There are significant judgements and estimates inherent in the determination of the fair value of the Company’s warrants. These judgements and estimates include assumptions regarding the Company’s future operating performance and the determination of the appropriate valuation methods. If the Company had made different assumptions, the fair value of the warrants could have been significantly different (See Note 2).


Source	Exercise Price	Remaining Term (Years)	Number of Warrants Outstanding
2016 Common Stock Warrants to Service Providers	287.50	0.83	160
2021 Inducement Warrants	37.50	0.57	84,667
2021 Inducement Warrants to Placement Agent	47.00	0.57	5,927
2021 Common Stock Warrants	22.50	0.74	311,113
2021 Common Stock Warrants to Placement Agent	27.50	0.74	21,778
August 2023 Convertible Note Common Stock Warrants	5.16	7.63	340,000
August 2023 PIPE Financing Common Stock Warrants	5.16	7.63	2,325,537
January 2024 Pre-Funded Warrants Common Stock	0.001	Indefinite	6,300,860
Total warrants outstanding as of December 31, 2025			9,390,042

In connection with the January 2024 PIPE Financing (as defined in Note 8), the Company issued the Pre-Funded Warrants. The Pre-Funded Warrants have an exercise price of $0.001 per share, and were exercisable immediately upon issuance until exercised in full. The gross proceeds from the issuance of these Pre-Funded Warrants was $22,991,015. The Company determined that the Pre-Funded Warrants are freestanding instruments that do not meet the definition of a liability or derivative. The Pre-Funded Warrants are indexed to the Company’s common stock and meet all other conditions for equity classification. Accordingly, the Pre-Funded Warrants are classified as equity and are accounted for as a component of additional paid-in capital at the time issued. The Company also determined that the Pre-Funded Warrants should be included in the determination of basic and diluted earnings per share.