Note 9 – Stockholders’ Equity

Common Stock

2026 Transactions

Common stock for services issued to employees and directors

On January 2, 2026, the Company issued 70,000 restricted shares of common stock to certain employees of the Company. The shares of restricted stock were granted under the Company’s 2022 Equity Incentive Plan. The restricted shares issued to employees are subject to pro-rata forfeiture over a four-year period. The shares were valued at $13.57 per share, which was the quoted trading price of the Company’s common stock on the date of grant, respectively, for a total of $949,900 to be recognized as stock compensation expense pro-rata over the vesting period.

On January 23, 2026, the Company issued 550,000 restricted shares of common stock to executive officers of the Company. The shares of restricted stock were granted under the Company’s 2022 Equity Incentive Plan. The restricted shares issued to executive officers are subject to pro rata forfeiture through December 31, 2026. The shares were valued at $16.70 per share, which was the quoted trading price of the Company’s common stock on the date of grant, respectively, for a total of $9,185,000 to be recognized as stock compensation expense pro-rata over the vesting period.

On January 23, 2026, the Company issued 120,000 restricted shares of common stock to certain employees of the Company. The shares of restricted stock were granted under the Company’s 2022 Equity Incentive Plan. The restricted shares issued to employees are subject to pro-rata forfeiture over a four-year period. The shares were valued at $16.70 per share, which was the quoted trading price of the Company’s common stock on the date of grant, respectively, for a total of $2,004,000 to be recognized as stock compensation expense pro-rata over the vesting period.

On March 13, 2026, the Company issued 5,883 shares of common stock related to vested restricted stock units for our certain board members. The restricted stock units are valued at $20.40 per share, the closing price of our common stock as of the date of the grant, for a total value of $120,013 and expensed on the grant date.

On May 20, 2026, the Company issued 8,352 shares of common stock related to vested restricted stock units for our certain board members. The restricted stock units are valued at $14.37 per share, the closing price of our common stock as of the date of the grant, for a total value of $120,018 and expensed on the grant date.

Common stock issued for services to non-employees

On January 2, 2026, the Company issued 40,000 restricted shares of common stock to a consultant for service performed. The shares of restricted stock were granted under the Company’s 2022 Equity Incentive Plan. The restricted shares issued to the consultant are subject to pro-rata forfeiture over a two-year period. The shares were valued at $13.57 per share, which was the quoted trading price of the Company’s common stock on the date of grant, respectively, for a total of $542,800 to be recognized as stock compensation expense pro-rata over the vesting period.

On May 22, 2026, the Company issued 108,000 shares of common stock related to vested restricted stock units for our advisory board members. The restricted stock units are valued at $16.78 per share, the closing price of our common stock as of the date of the grant, for a total value of $1,812,240 and expensed on the grant date.

Common stock issued related to option exercises

During the six months ended June 30, 2026, several employees of the Company exercised 120,830 of their vested stock options in which the Company issued 120,830 shares of common stock related to these exercises. The Company received total cash proceeds of $587,585 related to the exercise of the stock options.

Common stock issued related to warrant exercises

On January 9, 2026 the Company issued 350,000 shares of common stock related to warrant holders exercising their warrants. The Company received gross proceeds of $3,395,000 related to the warrant exercises. The Company cancelled the 350,000 warrants upon issuance of the common stock.

Common stock issued related to public offering

On March 19, 2026, in a confidentially marketed public offering the Company sold 8,823,529 shares of common stock at $17.00 per share resulting in gross proceeds of $149,999,993, prior to the payment of placement fees of $10,500,000 and $700,000 of other offering expenses resulting in net proceeds of $138,799,993.

On May 29, 2026, we completed an at the market offering for the sale of 2,000,000 shares of Common Stock at a price of $30.00 per share for aggregate gross proceeds of approximately $60.0 million before deducting fees to the placement agent and other expenses payable by us in connection with the offering. The Company retained approximately $58.2 million in net proceeds after offering expenses.

2025 Transactions

On January 14, 2025, the Company issued 3,546 immediately vested restricted shares of common stock to non-employee directors of the Company. The shares of restricted stock were granted under the 2022 Equity Incentive Plan. The shares were valued at $11.99 per share, which was the value the Company’s common stock on the date of grant, respectively for a total of $42,517 to be recognized as stock compensation expense on the grant date.

On February 3, 2025, the Company issued 480,000 restricted shares of common stock to executive officers and certain employees of the Company. The shares of restricted stock were granted under the Company’s 2022 Equity Incentive Plan. The restricted shares issued to executive officers are subject to pro rata forfeiture through December 31, 2025. The restricted shares issued to certain employees are subject to pro-rata forfeiture over a four-year period. The shares were valued at $12.00 per share, which was the value of the Company’s common stock on the date of grant, respectively for a total of $5,760,000 to be recognized as stock compensation expense pro-rata over the vesting period. Stock compensation expense of $5,007,742 was recognized during the year ended December 31, 2025.

In February 2025, the Company issued 1,224,606 shares of common stock related to warrant holders exercising their warrants at an exercise price of $1.99. The Company received gross proceeds of $2,436,966 related to the warrant exercises. The Company cancelled the 1,224,606 warrants upon issuance of the common shares.

On May 6, 2025, in a confidentially marketed public offering the Company sold 8,000,000 shares of common stock at $5.00 per share resulting in gross proceeds of $40,000,000, prior to payment of placement agent fees of $3,200,000 and $304,000 of other offering expenses resulting in net proceeds of $36,496,000. Dominari Securities, LLC acted as the sole placement agent and also received a warrant to purchase 640,000 shares of the Company’s common stock at $5.00 per share over a two-year period expiring on May 6, 2027.

On May 19, 2025, the Company issued 33,336 immediately vested restricted shares of common stock to non-employee directors of the Company. The shares of restricted stock were granted under the 2022 Equity Incentive Plan. The shares were valued at $5.40 per share, which was the value the Company’s common stock on the date of grant, respectively for a total of approximately $180,000 to be recognized as stock compensation expense during the six months ended June 30, 2025.

On May 19, 2025, the Company issued 4,630 immediately vested shares of common stock to a consultant of the Company related to services provided. The shares of common stock were granted under the 2022 Equity Incentive Plan. The shares were valued at $5.40 per share, which was the value the Company’s common stock on the date of grant, respectively for a total of approximately $25,000 to be recognized as stock compensation expense during the six months ended June 30, 2025.

On May 22, 2025, the Company issued 150,000 shares of common stock related to vested restricted stock units for our advisory board members. The restricted stock units are valued at $4.40 per share, the closing price of our common stock as of the date of the grant, for a total value of $660,000.

During the six months ended June 30, 2025, several employees of the Company exercised 94,650 of their vested stock options in which the Company issued 94,650 shares of common stock related to these stock option exercises. The Company received total cash proceeds of $367,870 related to the exercise of these options.

On June 30, 2025, the Board of Directors of the Company awarded the Company’s Chief Executive Officer 175,000 restricted shares of the Company’s common stock under the 2022 Equity Incentive Plan as a bonus related to the May 2025 public offering. The restricted shares are valued at $8.57 per share, the closing price of our common stock as of the date of the grant, for a total value of $1,499,750 that was recognized immediately based on the vesting of the awards for each of the Company’s Officers. The shares are subject to the Company’s clawback policy.