| Warrants and Options |
10. Warrants and Options Equity Classified Common Stock Warrants The Company issued the following warrants to purchase shares of its common stock, which are outstanding as of June 30, 2026 and December 31, 2025, respectively. These warrants are exercisable any time at the option of the holder until their expiration date.
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Issuance Date |
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Term |
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Exercise Price Per Share |
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Outstanding at December 31, 2025 |
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Issued during the Six Months Ended June 30, 2026 |
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Exercised during the Six Months Ended June 30, 2026 |
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Expired during the Six Months Ended June 30, 2026 |
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Outstanding at June 30, 2026 |
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June 2026 Pre-Funded Warrants |
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June 2026 |
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perpetual |
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$ |
— |
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— |
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3,883,496 |
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— |
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— |
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3,883,496 |
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December 2022 Service and Performance Warrants (1) |
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December 2022 |
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5 years |
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$ |
11.20 |
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1,000 |
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— |
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— |
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— |
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1,000 |
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October 2022 Service and Performance Warrants (1) |
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October 2022 |
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5 years |
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$ |
16.00 |
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1,000 |
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— |
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— |
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— |
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1,000 |
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January 2021 Placement Agent Warrants |
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January 2021 |
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5.5 years |
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$ |
159.60 |
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9,846 |
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— |
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— |
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— |
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9,846 |
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December 2020 Warrants (2) |
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December 2020 |
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5.5 years |
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$ |
9.00 |
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16,367 |
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— |
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(16,367 |
) |
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— |
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— |
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December 2020 Warrants |
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December 2020 |
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5.5 years |
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$ |
120.00 |
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49,100 |
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— |
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— |
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(49,100 |
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— |
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July 2020 Warrants (2) |
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July 2020 |
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5.5 years |
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$ |
9.00 |
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16,036 |
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— |
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— |
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(16,036 |
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— |
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July 2020 Placement Agent Warrants |
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July 2020 |
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5.5 years |
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$ |
198.80 |
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802 |
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— |
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— |
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(802 |
) |
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— |
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January 2021 Warrants (2) |
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January 2021 |
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5.5 years |
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$ |
9.00 |
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7,831 |
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— |
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(7,831 |
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— |
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— |
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January 2021 Warrants |
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January 2021 |
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5.5 years |
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$ |
125.20 |
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90,629 |
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— |
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— |
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— |
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90,629 |
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Total |
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192,611 |
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3,883,496 |
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(24,198 |
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(65,938 |
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3,985,971 |
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(1) The Company issued service and performance warrants (“Service and Performance Warrants”) in connection with professional services agreements with non-affiliated third party entities. (2) These warrants were repriced as part of the March 2023 Private Placement. Liability Classified Preferred Investment Options The preferred investment options issued in connection with the June 2026 Private Placement, January 2026 Inducement Offer, March 2023 Private Placement and August 2022 Registered Direct Offering contain certain early settlement provisions that preclude them from equity classification and therefore were accounted for as liabilities at the date of issuance and are adjusted to fair value at each balance sheet date. The change in fair value of the options liabilities is recorded as change in fair value of common stock warrant and option liabilities in the condensed consolidated statements of operations and comprehensive loss. The key terms and activity of the liability classified preferred investment options are summarized as follows:
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Issuance Date |
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Term |
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Exercise Price Per Share |
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Outstanding at December 31, 2025 |
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Issued during the Six Months Ended June 30, 2026 |
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Exercised during the Six Months Ended June 30, 2026 |
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Expired during the Six Months Ended June 30, 2026 |
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Outstanding at June 30, 2026 |
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June 2026 Options - Series A-1 |
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June 2026 |
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5 years |
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$ |
0.91 |
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— |
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3,883,496 |
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— |
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— |
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3,883,496 |
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June 2026 Options - Series A-2 |
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June 2026 |
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2 years |
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$ |
0.91 |
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— |
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3,883,496 |
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— |
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— |
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3,883,496 |
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June 2026 Placement Agent Options |
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June 2026 |
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5 years |
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$ |
1.29 |
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— |
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271,845 |
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— |
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— |
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271,845 |
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January 2026 Options |
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January 2026 |
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2.5 years |
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$ |
2.33 |
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— |
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1,617,190 |
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— |
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— |
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1,617,190 |
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January 2026 Placement Agent Options |
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January 2026 |
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2.5 years |
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$ |
3.22 |
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— |
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56,602 |
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— |
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— |
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56,602 |
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March 2023 Options - Series A |
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March 2023 |
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5 years |
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$ |
9.00 |
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666,334 |
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— |
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(666,334 |
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— |
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— |
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March 2023 Placement Agent Options |
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March 2023 |
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5 years |
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$ |
11.25 |
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33,317 |
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— |
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— |
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— |
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33,317 |
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August 2022 Options (1) |
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August 2022 |
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5 years |
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$ |
9.00 |
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118,063 |
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— |
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(118,063 |
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— |
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— |
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August 2022 Placement Agent Options |
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August 2022 |
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5 years |
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$ |
52.80 |
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5,904 |
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— |
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— |
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— |
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5,904 |
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Total |
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823,618 |
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9,712,629 |
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(784,397 |
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— |
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9,751,850 |
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(1) These options were repriced as part of the March 2023 Private Placement.
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