16. Subsequent Events

In July 2025, the Company sold and issued an aggregate of 63,483 shares of common stock to Mast Hill pursuant to the Mast Hill Purchase Agreement for gross proceeds of $215 thousand and net proceeds of $204 thousand after deducting offering costs.

On July 31, 2025, the Company and the Investor held the second Tranche Closing (the “Second Tranche Closing”), whereby the Investor paid $700,000 to the Company for the purchase of 700 shares of Series B Preferred Stock (the “Second Tranche Preferred Shares”) and Warrants to purchase 64,065 shares of Company common stock, thereby completing the Second Tranche Closing and formally issuing the Second Tranche Preferred Shares and Warrants. Additionally, as consideration for placement agent services rendered by Craft in connection therewith, the Company paid Craft $56,000 at closing of the Second Tranche and issued warrants to purchase an aggregate of 11,068 shares of our common stock to the designees of Craft, which warrants have a term of four years from the date of issuance, are exercisable immediately upon issuance, and have an exercise price of $3.795 per share of common stock (equal to 110% of the closing price per share of the Company’s common stock on July 31, 2025).