In connection with the Company’s February 2025 Offering, the Company issued to the underwriter warrants to purchase up to 576,191 shares of common stock at $1.21 per share over a five-year term. All such warrants under the February 2025 Offering expire on February 10, 2030.

In September 2024, to create performance incentives for the Company’s third-party RenovoCath manufacturer, Medical Murray, Inc., the Company issued a warrant to Medical Murray to purchase up to 709,500 shares of the Company’s common stock. This warrant vests and is only exercisable over time in tranches and only if Medical Murray achieves certain manufacturing milestones. During the year ended December 31, 2025, 166,500 shares had expired as certain manufacturing milestones were not achieved by Medical Murray.

The following is a summary of the common stock warrant activity during the year ended December 31, 2025.


	Shares Issuable Upon Exercise of Outstanding Warrants			Weighted- Average Exercise Price		Weighted- Average Remaining Contractual Life		Aggregate Intrinsic Value (In thousands)
Outstanding as of December 31, 2024		25,558,845		$	2.32		3.42	$	59,298
Issued in February 2025 to:
Underwriter		576,191		$	1.21		4.12	$	697
Exercised		(976,752	)	$	0.03		-	$	(25	)
Expired		(166,500	)	$	1.01		-	$	(168	)
Outstanding as of December 31, 2025		24,991,784		$	2.39		2.47	$	59,802