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Subsequent Events
 6 Months Ended
Mar. 31, 2025
Subsequent Events [Abstract]  
Subsequent Events

NOTE 13 – Subsequent Events

 

ATM Reduction

 

On April 3, 2025, the Company decreased the amount of common stock that can be sold pursuant to the Sales Agreement to zero. At this time, no sales can be made under the program.

 

April 2025 Financing

 

On April 4, 2025, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”) with Ladenburg Thalmann & Co. Inc. as underwriter (the “Underwriter”), relating to the issuance and sale of 16,000,000 shares of the Company’s common stock at a price to the public of $0.50 per share (the “April 2025 Financing”). In addition, under the terms of the Underwriting Agreement, the Company granted the Underwriter an option, exercisable for 45 days, to purchase up to an additional 2,400,000 shares of common stock on the same terms as the offering, which overallotment was exercised in full. Issuance costs in connection with the April 2025 Financing amounted to approximately $1.0 million which included a 7% commission to the Underwriter and legal and other expenses in the amount of $0.3 million. Net proceeds to the Company were approximately $8.2 million.

 

The following table sets forth the Company’s total stockholders’ equity as reported as of March 31, 2025 and as adjusted on a pro forma basis to reflect the recently completed April 2025 Financing (amounts in thousands):

 

     
Total stockholders’ equity as of March 31, 2025  $1,126 
Net proceeds from April 2025 Financing   8,239 
Pro forma total stockholders’ equity as of March 31, 2025  $9,365