Warrants

6 Months Ended

Jun. 30, 2024

Warrants [Abstract]

WARRANTS

NOTE 11 - WARRANTS

In connection with the March 2024 Offering, the Company issued warrants to purchase 147,500 shares of common stock to investors. Each warrant is immediately exercisable on the date of issuance at an exercise price of $8.00 per share and expires five and one-half years from the date of issuance. The Company also issued warrants to purchase 10,325 shares of common stock to the placement agent. Each warrant issued to the placement agent is immediately exercisable on the date of issuance at an exercise price of $10.00 per share and expires five years from the date of issuance.

In connection with the May 2024 Offering, the Company issued pre-funded warrants exercisable for an aggregate of 1,086,305 shares of common stock and Series B warrants to purchase 1,665,219 shares of common stock to investors. Each pre-funded warrant is immediately exercisable on the date of issuance at an exercise price of $0.0001 per share and may be exercised at any time until all of the pre-funded warrants are exercised in full. Each Series B warrant is immediately exercisable on the date of issuance at an exercise price of $2.75 per share and expires five years from the date of issuance. The Company also issued warrants to purchase 116,565 shares of common stock to the placement agent. Each warrant issued to the placement agent is immediately exercisable on the date of issuance at an exercise price of $3.5938 per share and expires five years from the date of issuance.

The Company evaluated these warrants to assess their proper classification and determined that the warrants meet the criteria for equity classification in the condensed consolidated balance sheet. The warrants issued to the placement agent were considered offering costs and netted against additional paid-in capital.

A following table summarizes warrant activity during the six months ended June 30, 2024:

	Number of Shares		Range of Exercise Prices		Weighted- Average Exercise Prices (excluding pre-funded warrants)		Weighted- Average Remaining Life (excluding pre-funded warrants)
Outstanding at January 1, 2024		248,216	$	7.81 - 397.50	$	42.38		4.4
Issued		3,025,914		0.0001 - 10.00		2.08		-
Expired		-		-		-		-
Exercised		-		-		-		-
Outstanding at June 30, 2024		3,274,130	$	0.0001 - $397.50	$	4.79		4.7