Note 11 - Stockholders' Equity |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| Equity [Text Block] |
NOTE 11 – STOCKHOLDERS’ EQUITY
At The Market Offering
On May 3, 2024, the Company entered into an at-the-market (“ATM”) sales agreement with Wainwright & Co., LLC (“Wainwright”), under which it may issue and sell shares of its common stock, with Wainwright acting as sales agent and receiving a 3.0% commission on gross proceeds. The Company subsequently filed a shelf registration statement and prospectus supplement.
On April 18, 2025, in accordance with the terms of the Sales Agreement, the Company filed a prospectus supplement to the May 2024 Shelf Registration Statement relating to the offer and sale of up to an additional $1.5 million of shares of the Company’s common stock.
On June 2, 2025, in accordance with the terms of the Sales Agreement, the Company determined to further increase the number of shares it may sell under the Sales Agreement, from the approximately $1.4 million remaining as of May 31, 2025, up to an aggregate of $3.4 million, and the Company filed an additional prospectus supplement with the SEC on June 2, 2025.
On October 29, 2025, in accordance with the terms of the Sales Agreement, the Company determined to further increase the number of shares it may sell under the Sales Agreement, from the approximately $2.3 million remaining as of September 30, 2025, up to an aggregate of $18.3 million, and the Company filed an additional prospectus supplement with the SEC on October 29, 2025.
During April 2026, the company sold 1,063,864 shares of common stock pursuant to the Sales Agreement at an average price of approximately $10.22 per share, resulting in approximately $10.3 million in aggregate net proceeds, after deducting commissions and offering costs.
On May 15, 2026, in accordance with the terms of the Sales Agreement, the Company filed an additional prospectus supplement with the SEC increasing the aggregate amount of common stock that may be offered and sold under the Sales Agreement to up to $100 million, inclusive of approximately $17.0 million of shares previously sold under the Sales Agreement, resulting in approximately $83.0 million remaining available to the Company for future sales thereunder. Since the Company's public float exceeded $75.0 million as of May 15, 2026, the Company is no longer subject to the baby shelf limitations of General Instruction I.B.6 of Form S-3.
As of June 30, 2026, approximately $83.0 million remained available to the Company for sales under the Sales Agreement.
September 2025 Private Placements and Related Agreements
On September 29, 2025, the Company entered into a securities purchase agreement (the “Crypto SPA”) with certain accredited investors pursuant to which the Company agreed to sell and issue to such investors in a private placement (the “Crypto PIPE Offering”) pre-funded warrants (the “Crypto PIPE Warrants”). Also on September 29, 2025, the Company entered into a securities purchase agreement (the “Cash SPA,” and together with the Crypto SPA, the “September SPAs”), pursuant to which it agreed to sell and issue to certain accredited investors, in exchange for cash (the “Cash PIPE Offering,” and together with the Crypto PIPE Offering, the “PIPE Offerings”), the Company’s common stock and warrants (the “Cash PIPE Warrants”). The PIPE Offerings closed October 7, 2025 (the “Closing Date”).
Cash PIPE and Crypto PIPE
In the Cash PIPE Offering, the Company sold an aggregate of 4,366,703 shares of common stock (or pre-funded warrants at a nominal $0.01 exercise price per share to purchase shares of common stock, in lieu thereof) to certain accredited investors for $11.6265 per share. In the Crypto PIPE, the Company issued, to certain accredited investors, Crypto PIPE Warrants to purchase up to 14,903,393 shares of its common stock at a nominal $0.01 exercise price per share.
There were 6,146,671 pre-funded warrants exercised for the six months ended June 30, 2026, and the total number of pre-funded warrants outstanding was 9,972,424 as of June 30, 2026, all of which were vested and exercisable and have no expiration date.
Stock Warrants
The following summarizes transactions for warrants for the period indicated:
There were warrants granted for the six months ended June 30, 2026 and 2025, respectively. |
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