Equity |
12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | 3. Equity
Equity
In April 2022, pursuant to an equity subscription agreement, the Company sold a total of shares of eXoZymes’s Common Stock for $5,000,000 at $ per share. In connection with the equity subscription agreement, the Company issued warrants (“Funding Warrants”) to purchase 205,293 shares of eXoZymes Common Stock. Through December 31, 2025, and December 31, 2024, respectively, and of Funding Warrants have vested. Total value of the warrants as December 31, 2025, and December 31, 2024, was $320,790.
In November 2024, the Company completed a private placement (“Concurrent Private Offering”) concurrently with the IPO, the Company sold to accredited investors an aggregate of 93,750 warrants to purchase up to 93,750 shares of Common Stock (the “Private Warrants”). Private Warrants were sold at a purchase price of $. Private Warrants have an exercise price of $8.00 per share, are exercisable beginning six months after issuance, and expire five years from the date of issuance. The Private Warrants have a cashless exercise provision and registration rights for the underlying shares of Common Stock. The gross proceeds from the Concurrent Private Offering were approximately $11,719, and if the Private Warrants are fully exercised, for cash, the Company will receive up to $750,000.
In November 2024, the Company issued warrants to underwriters in connection with the IPO. The Company issued 52,485 warrants with an exercise price of $10.00 per share. The warrants are exercisable, beginning six months after issuance, and expire five years from the date of issuance. The underwriter warrants have a cashless exercise provision and registration rights for the underlying shares of Common Stock.
The warrants outstanding, as well as those issued, exercised, and expired, together with their respective exercise prices and expiration dates, as of December 31, 2024 and 2025, are presented below:
The Company accounts for warrants as either equity-classified or liability-classified instruments based on an evaluation of the specific terms of each warrant and the applicable guidance in ASC 480, Distinguishing Liabilities from Equity, and ASC 815, Derivatives and Hedging. Warrants that meet the definition of a derivative financial instrument and qualify for the equity scope exception under ASC 815-10-15-74(a) are classified as equity and are not subject to remeasurement as long as the criteria for equity classification continue to be met.
Warrants that do not qualify for equity classification are recorded as liabilities and measured at fair value at inception and on a recurring basis at each reporting date until the warrants are exercised, expire, or are modified in a manner that results in equity classification. Changes in the fair value of liability-classified warrants are recognized as a component of change in fair value of warrant liabilities in the consolidated statements of operations. The Company reassesses the classification of warrants at each reporting date.
The fair value of liability-classified warrants is estimated using the Black-Scholes option-pricing model, which incorporates Level 3 inputs.
On May 12, 2025, the Company agreed to issue shares of common stock to key executives. The shares were issued in lieu of cash bonuses and were issued at a market price of $ for a total of $243,778.
On November 11, 2025, a shareholder of stock options exercised their options through a cashless exercise feature permitted under the Company’s equity incentive plan. As a result, the Company issued , and no cash proceeds were received by the Company in connection with these transactions.
On November 17, 2025, the Company issued shares of the Company’s common stock to individuals upon the vesting and settlement of previously granted restricted stock units (“RSUs”) under the Company’s equity incentive plan. Upon vesting, each RSU entitled the holder to receive one share of the Company’s common stock.
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