Stockholders' Equity |
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| Stockholders' Equity | Note 10—Stockholders’ equity As of June 30, 2026, the Company had two classes of stock authorized in its Articles of Incorporation, as amended (the “Articles”). Common Stock The Company is authorized to issue up to 200,000,000 shares of common stock pursuant to its Articles. Holders of common stock are entitled to one vote for each share of common stock. As of June 30, 2026, there were 63,682,528 shares of common stock outstanding. Preferred Stock The Company is authorized to issue up to 5,000,000 shares of Preferred Stock pursuant to its Articles. The historical Kintara Series A Preferred Stock was assumed in connection with our October 2024 reverse merger transaction with Kintara Therapeutics, Inc. (the “Kintara Merger”), and 278,530 shares are outstanding and have a stated value of $278,530 as of June 30, 2026, and December 31, 2025. ATM Program On November 3, 2025, the Company and Wainwright entered into an At-The-Market Offering Agreement (the “Offering Agreement”) with respect to an at-the-market offering program (the “ATM Program”) under which the Company may sell shares of its common stock having an aggregate offering price of up to $50,000,000 through Wainwright as its sales agent. During the three months ended June 30, 2026, the Company received gross proceeds of approximately $321,000 under the Offering Agreement and issued an aggregate of 104,000 shares of common stock. Warrants The following table summarizes the Company’s outstanding common stock warrants as of June 30, 2026.
Warrant Amendment Agreements On April 21, 2026, the Company entered into two Warrant Amendment Agreements to extend to April 21, 2031, the exercise period during which 4,364,873 of the Company's warrants held by K&V Investment One, an affiliate of Parkview and Vijay Patel, may be exercised (3,049,432 of such warrants have an exercise price of $3.69 per share and 1,315,441 of such warrants have an exercise price of $5.70 per share, and such warrants constitute all of the Company warrants held by K&V Investment One, other than those issued in the Company's registered direct offering that closed in December 2025). The incremental value associated with the Warrant Amendment Agreements was determined using a Black-Sholes pricing model, using the original terms of the warrants and the modified terms of the warrants, and the following assumptions: expected term of approximately 1.4 years - 5.0 years, dividend yield of 0.00%, volatility of 90.11% to 112.42%, and a risk free rate of 3.74% to 3.91%. As a result, the Company recorded an incremental fair value in the amount of $2,196,906 to additional paid-in capital and an increase in deferred loan costs associated with the $50 million revolving credit facility. |
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