Note 11 – Warrants

Warrant activity for the six months ended June 30, 2026 and 2025 was as follows:

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During the six months ended June 30, 2026, the Company issued warrants to purchase an aggregate of 303,696 shares of common stock in connection with promissory note financing transactions. See Note 15 - Debt for additional information regarding the related promissory notes and debt discount.

The weighted-average grant date fair value of the warrants issued in connection with promissory note financing transactions during the six months ended June 30, 2026 was approximately $1.69 per warrant. No warrants were granted during the six months ended June 30, 2025.

The grant date fair values of the warrants issued during the six months ended June 30, 2026 were calculated using the Black-Scholes option pricing model with the following assumptions:

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During the six months ended June 30, 2026, warrants and pre-funded warrants to purchase an aggregate of 1,670,680 shares of common stock were exercised, including 367,617 pre-funded warrants. No warrants were exercised during the six months ended June 30, 2025.

The outstanding warrants expire from 2026 through 2033.