Note 8 - Subsequent Events |
6 Months Ended |
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Jun. 30, 2026 | |
| Notes to Financial Statements | |
| Subsequent Events [Text Block] |
8. Subsequent Events
On August 3, 2026, the Company completed a public offering of (i) 12,376,667 shares of common stock, or pre-funded warrants in lieu thereof, and (ii) Series I Warrants to purchase up to 37,130,001 shares of common stock. The combined public offering price was $0.75 per share of common stock (or pre-funded warrant in lieu thereof) and accompanying warrant. Each pre-funded warrant is exercisable into one share of common stock at an exercise price of $0.001 per share and expires when exercised in full. The Series I Warrants are exercisable into one share of common stock at an exercise price of $0.75 per share and expire on the -year anniversary of the closing date. The Series I Warrants contain anti-dilution provisions that reduce the exercise price (subject to a floor price of $0.21) in the event the Company issues common stock or common stock equivalents at a price below the then-current exercise price, other than in connection with certain exempt issuances. In connection with the offering, the Company agreed not to issue any shares of common stock or securities convertible into common stock for 45 days after the closing date, subject to certain exceptions, and agreed not to effect any variable rate transaction for 180 days after the closing date. The Company received gross proceeds of approximately $9.3 million in the offering, before deducting placement agent fees and other offering expenses. The Company paid total placement agent fees and other offering expenses of approximately $0.8 million. Due to the pricing of the offering, and certain provisions, the exercise price of the Company’s outstanding Series G warrants was adjusted to $1.326 per share, and the exercise price of the Company’s outstanding Series H warrants was adjusted to $0.962 per share. The Company issued 11,088,334 common shares, and prefunded warrants for 1,288,333 shares, which were exercised shortly after the offering.
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