Shareholders’ Equity (Deficit) |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Shareholders’ Equity (Deficit) | 7. Shareholders’ Equity (Deficit)
During the six months ended June 30, 2025, the following transactions occurred:
During the six months ended June 30, 2025, the Company sold shares of common stock for total gross proceeds of $185,874. The sale of shares was in connection with the shelf registration statement on Form S-3 effective on October 13, 2022, allowing the Company to issue up to $30,000,000 of common stock and prospectus supplement covering the offering, issuance and sale of up to $13,000,000 of common stock that may be issued and sold under an At The Market Offering Agreement dated as of September 30, 2022.
The Company recognized consulting expense of $26,000 to share subscriptions payable from restricted shares and stock options to be issued. As of June 30, 2025, the $13,000 of the restricted shares have not been issued. During the six months ended June 30, 2025, the Company issued restricted shares with a value of $452,100.
During the six months ended June 30, 2025, in connection with the inducement of warrants at $5.198 per share, the Company also sold warrants exercisable at $6.502 per share. The Company received proceeds of $6,731,410 before deducting placement agent fees of $346,570 and other offering expenses payable by the Company upon the exercise of the May 2024 Existing Warrants.
Refer to Note 15, Warrants and Note 16, Equity Compensation for additional disclosures related to shareholders’ equity.
During six months ended June 30, 2024, the following transactions occurred:
During the six months ended June 30, 2024, the Company sold shares of common stock for a total net proceeds of $566,118. The sale of shares was in connection with the shelf registration statement on Form S-3 effective on October 13, 2022, allowing the Company to issue up to $30,000,000 of common stock and prospectus supplement covering the offering, issuance and sale of up to $13,000,000 of common stock that may be issued and sold under an At The Market Offering Agreement dated as of September 30, 2022.
The Company recognized consulting expense of $595,863 to share subscriptions payable from restricted shares and stock options to be issued. As of June 30, 2024, the Company issued restricted shares with a value of $369,700.
During the six months ended June 30, 2024, the Company closed a sale of shares of common stock for net proceeds of $1,535,591. In association with the sale of common stock, the Company issued pre-funded warrants and warrants totaling proceeds of $1,093,492.
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