Quarterly report [Sections 13 or 15(d)]

Fair Value Measurements (Tables)

v3.25.2
Fair Value Measurements (Tables)
6 Months Ended
Jun. 30, 2025
Fair Value Measurements [Abstract]  
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis

June 30, 2025

Level 1

Level 2

Level 3

Total Fair Value

Cash equivalents:

Money market funds

$

1,535,022

$

—

$

—

$

1,535,022

Subtotal

1,535,022

—

—

1,535,022

Liabilities:

Contingent value rights

—

—

(286,630)

(286,630)

Subtotal

—

—

(286,630)

(286,630)

Total

$

1,535,022

$

—

$

(286,630)

$

1,248,392

December 31, 2024

Level 1

Level 2

Level 3

Total Fair Value

Cash equivalents:

Money market funds

$

368,138

$

—

$

—

$

368,138

Subtotal

368,138

—

—

368,138

Current Liabilities:

Contingent value rights

—

—

(312,080)

(312,080)

Embedded derivative liability

(82,281)

(82,281)

Earnout consideration

—

(2,500,000)

—

(2,500,000)

Subtotal

—

(2,500,000)

(394,361)

(2,894,361)

Total

$

368,138

$

(2,500,000)

$

(394,361)

$

(2,526,223)

Schedule of Reconciliations of Recurring Fair Value Measurements

Three Months Ended June 30, 2025

Contingent value rights

Warrant liability

Contingent forward contract

Total

March 31, 2025

$

(292,901)

$

—

$

(5,406,033)

$

(5,698,934)

Additions

—

(9,399,054)

—

(9,399,054)

Warrant exercise

—

16,662,707

—

16,662,707

Fair value adjustments

6,271

(7,531,044)

789,588

(6,735,185)

Settlement

—

267,391

4,616,445

4,883,836

June 30, 2025

$

(286,630)

$

—

$

—

$

(286,630)

Three Months Ended June 30, 2024

Contingent value rights

Warrant liability

Embedded derivative liability

Earnout consideration

Total

March 31, 2024

$

(1,314,987)

$

(6,863,627)

$

—

$

(3,150,000)

$

(11,328,614)

Warrant exercise

—

324,789

—

—

324,789

Fair value adjustments

116,775

(3,267,571)

(1,055,600)

450,000

(3,756,396)

June 30, 2024

$

(1,198,212)

$

(9,806,409)

$

(1,055,600)

$

(2,700,000)

$

(14,760,221)

Six Months Ended June 30, 2025

Contingent value rights

Warrant liability

Embedded derivative liability

Contingent forward contract

Total

December 31, 2024

$

(312,080)

$

—

$

(82,281)

$

—

$

(394,361)

Additions

—

(9,399,054)

—

(5,515,525)

(14,914,579)

Extinguishment of debt

—

—

82,281

—

82,281

Warrant exercise

—

16,662,707

—

—

16,662,707

Fair value adjustments

25,450

(7,531,044)

—

899,080

(6,606,514)

Settlement

—

267,391

—

4,616,445

4,883,836

June 30, 2025

$

(286,630)

$

—

$

—

$

—

$

(286,630)

Six Months Ended June 30, 2024

Contingent value rights

Warrant liability

Embedded derivative liability

Earnout consideration

Total

December 31, 2023

$

(1,691,072)

$

—

$

—

$

(3,500,000)

$

(5,191,072)

Reclassification from equity

—

(10,592,220)

—

—

(10,592,220)

Warrant exercise

—

324,789

—

324,789

Fair value adjustments

492,860

461,022

(1,055,600)

800,000

698,282

June 30, 2024

$

(1,198,212)

$

(9,806,409)

$

(1,055,600)

$

(2,700,000)

$

(14,760,221)