Equity |
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Equity | 3. Equity
Equity
In April 2022, pursuant to an equity subscription agreement the Company sold a total of shares of eXoZymes’s Common Stock for $5,000,000 at $ per share. In connection with the equity subscription agreement, the Company issued warrants (“Funding Warrants”) to purchase 205,293 shares of eXoZymes Common Stock. Through June 30, 2026, and December 31, 2025, respectively, and of Funding Warrants have vested. The total value of the funding warrants was $320,790 as of both June 30, 2026 and December 31, 2025, with no change in value between the two periods.
In November 2024, the Company completed a private placement (“Concurrent Private Offering”) concurrently with the IPO, the Company sold to accredited investors an aggregate of 93,750 warrants to purchase up to shares of Common Stock (the “Private Warrants”). The Private Warrants were sold at a purchase price of $. The Private Warrants have an exercise price of $8.00 per share, are exercisable beginning six months after issuance, and expire five years from the date of issuance. The Private Warrants have a cashless exercise provision and registration rights for the underlying shares of Common Stock. The gross proceeds from the Concurrent Private Offering were approximately $11,719, and if the Private Warrants are fully exercised, for cash, the Company will receive up to $750,000.
In November 2024, the Company issued warrants to underwriters in connection with the IPO. The Company issued 52,485 warrants with an exercise price of $10.00 per share. The warrants are exercisable, beginning six months after issuance, and expire five years from the date of issuance. The underwriter warrants have a cashless exercise provision and registration rights for the underlying shares of Common Stock.
In June 2026, under its shelf registration statement on Form S-3, the Company completed an underwritten public offering and a concurrent registered direct offering of units at a price of $ per unit, each unit consisting of two shares of Common Stock and one warrant to purchase one share of Common Stock. The Company issued an aggregate of shares of Common Stock and warrants for gross proceeds of $6,590,340 and net proceeds of $5,861,147, after offering costs of $729,194.
The warrants issued in the offerings (the “Warrants”) have an exercise price of $ per share, become exercisable on June 5, 2027, and expire on June 5, 2031. They provide for cashless exercise and include a one-time down-round adjustment of the exercise price to $0.001 per share if the Company sells common stock below the offering price prior to June 5, 2027. The Warrants were determined to be liability-classified and were recorded as liabilities at fair value. The gross proceeds were allocated between the Common Stock and the Investor Warrants based on their respective relative fair values, with the fair value of the Investor Warrants determined using a Black-Scholes valuation model. Also, the Company issued equity-classified warrants to the underwriter and placement agent as compensation for capital-raising services, with the same exercise price and a five-year term.
The warrants outstanding, issued, exercised, and expired, along with their respective exercise prices and expiration dates, as of December 31, 2025, and for the six months ended June 30, 2026, are presented below:
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