Common Stock |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Common Stock [Abstract] | |
| COMMON STOCK | 5. COMMON STOCK
See Note 4 for details associated with the issuance of the Company’s common stock and warrants, as well as details associated with the reverse recapitalization in connection with the Merger.
Follow-on Offering
The Company initiated a private placement offering (the “Follow-on Offering”) on October 29, 2025 that was scheduled to continue until the later of (i) January 31, 2026, unless extended by the Company and the placement agent; (ii) the date on which the maximum offering amount of approximately $4.0 million (the “Maximum Offering”) was sold by the Company; or (iii) on a date mutually agreed upon in writing by the Company and the placement agent (the “Offering Period”). On December 30, 2025, the Company and the placement agent agreed to extend the Offering Period to February 27, 2026; on February 28, 2026 the Offering Period was extended until March 31, 2026; on March 31, 2026 the Offering Period was extended until April 30, 2026; and, on April 30, 2026, the Offering Period was extended until June 30, 2026.
On February 12, 2026, the Company completed a secondary closing under its Follow-on Offering (the “February 2026 Closing”) and issued 59,400 shares of common stock at $5.00 per share for aggregate proceeds of $297,000. As of that date, the Company recorded proceeds of $261,360, net of costs of the transaction of $35,640 that had been incurred as of that date.
The February 2026 Closing triggered the anti-dilution provision for the B Warrants and accordingly, the number of B Warrants increased by 748 Warrants to a total of 703,582 and the exercise price decreased to $6.568 per share from $6.575 per share.
On March 12, 2026, the Company completed a third closing under its Follow-on Offering (the “March 2026 Closing”) and issued 71,000 shares of common stock at $5.00 per share for aggregate proceeds of $355,000. As of that date, the Company recorded proceeds of $253,165, net of costs of the transaction of $101,835 that had been incurred.
The March 2026 Closing triggered the anti-dilution provision for the B Warrants and accordingly, the number of B Warrants increased by 968 Warrants to a total of 704,550 and the exercise price decreased to $6.559 per share from $6.568 per share.
On June 9, 2026, the Company completed a fourth closing under its Follow-on Offering (the “June 2026 Closing”) and issued 52,000 shares of common stock at $5.00 per share for aggregate proceeds of $260,000. As of that date, the Company recorded proceeds of $202,621, net of costs of the transaction of $57,379 that had been incurred as of that date.
The June 2026 Closing triggered the anti-dilution provision for the B Warrants and accordingly, the number of B Warrants increased by 643 Warrants to a total of 705,193 and the exercise price decreased to $6.553 per share from $6.559 per share.
In conjunction with the closings of the Follow-on Offering, the Company issued warrants for the purchase of an aggregate of 38,240 shares of the Company’s common stock to its placement agent in conjunction with the transaction (see Note 9).
A Warrant Expiration Date
On March 31, 2026, the anniversary of the final closing of the Offering, the Company had not yet been approved for its ticker symbol allowing it to register and trade on the OTC market. As such, in accordance with the terms of the A Warrant (see Note 4), the expiration date of these Warrants was extended by six months from March 31, 2026 until September 30, 2026. In April 2026, the Company was admitted to the OTCQB market and obtained its ticker symbol, OTCQB: APTN.
Common Stock Issuance
On May 15, 2026, in connection with the renewal of a vendor contract, the Company issued 50,000 shares of its common stock with an aggregate grant date fair value of $250,000. Similarly, on April 2, 2025, in connection with the execution of the contract, the Company issued 54,348 shares of its common stock with an aggregate grant date fair value of $250,000. In each instance, the shares are fully vested and nonforfeitable as of the grant date under the terms of the contract and the vendor does not have any further obligation to deliver goods or provide services in the future to retain the shares. Accordingly, the Company expensed the full value of the shares issued in 2026 and 2025 within general and administrative expenses in the condensed consolidated statements of operations for the three and six months ended June 30, 2026 and 2025. The Company also recorded both share issuances in stockholders’ deficit in the condensed consolidated balance sheet as of June 30, 2026 and as of December 31, 2025. |