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Stockholders’ Equity
 9 Months Ended
Sep. 30, 2025
Equity [Abstract]  
Stockholders’ Equity

9. Stockholders’ Equity

 

Common Stock

 

As of September 30, 2025, 4,479,123 shares of common stock were issued and outstanding, 241,260 shares of common stock were reserved for issuance upon the exercise of outstanding warrants, 478,488 shares of common stock were reserved for issuance under our 2015 Equity Incentive Plan, as amended (the “2015 Plan”) and our 2024 Equity Incentive Plan, as amended (the “2024 Plan”), and 104,136 shares were reserved for issuance under our 2023 Non-Employee Director Compensation Plan.

 

We maintain an effective registration statement (the “Registration Statement”) covering up to $12.9 million of common stock, warrants, and units. The Registration Statement includes a prospectus covering the offer, issuance and sale of up to $10.0 million in our common stock from time to time in “at-the-market offerings” pursuant to an At the Market Agreement (the “ATM Program”) with Lucid Capital Markets, LLC (“Lucid”) as our sales agent. As of September 30, 2025, we have sold 145,938 shares of our common stock pursuant to the ATM Program and received aggregate net proceeds totaling $1,621,325. As of November 12, 2025, approximately $8.2 million remained available under the ATM Program.

 

The following table describes the shares and warrants issued as part of our 2022 private placement:

 

Issuance of Common Stock  Issue Date  Shares
Issued		   Price per
share		   Warrants
Issued		   Warrant
Exercise
Price		   Warrant
Fair
Value		 
Private Placement 2022  April 1, 2022   1,242,588   $4.62    124,258   $4.62   $3.91 

 

Amortization of the debt issuance costs for the Private Placement 2022 offering was recorded at $0 and $42,052 for the three and nine months ended September 30, 2025, and at $47,559 and $142,091 for the three and nine months ended September 30, 2024.

 

Warrants

 

The following sets forth the warrants to purchase our common stock that were outstanding as of September 30, 2025:

 

Warrants Outstanding   Warrant
Exercise Price		   Warranty Expiry
 109,560   $4.62   March 30, 2027 (1)
 95,500   $4.00   March 30, 2027 (1)
 16,000   $9.00   March 30, 2027 (1)
 17,200   $12.50   March 30, 2027 (1)
 3,000   $15.00   March 30, 2027 (2)

 

(1) Issued to the placement agent in connection with private placements of our convertible promissory notes.
   
(2) Issued to certain 5% stockholders.

 

A summary of warrant activity during the nine months ended September, 2025 and 2024 is as follows:

 

   Warrants 
Outstanding at January 1, 2025   255,958 
Exercised   (14,698)
Outstanding and Exercisable at March 31, 2025   241,260 
 Exercised   - 
Outstanding and Exercisable at June 30, 2025   241,260 
 Exercised   - 
Outstanding and Exercisable at September 30, 2025   241,260