Stockholders’ Equity |
6 Months Ended |
|---|---|
Jun. 30, 2025 | |
| Equity [Abstract] | |
| Stockholders’ Equity | 5. Stockholders’ Equity
Preferred Stock
The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of shares of preferred stock. shares have been issued.
Common Stock
The Company’s amended and restated certificate of incorporation authorizes the Company to issue a total of shares of common stock. As of June 30, 2025 and December 31, 2024, the Company had an aggregate of and shares of common stock outstanding, respectively.
2025 transactions
June 2025 Public Offering
On June 27, 2025, the Company issued investors shares of its common stock and pre-funded warrants to purchase shares of common stock for $ per share (the shares of common stock had a public offering price of $ per share. The pre-funded warrants had a public offering price of $ per share, and the Company also received at closing the pre-funded warrants exercise price of $0.001 per share). In addition, the Company issued investors Series D warrants to purchase 1,250,000 shares of its common stock (exercise price of $4.00 per share), expiring on June 30, 2030, and Series E warrants to purchase 1,250,000 shares of common stock (exercise price of $4.00 per share), expiring on November 30, 2027. The net proceeds received from the sale of common stock, pre-funded warrants and warrants, net of cash costs of $647,208, was $4,352,792.
On June 27, 2025, 266,250 shares of common stock were issued upon the exercise of pre-funded warrants. On June 30, 2025, another shares of common stock were issued upon the exercise of pre-funded warrants.
In addition, warrants to purchase 75,000 shares of common stock were issued to the placement agent. The placement agent warrants have an exercise price of $5.00 per share and were exercisable immediately upon issuance for a term of five years.
At the Market (ATM) Offering Program
In September 2024, the Company entered into an At The Market Offering Agreement (the “ATM Agreement”) with H.C. Wainwright & Co., LLC (“Wainwright”). Under the ATM Agreement, the Company may, from time to time, in its sole discretion, issue and sell through Wainwright up to $1,143,121 of shares of its common stock. In December 2024, the Company filed a prospectus supplement and increased the aggregate offering that can be sold under the ATM Agreement by $535,000 (the “ATM Facility”).
Pursuant to the ATM Agreement, the Company may sell the shares by any method permitted that is deemed an “at the market” offering as defined in Rule 415 under the Securities Act. The Company will pay Wainwright a commission of % of the gross sales price per share sold under the ATM Agreement.
During the six months ended June 30, 2025, the Company sold shares of common stock through the ATM Facility for net proceeds of $347,549, after deducting $13,029 in offering costs.
2024 transactions
March 2024 Offering
On March 6, 2024, the Company sold shares of common stock together with warrants to purchase 19,833 shares of common stock (exercise price of $14.58 per share), expiring on March 6, 2029, at a combined public offering price of $. In addition, the Company sold pre-funded warrants to purchase shares of common stock together with warrants to purchase shares of common stock, for a combined price of $. The net proceeds received from the sale of common stock, pre-funded warrants and warrants, net of cash costs of $495,227, was $1,504,113.
The 130,208 warrants have an exercise price of $14.58 per share, and were exercisable immediately for a term of five years. The 110,375 pre-funded warrants have an exercise price of $0.001 per share and were exercisable immediately until fully exercised.
During the three months ended March 31, 2024, 60,542 pre-funded warrants were exercised and shares of common stock were issued. During the three months ended June 30, 2024, the balance of 49,833 pre-funded warrants were exercised and shares of common stock were issued.
In addition, warrants to purchase 7,812 shares of common stock were issued to the placement agent, in connection with the March 2024 offering. The placement agent warrants have an exercise price of $19.20 per share and were exercisable immediately upon issuance for a term of five years.
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