Common Stock and Warrants |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Equity [Abstract] | |
| Common Stock and Warrants | Note 8 —Common Stock and Warrants Pursuant to an amended and restated certificate of incorporation, the Company is authorized to issue up to 110,000,000 shares of stock, consisting of 100,000,000 shares of common stock, par value $0.0001, and 10,000,000 shares of undesignated Preferred Stock, par value of $0.0001. In conjunction with entering into the Loan Agreement (See Note 7), the Company issued to Avenue a warrant to purchase up to $1,312,500 worth of shares of the Company’s common stock (the “Warrant”). The warrant expires on November 4, 2030 and has an exercise price per share of $0.96. In addition, upon a change of control, Avenue is entitled to receive the shares of common stock underlying the Warrant without payment of the exercise price. Avenue may exercise the warrant at any time, or from time to time up to and including the Expiration Date, by making a cash payment equal to the exercise price multiplied by the quantity of shares. Avenue may also exercise the warrant on a cashless basis by receiving a net number of shares calculated pursuant to the formula set forth in the warrant. The warrant is subject to anti-dilution adjustments for stock dividends, stock splits, and reverse stock splits. The Company is accounting for the warrant as a derivative liability, which is recorded at fair value. At inception, the Company recorded a derivative liability of approximately $918,000. As of June 30, 2026, the derivative liability for the warrant was determined to have a fair value of approximately $1,127,500, and the Company recorded a loss from the change in fair value of the warrant liability in other expense (income) of approximately $409,000 during the three months ended June 30, 2026. At December 31, 2025, the derivative liability was determined to have a fair value of approximately $999,400. The Company recorded a loss from the change in fair value of the warrant liability of approximately $128,100 during the six months ended June 30, 2026. As of June 30, 2026, 3,763,258 pre-funded warrants remain exercisable. Each pre-funded warrant is exercisable for one share of the Company’s common stock at a nominal exercise price of $0.0001 per share. . During the three and six months ended June 30, 2026 no pre-funded warrants were exercised. During the three and six months ended June 30, 2025, 2,698,105 pre-funded warrants were exercised, respectively.
During the six months ended June 30, 2025, 668,250 warrants issued in the Company's public offering in February 2020 expired unexercised.
There were no shares of common stock issued upon the exercise of stock options during the three and six months ended June 30, 2026. 20 and 708 shares of common stock were issued through the exercise of stock options during the three and six months ended June 30, 2025, respectively. |