A summary of common stock warrants outstanding as of March 31, 2026 and December 31, 2025 is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | Quantity of Warrants Outstanding as of | | | | | | Description | March 31, 2026 | | December 31, 2025 | | Exercise Price | | Expiration Date | Initial Royalty Warrant (1)* | 422,804 | | | 422,804 | | | $ | 4.10 | | | 12/22/2028 | September 2023 Warrants (2)* | 845,225 | | | 845,225 | | | $ | 9.11 | | | 3/1/2029 | October 2016 Warrants (3) | 542 | | | 542 | | | $ | 120.00 | | | 10/4/2026 | Regulation A Offering Investor Warrants (4) | 131,280 | | | — | | | $ | 4.00 | | | (4) | | Total Warrants Outstanding | 1,399,851 | | | 1,268,571 | | | | | | | | | | | | | | 1) Refers to a warrant issued in connection with entering into the royalty interest financing agreement with UiE.
2) Refers to the warrants issued in connection with a registered direct offering the Company completed in September 2023.
3) Refers to a warrant issued in October 2016 to a former financial advisor.
4) Refers to warrants issued to investors in the Regulation A Offering. Such warrants have expiration dates ranging from 1/27/29 to 3/16/29.
* The warrant includes certain rights in favor of the holder upon a "fundamental transaction" as described in the warrant, including the right of the holder to receive from the Company or the successor entity an amount of cash equal to the Black-Scholes value (as described in the warrants) of the unexercised portion of the warrant on the date of the consummation of such fundamental transaction. |
A summary of Agent Unit Warrants outstanding during the three months ended March 31, 2026 is presented below: | | | | | | | | | | | | | | | | | | | | | | | | | Agent Unit Warrants | | Number of Shares Underlying Warrants | | Weighted Average Exercise Price | | Weighted Average Remaining Life in Years | | Intrinsic Value | Outstanding December 31, 2025, | — | | | $ | — | | | | | $ | — | | Agent Unit Warrants Issued in connection with Regulation A Offering | 1,968 | | | 6.25 | | | 4.77 | | | | Exercised | — | | | — | | | | | | | Forfeited or expired | — | | | — | | | | | | Outstanding and exercisable March 31, 2026 | 1,968 | | | $ | 6.25 | | | 4.77 | | $ | — | |
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