
|
| |
|
|
| Vested |
| |
(1,303,650 |
) |
| $ |
1.33 |
|
| |
|
|
| Unvested balance at September 30, 2025 |
| |
4,864,101 |
|
| $ |
2.36 |
|
| |
1.87 |
|
|