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Note 9 - Stockholders' Equity and Common Stock Warrants | 9 Months Ended
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Sep. 30, 2025
Notes to Financial Statements |
Equity [Text Block] | 9. Stockholders' Equity and Common Stock Warrants April 2024 Private Placement On April 1, 2024, pursuant to and in accordance with the terms of a securities purchase agreement with certain purchasers named therein, the Company completed the 2024 Private Placement of an aggregate of 2,083,262 shares of common stock, 2,532,285 Series A Warrants and 449,023 Pre-Funded Warrants. The aggregate upfront gross proceeds from the 2024 Private Placement were approximately $50.0 million, before deducting approximately $3.6 million of offering fees and expenses. The Pre-Funded Warrants and Series A Warrants were classified as a component of stockholders’ equity within additional paid-in capital. The Pre-Funded Warrants and Series A Warrants are equity classified because they (i) are freestanding financial instruments that are legally detachable and separately exercisable from the equity instruments, (ii) are immediately exercisable, (iii) do not embody an obligation for the Company to repurchase its shares, (iv) permit the holders to receive a fixed number of shares of common stock upon exercise, (v) are indexed to the Company’s common stock and (vi) meet the equity classification criteria. Warrants As of September 30, 2025, the Company had the following warrants outstanding to acquire shares of its common stock:
|  | Outstanding |  |  | Range of exercise price per share |  | Expiration dates
Historical Diffusion common stock warrants |  |  | 25,768 |  |  | $44.55 | - | $96.12 |  | November 2025 through February 2026
Historical EIP common stock warrants |  |  | 43,618 |  |  |  | $19.81 |  |  | April 2028
Series A common stock warrants |  |  | 2,532,285 |  |  |  | $39.24 |  |  | April 2027
|  |  | 2,601,671 |  |  |  |  |  |  |
February 2024 Pre-Funded Warrant Exercise On February 26, 2024, following the effectiveness of an amendment eliminating certain beneficial ownership limitations set forth therein, 499,995 previously outstanding pre-funded warrants to purchase common stock issued in connection with the closing of the Merger were exercised in full by the holder thereof pursuant to the cashless exercise provision of the pre-funded warrants. Upon exercise, 36 shares were withheld in lieu of a cash payment of the exercise price and the holder was issued 495,959 shares of common stock. December 2024 Pre-Funded Warrant Exercise On December 11, 2024, 449,023 Pre-Funded Warrants to purchase common stock issued in connection with the closing of the 2024 Private Placement were exercised in full by the holder thereof pursuant to the cashless exercise provision of the Pre-Funded Warrants. Upon exercise, 45 shares were withheld in lieu of a cash payment of the exercise price and the holder was issued 448,978 shares of common stock. May 2025 At-The-Market Offering On May 12, 2025, the Company entered into the Sales Agreement with Leerink Partners, LLC, as sales agent, pursuant to which the Company may offer and sell shares of common stock from time-to-time with an aggregate offering price of up to $50.0 million under an “at-the-market" offering program. During the nine months ended September 30, 2025, the Company sold 550,000 shares of common stock to an institutional investor in a block sale for proceeds of $4.7 million, net of $0.1 million of issuance costs. There was no activity during the three months ended September 30, 2025.

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