Stockholders' Equity

9 Months Ended

Sep. 30, 2025

Stockholders' Equity

Stockholders' Equity

(6) Stockholders’ Equity

In November 2023, the Company entered into an Equity Distribution Agreement (the “Equity Agreement”) with Piper Sandler & Co, (“Piper”) in connection with the establishment of an at-the-market offering program under which the Company may sell shares of its common stock, from time to time through Piper as sales agent, in an initial amount of up to $50.0 million. No sales were made under the Equity Agreement during the nine months ended September 30, 2025 or 2024.

Warrants

The Company had the following warrants outstanding to purchase common stock at September 30, 2025:

			Exercise	Expiration
	Outstanding		price	dates
Common stock warrants	8,379	$	28.65	2028
Common stock warrants	80,177		28.65	2027
Pre-funded common stock warrants	5,100,000		0.0001	NA
	5,188,556

There have been no grants or cancellations of warrants during the nine months ended September 30, 2025. During the three and nine months ended September 30, 2025, 700,000 of the pre-funded common stock warrants were exercised.