In accordance with FASB ASC Topic 815, Derivatives and Hedging (“ASC 815”), certain of the Company’s outstanding warrants are classified as liabilities and are recorded at fair value at the issuance date, with subsequent changes in the fair value recognized in the condensed consolidated statements of operations and comprehensive loss in each reporting period. Refer to Note 3 for changes in the fair value recognized during the periods reported.

As disclosed in Notes 1 and 6, in January 2025, the Company closed the January 2025 Offering, pursuant to which the Company agreed to issue and sell the January 2025 Shares and January 2025 Common Warrants. For clarity, the January 2025 Shares consist of 1,261,830 shares of common stock and the January 2025 Common Warrants consist of common warrants to purchase up to an aggregate of 1,261,830 shares of common stock. Each January 2025 Share and accompanying January 2025 Common Warrants were sold together at a combined offering price of $7.925. The January 2025 Common Warrants have an exercise price of $7.80 per share, are immediately exercisable and will expire five years from the issuance date. The fair value of the January 2025 Common Warrants, as determined by the Black-Scholes option pricing model, was $9.7 million on the closing date of the January 2025 Offering. The net proceeds were allocated using the relative fair value of the January 2025 Shares and January 2025 Common Warrants.

As disclosed in Notes 1 and 6, in June 2025, in connection with the June 2025 Promissory Note Financing, the Company issued to GKCC the June 2025 Warrant to purchase an aggregate of 103,225 shares of the Company’s common stock. The June 2025 Warrant has an exercise price of $7.75 per share, is immediately exercisable and expires five years from the date of issuance. The fair value of the June 2025 Warrant, as determined by the Black-Scholes option pricing model, was $0.6 million at the date of issuance. See Note 11 for further detail regarding the June 2025 Promissory Note Financing.


Common Stock Warrants	Classification	Number of Shares Underlying the Warrants Outstanding	Weighted Average Exercise Price		Weighted Average Remaining Contractual Life (years)
Elicio Warrants	Equity	144,814	$	53.59	3.3
Angion Warrants	Liability	3,950	$	76.00	2.4
March 2024 Pre-Funded Warrants(1)	Equity	1,032,702	$	0.01	Perpetual
July 2024 Pre-Funded Warrants(1)	Equity	1,600,000	$	0.01	Perpetual
July 2024 Common Warrants	Liability	441,500	$	5.00	3.3
July 2024 Common Warrants	Equity	1,600,000	$	5.00	3.3
January 2025 Common Warrants	Equity	1,261,830	$	7.80	3.8
June 2025 Common Warrant	Equity	103,225	$	7.75	4.2
Total Warrants Outstanding at March 31, 2026		6,188,021	$	4.68	3.5

(1) The March 2024 Pre-Funded Warrants and July 2024 Pre-Funded Warrants outstanding as of March 31, 2026 have a perpetual term and are therefore excluded from the calculation of the weighted-average remaining contractual life.