12. SUBSEQUENT EVENTS

Management evaluated subsequent events through the date the accompanying condensed consolidated financial statements were issued.

Registered Public Offering

On July 7, 2026, the Company completed a registered best-efforts public offering consisting of 52,600 shares of common stock, pre-funded warrants to purchase 1,074,002 shares of common stock, and accompanying common warrants to purchase up to 1,126,602 shares of common stock. In addition, the Company issued placement agent warrants to purchase up to 45,064 shares of common stock.

The offering generated gross proceeds of approximately $4.0 million, before deducting placement agent fees and other offering expenses. The accompanying common warrants have an exercise price of $3.55 per share and expire five years from the date of issuance. The pre-funded warrants have an exercise price of $0.001 per share and remain exercisable until exercised in full. As of the date of this report, holders have exercised 181,002 pre-funded warrants, resulting in the issuance of 181,002 shares of common stock.

Reverse Stock Split

On July 31, 2026, the Company effected a 1-for-5 reverse stock split of its issued and outstanding shares of common stock. The Company's common stock began trading on a split-adjusted basis on the Nasdaq Capital Market on August 4, 2026. The Company estimates that the reverse stock split resulted in the issuance of approximately 134 additional shares of common stock due to the rounding up of fractional share interests to whole shares.