Stockholders’ Equity

12 Months Ended

Dec. 31, 2024

Equity [Abstract]

Stockholders’ Equity

Note 11 –Stockholders’ Equity

Equity Issuances

The Company completed equity transactions in each of 2024 and 2023. The following table provides an overview of those transactions.

(In thousands)

Date	Description	Type	Number of shares		Transaction Fees		Net Proceeds
2023
October 6, 2023	Private Investment in Public Equity (PIPE)	Common Stock		3,845	$	2,208	$	25,791
2024
September 30, 2024	Confidentially Marketed Public Offering (CMPO)	Common Stock		4,206	$	1,409	$	13,591

The 2023 transaction included 9.6 million warrants subject to performance conditions, 1.0 million prefunded warrants and 0.2 million warrants to the placement agent. The weighted average exercise price of the warrants was $6.94.

The performance condition for 50% of the warrants was met on March 6, 2024, and the warrants expired. The performance condition for the remaining 50% of the warrants has not yet been met. If the performance conditions for the remaining 50% of these warrants is not met, they will expire in October 2026. If the performance conditions are achieved the holders have 30 days to exercise.

The 2024 transaction included 0.1 million prefunded warrants and 0.3 million warrants to the underwriter. The weighted average exercise price of the warrants is $4.03.

The warrants issued in 2024 and 2023 have a fair value of $1.0 million and $19.7 million, respectively, based on the Black Scholes method and the following weighted average input assumptions:

	2024			2023
Contractual life		5.0 years			2.07 years
Volatility		90	%		76	%
Risk free interest rate		4	%		5	%
Dividend yield		0.00	%		0.00	%

Warrants

A summary of warrant activity during the years ended December 31, 2024 and 2023 is presented below:

	Common Stock
	Number of Warrants			Weighted Average Exercise Price		Weighted Average Remaining Life in Years		Intrinsic Value (In thousands)
Outstanding, January 1, 2023		6,351,658		$	8.21
Issued		10,889,238			6.93
Exercised		-			-
Expired		(111,481	)		146.94
Outstanding, January 1, 2024		17,129,415		$	6.49		3.03	$	14,096
Issued		379,610			3.18
Exercised		-			-
Expired		(4,846,072	)		7.23
Outstanding and exercisable, December 31, 2024		12,662,953		$	6.11		2.80	$	8,505

ENVVENO MEDICAL CORPORATION

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS