Stockholders’ Deficit |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Stockholders’ Deficit [Abstract] | |
| STOCKHOLDERS’ DEFICIT | 9. STOCKHOLDERS’ DEFICIT
The Company’s certificate of incorporation, as amended and restated, authorizes the issuance of 80,000,000 shares of Common Stock, $0.0001 par value and 1,000,000 shares of preferred stock, $0.0001 par value.
During the six months ended June 30, 2026, 935,000 Pre-Funded Warrants were exercised, at an exercise price per share of $0.0001 and 30,000 Investor Warrants were exercised, at an exercise price per share of $1.80.
During the six months ended June 30, 2026, 3,000 shares of Common Stock were sold under the Yorkville SEPA for approximately $5,000.
The Company is party to a standby equity purchase agreement with YA II PN, Ltd., an affiliate of Yorkville Advisors Global, LP (the “Yorkville SEPA”), under which the Company may, at its option and subject to the conditions and limitations of that agreement, sell shares of Common Stock to Yorkville from time to time. The Yorkville SEPA expires in March 2027. Shares sold under the Yorkville SEPA are issued at a discount to prevailing market prices, and the Company’s ability to draw on the facility is limited by the number of shares registered for resale, by ownership limitations applicable to Yorkville and by the Company’s ability to satisfy the conditions to each advance.
As of June 30, 2026, 2,791,113 of the 6,369,937 shares registered for resale in connection with the Yorkville SEPA remained available for issuance. Because shares are issued at a discount to prevailing market prices, the amount of cash that may be realized from the remaining registered shares is not fixed and will vary with the Company’s share price. In addition, as of August 7, 2026, the Company had approximately $10.9 million available under its effective shelf registration on Form S-3, which may be used to sell shares under the Yorkville SEPA. The amount available is not fixed and will increase or decrease with the Company’s share price and public float, and is described more fully under Sources of Liquidity below. |