Subsequent Events

6 Months Ended

Jun. 30, 2023

SUBSEQUENT EVENTS

Initial Public Offering

On July 24, 2023, the Company’s registration statement on Form S-1 relating to its initial public offering of its common stock (“the IPO”) was declared effective by the Securities and Exchange Commission (“SEC”). In the IPO, which closed on July 27, 202

, the Company issued and sold 1,412,500 shares of common stock at a public offering price of $4.00 per share. The aggregate net proceeds to the Company from the IPO were approximately $5.0 million after deducting underwriting discounts and commissions of $0.4 million and estimated offering expenses of approximately $0.3 million.

Upon the IPO

, all outstanding SAFEs were converted into 164,852 shares of common stock.

Upon the IPO, all shares of Series B Preferred Stock were converted into 500,000 shares of common stock.

Upon the IPO, an aggregate of 852,628 shares of common stock were issued pursuant to option exercises and new common stock issuances to employees and advisors.

On the effective date of the IPO, the Company issued an aggregate of 180,000 options to purchase common stock to the board of directors with an exercise price of $4.00 per share. Furthermore,

in consideration for serving as a member of the board of directors, each director shall be paid a cash fee of $8,000 per fiscal quarter with the chairmen of the Audit Committee, Compensation Committee, and Nominating and Corporate Governance Committee to receive an additional $9,000, $3,500, and $1,500, respectively, each fiscal quarter, which begins accruing upon the IPO.