The following is a schedule of changes in warrants issued and outstanding from December 31, 2024 to June 30, 2025:


	Outstanding as of							Outstanding as of
	December 31, 2024		Issued		Exercised			June 30, 2025
November 2023 Bridge Warrants		—		—		—			—
February 2024 Warrants		75		—		—			75
Woodway February 2024 Warrants		20		—		—			20
Registered Direct Placement Agent Warrants		11		—		—			11
Registered Direct Offering Warrants		142		—		—			142
Best Efforts Offering A-1 Warrants		2,837		—		—			2,837
Best Efforts Offering A-2 Warrants		2,837		—		—			2,837
Best Efforts Placement Agent Warrants		213		—		—			213
January 2025 Warrants		—		67,427		—			67,427
January 2025 Class A Incremental Warrants		—		269,710		(82,988	)		186,722
January 2025 Class B Incremental Warrants		—		414,938		—			414,938
March 2025 Warrants		—		82,988		—			82,988
Woodway May 2025 Warrants		—		40,000		—			40,000
Total Warrants		6,135		875,063		(82,988	)		798,210

The warrants are classified as other long-term liabilities within the condensed consolidated balance sheets and are carried at fair value, with changes in fair value recorded in earnings.

In connection with the November Bridge Notes issued in November 2023, the Company entered into a warrant agreement whereby the holders are eligible to receive warrants based on the occurrence of future events as defined in the agreement. No warrants have been issued as of June 30, 2025.

On February 1, 2024, the Company issued an aggregate 75 warrants to purchase shares of common stock to an accredited investor in conjunction with the issuance of its $6.0 million February 2024 Note. The Warrants are exercisable for 38 shares of Common Stock, at a price of $50,000.00 per share (“Warrant 1”) and $70,000.00 per share (“Warrant 2” and, together with Warrant 1, the “Warrants”) (the “Exercise Prices”). The Warrants may be exercised during the period commencing February 1, 2024 and ending on February 1, 2034. The Exercise Prices are subject to voluntary adjustments and adjustments upon subdivision or combinations of shares of Common Stock.

On February 20, 2024, the Company issued 20 warrants in connection with an Exclusive Distribution Agreement with WOODWAY USA, INC ("Woodway"). Each warrant has a strike price of $50,000.00 per share. The warrants may be exercised during the period commencing February 20, 2024 and ending February 20, 2034.

On May 8, 2024, the Company entered into an engagement agreement with H.C. Wainwright & Co., LLC (the "Placement Agent"), pursuant to which the Placement Agent agreed to act as the exclusive placement agent in connection with the Registered Offering. The Company has agreed to issue the Placement Agent or its designees as compensation in connection with the Offering, warrants to purchase up to an aggregate of 11 shares of Common Stock (equal to 7.5% of the aggregate number of Shares sold in the Registered Offering) and will have a term of five years from the commencement of sales in the Registered Offering and an exercise price of $8,800.00 per share.

Pursuant to the securities purchase agreement, in a concurrent private placement (together with the Registered Offering, the “Offering”), the Company has also agreed to issue to the Investors unregistered warrants to purchase up to an aggregate of 142 shares of Common Stock, which represent 100% of the shares of Common Stock to be issued and sold in the Registered Offering. The Warrants have an exercise price of $7,040.00 per share, and will expire on the five and one-half (5.5) year anniversary from the Stockholder Approval Date on May 31, 2024.

On July 1, 2024, the Company issued Series A-1 warrants to purchase up to an aggregate of 2,837 shares of common stock and Series A-2 warrants to purchase up to an aggregate of 2,837 shares of common stock. The public offering price for each Share and accompanying Warrants was $1,410.00 (which is the last reported sale price of the Common Stock on The Nasdaq Capital Market on June 28, 2024). Each Warrant has an exercise price of $1,410.00 per share and is exercisable beginning on the effective date of stockholder approval on August 30, 2024. The Series A-1 Warrant will expire on the five-year anniversary of the initial issuance date. The Series A-2 Warrant will expire on the eighteen-month anniversary of the initial issuance date.

The Company entered into an engagement agreement with H.C. Wainwright & Co., LLC (the "Placement Agent"), pursuant to which the Placement Agent agreed to act as the exclusive placement agent in connection with the Best Efforts Offering. The Company has agreed to issue the Placement Agent or its designees as compensation in connection with the Offering, warrants to purchase up to an aggregate of 213 shares of Common Stock (equal to 7.5% of the aggregate number of Shares sold in the Best Efforts Offering) and will have a term of five years from the commencement of sales in the Best Efforts Offering and an exercise price of $1,763.00 per share.

On January 28, 2025, the Company issued warrants to purchase 67,427 shares of common stock. The warrants are exercisable for shares of common stock at a price of $9.457 per share. The warrants may be exercised during the period commencing January 28, 2025 and ending January 28, 2032. The warrant exercise price is subject to customary adjustments for stock dividends, stock splits, issuances of additional shares of common stock.

On January 28, 2025, the Company issued 269,710 Class A incremental warrants to purchase senior secured convertible notes in the aggregate principal amount of $13.0 million. On March 11, 2025 the Investor elected to exercise 82,988 Class A Incremental Warrants to purchase Class A Incremental Notes of $4.0 million. The Incremental Warrants are exercisable during the period commencing January 28, 2025 and ending on the two year anniversary of the effectiveness of the Registration Statement at an exercise price of equal to 90% of the principal amount of the Incremental Notes issued to such purchaser, subject to customary adjustments for stock dividends, stock splits, issuances of additional shares of Common Stock and the like. The Incremental Warrants contain call options that allow the Company to repurchase the incremental warrants if certain conditions are present.

On January 28, 2025, the Company issued 414,938 Class B incremental warrants to purchase senior secured convertible notes in the aggregate principal amount of $20.0 million. The Incremental Warrants are exercisable during the period commencing January 28, 2025 and ending on the two year anniversary of the effectiveness of the Registration Statement at an exercise price of equal to 90% of the principal amount of the Incremental Notes issued to such purchaser, subject to customary adjustments for stock dividends, stock splits, issuances of additional shares of Common Stock and the like. The Incremental Warrants contain call options that allow the Company to repurchase the incremental warrants if certain conditions are present.

On March 11, 2025, the Company issued warrants to purchase 82,988 shares of common stock. The warrants are exercisable for shares of common stock at a price of $9.457 per share. The warrants may be exercised during the period commencing January 28, 2025 and ending January 28, 2032. The warrant exercise price is subject to customary adjustments for stock dividends, stock splits, issuances of additional shares of common stock.

On May 21, 2025, the Company issued warrants to purchase 40,000 shares of common stock. The warrants are exercisable for shares of common stock at a price of $12.50 per share. The warrants may be exercised during the period commencing May 21, 2025 and ending May 21, 2035.