v3.26.1
Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events

11. Subsequent Events 

 

On July 22, 2026, the Company and New Day Diagnostics LLC (“New Day”) entered into a termination and release agreement (the “Termination Agreement”) terminating the Intellectual Property License Agreement dated May 9, 2025, Amendment I to the Intellectual Property License Agreement dated October 16, 2025, and the Commercial Consulting Services Statement of Work dated as of June 23, 2025. Pursuant to the Termination Agreement, New Day agreed to return 346,020 shares of Common Stock to the Company from the original 692,041 shares initially issued to New Day.

 

On July 31, 2026, the Company entered into securities purchase agreements with certain accredited investors pursuant to which the Company agreed to sell and issue an aggregate of 61,100,000 shares of Common Stock and warrants to purchase 61,100,000 shares of Common Stock, in a private placement offering, at an offering price of $0.05 per share for gross proceeds of $3.1 million. The warrants are exercisable at an exercise price of $0.06 per share for five years from the date of issuance. The July 2026 Offering closed on August 3, 2026. The issuance of the Common Stock has not been registered under the Securities Act and such securities may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act and any applicable state securities laws.

 

On August 1, 2026, we entered into an employment agreement with Sireesh Appajosyula, our Chief Operating Officer.