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Warrants - Set forth below is a table of activity of warrants for common stock and the related weighted average exercise price per warrant. As of June 30, 2026 outstanding warrants had a maximum weighted average term to expiration of 2.1 years.
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Number of
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Weighted
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Common Stock
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Average
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Equivalents
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Exercise Price
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Outstanding and exercisable as of December 31, 2025
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7,944,618 |
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$ |
1.88 |
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Warrants exercised
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(31,000 |
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1.25 |
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Warrants expired
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(67,104 |
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6.63 |
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Outstanding and exercisable as of June 30, 2026
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7,846,514 |
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$ |
1.84 |
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April 2025 Financing - On April 22, 2025, we entered into a Securities Purchase and Registration Rights Agreement relating to a private placement with certain qualified institutional buyers and institutional accredited investors, as well as certain members of our board of directors and executive officers which closed on April 23, 2025 (the April 2025 Offering). Pursuant to the agreement, we sold 406,818 shares of our common stock, and warrants to purchase an aggregate of 406,818 shares of our common stock at an exercise price equal to $1.905 per share, which are exercisable at any time before the earlier of April 24, 2030 or the approval by the Japanese Pharmaceuticals and Medical Devices Agency of our application of our CardiAMP Cell Therapy System. The gross proceeds of the April 2025 Offering were $775,000, with associated issuance costs of $56,000.
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June 2025 Financing - On June 30, 2025, we entered into a Securities Purchase and Registration Rights Agreement relating to a private placement with certain qualified institutional buyers and institutional accredited investors, as well as certain members of our board of directors and executive officers, which closed on June 30, 2025 (the June 2025 Offering). Pursuant to the agreement, we sold 274,696 shares of our common stock, and warrants to purchase an aggregate of 274,696 shares of our common stock at an exercise price equal to $1.95 per share, which are exercisable at any time before the earlier of June 30, 2030 or the approval by the Japanese Pharmaceuticals and Medical Devices Agency of our application of our CardiAMP Cell Therapy System. The gross proceeds of the June 2025 Offering were $570,000, with associated issuance costs of $9,000.
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At-the-Market (ATM) Offerings – On December 6, 2023, we entered into an “At The Market” offering agreement (the Sales Agreement) with H.C. Wainwright & Co., LLC (HCW). Under the Sales Agreement, we may offer and sell our common stock, from time to time during the term of the Sales Agreement through or to HCW as sales agent or principal. We have filed a prospectus supplement, the ATM Prospectus Supplement, relating to the offer and sale of the shares pursuant to the Sales Agreement. The offering and sale of the shares were made pursuant to the Company’s previously filed and effective Registration Statement on Form S-3 (File No. 333-275099), which was initially filed with the Securities and Exchange Commission (the “SEC”) on October 19, 2023 and declared effective on December 5, 2023. We have agreed to pay HCW a commission equal to 3% of the gross proceeds from the sales of shares and have agreed to provide HCW with customary indemnification and contribution rights. As of June 30, 2026, $0 of common stock may still be sold pursuant to the Sales Agreement.
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Activity under the Sales Agreement was as follows (in thousands except share amounts):
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Three months ended
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Six months ended
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June 30,
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June 30,
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2026
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2025
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2026
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2025
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Common shares sold
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4,004,330 |
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140,104 |
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4,189,055 |
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221,378 |
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Gross proceeds
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$ |
5,084 |
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$ |
350 |
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$ |
5,309 |
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$ |
562 |
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Associated issuance costs
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$ |
198 |
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$ |
45 |
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$ |
238 |
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$ |
72 |
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