Common Stock and Warrants

3 Months Ended

Mar. 31, 2025

Equity [Abstract]

Common Stock and Warrants

Note 7 — Common Stock and Warrants

On December 6, 2024, the Company completed a public equity offering, selling 3,450,000 shares of common stock at $5.00 per share, generating net proceeds after fees and expenses of approximately $15.8 million.

On January 19, 2024, the Company completed a registered direct equity offering, selling 1,354,218 shares of common stock and 224,730 pre-funded warrants at $3.80 per share, or at $3.7999 per pre-funded warrant, generating proceeds after fees and expenses of approximately $5.4 million. Each pre-funded warrant is exercisable for one share of the Company’s common stock at a nominal exercise price of $0.0001 per share.

As of March 31, 2025, 7,061,519 pre-funded warrants remain exercisable. Each pre-funded warrant is exercisable for one share of the Company’s common stock at a nominal exercise price of $0.0001 per share.

No pre-funded warrants were exercised during the three months ended March 31, 2025 and 2024, respectively.

During the three months ended March 31, 2025, 668,250 investor warrants issued in the Company’s public offering in February 2020 expired unexercised.

708 shares of common stock were issued through the exercise of stock options during the three months ended March 31, 2025 and none during the three months ended March 31, 2024.

During the three months ended March 31, 2025 and 2024, 59,031 and 300,544 restricted stock units vested, respectively.