Common Stock Warrants

12 Months Ended

Dec. 31, 2025

Common Stock Warrants

Common Stock Warrants

7. Common Stock Warrants

A summary of warrant activity for the years ended December 31, 2025 and 2024 are presented below:

Subject to Exercise	Number of Warrants			Weighted Average Exercise Price		Weighted Average Life (Years)
Outstanding as of December 31, 2023		32,995		$	767.16		4.95
Granted – 2024		516,626			10.32		4.12
Forfeited/Expired – 2024		-			-		-
Exercised – 2024		(240,584	)		7.80		4.43
Outstanding as of December 31, 2024		309,037		$	92.94		3.04
Granted – 2025		3,031,250			3.47		3.28
Forfeited/Expired – 2025		-			-		-
Exercised – 2025		(456,250	)		0.001		-
Outstanding as of December 31, 2025		2,884,037		$	13.59		2.63

As of December 31, 2025, the Company had outstanding vested and unexercised Common Stock Warrants as follows:

Date Issued	Exercise Price		Number of Warrants		Expiration date
October 2021	$	9,072.00		1,279	October 13, 2026
October 2022	$	2,332.80		3,010	October 12, 2027
October 2022	$	1,944.00		3,142	October 12, 2027
October 2022	$	0.00		399	October 12, 2027
November 2023	$	24.96		23,732	November 16, 2028
November 2023	$	38.40		1,427	May 21, 2029
March 2024	$	19.20		7,814	March 6, 2029
August 2024	$	12.00		130,210	February 2, 2026
August 2024	$	12.00		130,210	August 2, 2029
August 2024	$	20.10		7,814	August 2, 2029
June 2025	$	4.00		1,250,000	October 17, 2027
June 2025	$	4.00		1,250,000	June 30, 2030
June 2025	$	5.00		75,000	June 30, 2030
Total outstanding warrants at December 31, 2025				2,884,037

Based on a fair market value of $1.45 per share on December 31, 2025, there were 399 exercisable but unexercised in-the-money common stock warrants on that date. Accordingly, the intrinsic value attributed to exercisable but unexercised common stock warrants at December 31, 2025 was $579.