| Schedule of warrants activity |
| | | Warrants outstanding at January 1, 2025 | | 1,119,795 | Exercised | | (80,022) | Warrants outstanding at March 31, 2025 | | 1,039,773 | Issued | | 2,112,260 | Anti-dilution adjustment | | 1,418,677 | Exercised | | (99,243) | Warrants outstanding at June 30, 2025 | | 4,471,467 | Issued | | 10,028,302 | Exercised | | (3,076,608) | Warrants outstanding at September 30, 2025 | | 11,423,161 |
The following table summarizes the Company’s outstanding warrants (excluding 371 pre-funded warrants) as of September 30, 2025: | | | | | | | | | | # of warrants outstanding | | Weighted average exercise price | | Weighted average expiration date | Prior October 2024 warrants | | 2,723 | | $ | 2,217.41 | | November 2, 2029 | Amended October 2024 PIPE warrants (1)(2) | | 1,391,765 | | $ | N/A | | July 15, 2030 | August 2025 warrants | | 9,460,661 | | $ | 1.97 | | August 27, 2030 | August 2025 Placement Agent warrants | | 567,641 | | $ | 2.17 | | August 27, 2030 | | | 11,422,790 | | | | | | (1) Warrant price adjusted as a result of anti-dilution or ratchet provisions. | (2) The warrants contain anti-dilution protection provisions relating to subsequent equity sales of shares of the Company’s common stock or common stock equivalents at an effective price per share lower than the then effective exercise price of such warrants. Additionally, the warrants allow the holder of such warrants to also effect an alternative form of cashless exercise on or after the initial exercise date whereby the aggregate number of shares of common stock issuable in such alternative form of cashless exercise pursuant to any given notice of exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the warrant in accordance with the terms of the warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 2.0 (a “Zero Exercise Price Exercise”). Accordingly, a Zero Exercise Price Exercise for the warrants will result in the issuance of two (2) shares for no additional consideration. |
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| Schedule of convertible preferred stock transaction activity |
| | | | | | | Series A Convertible Preferred Stock Shares | Weighted Average Conversion Price | Common Shares Issued from Conversions | June 30, 2025 | | — | | — | 2025 Issuance | | 10,650 | | — | 2025 Conversions | | (1,000) | $ 2.19 | 456,621 | September 30, 2025 | | 9,650 | | 456,621 |
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