14. Subsequent Events

The Company has evaluated subsequent events occurring through August 14, 2026, the date the condensed consolidated financial statements were issued, for events requiring recording or disclosure in the Company’s condensed consolidated financial statements.

2026 Standby Equity Purchase Agreement

On July 1, 2026, the Company entered into a new SEPA (the “2026 SEPA”) with Yorkville, pursuant to which the Company may, from time to time and at its sole discretion, sell to Yorkville up to $25.0 million of shares of Common Stock, subject to the terms and conditions of the 2026 SEPA. The agreement has a term of 36 months and permits the Company to request advances following the effectiveness of a resale registration statement covering the shares issuable under the 2026 SEPA. Shares sold under the 2026 SEPA will be purchased at a price equal to 97% of the Market Price, as defined in the agreement.

The 2026 SEPA contains customary limitations, including a restriction that Yorkville may not acquire shares that would result in beneficial ownership exceeding 4.99% of the outstanding shares of Common Stock and an issuance cap representing 19.99% of the outstanding shares of Common Stock as of June 30, 2026, unless stockholder approval or certain pricing conditions are satisfied.

Subscription Agreement – Related Party

In July 2026, the Company entered into a subscription agreement with a related party investor pursuant to which the Company agreed to issue and sell 1,449,275 shares of its Common Stock at a price of $0.69 per share. The Company received gross proceeds of $1.0 million from the related party subscription agreement.