v3.26.1
Common Stock and Warrants
 3 Months Ended
Mar. 31, 2026
Equity [Abstract]  
Common Stock and Warrants

9. Common Stock and Warrants

 

The Company has authorized 100,000,000 shares of common stock, of which 11,450,045 and 10,652,812 shares were issued and outstanding as of March 31, 2026 and December 31, 2025, respectively.

 

On January 22, 2026, the Company issued 43,196 shares of common stock with a fair value of $199,995 to its Board of Directors for their services for the year ending December 31, 2026. The Company recorded $50,000 as general and administrative expense in the Condensed Statements of Operations for the three months ended March 31, 2026 and $149,995 as prepaids and other current assets in the Condensed Balance Sheet as of March 31, 2026.

 

On January 22, 2026, the Company issued another 43,196 shares of common stock with a fair value of $200,000 to its Board of Directors for their service during the year ended December 31, 2025. The Company recorded $50,000 as general and administrative expense in the Condensed Statements of Operations for the three months ended March 31, 2025.

 

During the three months ended March 31, 2026, pursuant to the August 2025 At The Market Offering Agreement, the Company issued 495,456 shares of common stock to investors for gross proceeds of $2,990,361 with such shares registered pursuant to the Company’s effective Registration Statement on Form S-3 (File No. 333-283798), previously filed with the Securities and Exchange Commission (“SEC”) on December 13, 2024, and declared effective on February 11, 2025, and the related prospectus supplements filed with the SEC on August 29, 2025, and on October 23, 2025.

 

Additionally, during the three months ended March 31, 2026, the Company issued (i) 213,040 common shares upon the exercise of warrants and (ii) 2,345 common shares pursuant to the 2022 Omnibus Securities and Incentive Plan.

 

During the three months ended March 31, 2025, the Company issued (i) 39,471 shares of common stock with a fair value of $112,493 to its Board of Directors for their service from April 1, 2024 through December 31, 2024, which was recorded as general and administrative expense in the Condensed Statements of Operations and (ii) 186,166 shares of common stock to an investor in exchange for 502,647 warrants in a cashless exercise transaction with $186 reclassified from additional paid in capital to common stock in the Condensed Statements of Stockholders’ Equity.

 

 

The following is a summary of warrant activity for common stock during the three months ended March 31, 2026 and year ended December 31, 2025:

  

   Number of   Weighted-Avg.   Weighted-Avg. 
   Warrants for   Exercise   Remaining 
   Common Stock   Price   Contractual Life 
Outstanding as of January 1, 2025   2,642,530   $2.41    2.93 
Exercised   (1,263,006)   1.82    2.12 
Outstanding as of December 31, 2025   1,379,524    2.44    2.26 
Exercised   (213,040)   2.38    1.94 
Outstanding as of March 31, 2026   1,166,484   $2.45    2.04 

 

The following table summarizes the Company’s warrants outstanding and exercisable as of March 31, 2026:

 

   Number of        
   Warrants   Exercise   Expiration
   Outstanding   Price   Date
Investor Warrant   12,852   $8.76   September 18, 2028
2022 Convertible Notes   160,960   $2.38   Various in 2027
2023 Convertible Notes   861,790   $2.38   Various in 2028
Underwriter Warrants   54,370   $2.38   August 8, 2028
Advisory Agreement Warrants   76,512   $2.38   Various in 2029
    1,166,484