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Stockholders' (Deficit) Equity (Tables)
12 Months Ended
Dec. 31, 2024
Stockholders' (Deficit) Equity  
Schedule of changes in common stock warrant liabilities

On October 31, 2023, the Company entered into an underwritten offering with a Canaccord Genuity LLC whereby the Company sold (i) 1,250,000 shares of common stock and (ii) warrants (“Canaccord Warrants”) to purchase an aggregate of 1,250,000 shares of common stock at an exercise price of $9.00 per share. The offering closed on November, 2, 2023. The warrants were exercisable immediately on the date of issuance and will expire five years after the date of issuance. The Company received $6.8 million in net cash proceeds after deducting underwriter discount and fees, as well as other third-party costs. The Canaccord Warrants are liability classified as they contain certain cash settlement adjustment features that are outside of the Company’s control or not deemed to be indexed to the Company’s stock.

The following is a roll forward of the Common Stock Warrant Liability during the years ended December 31, 2023 and 2024, respectively:

Issuance of Canaccord Warrants

$

2,449,001

Exercise of 50,000 warrants

(606,201)

Change in fair value of warrant liabilities

11,837,200

Warrant liability at December 31, 2023

13,680,000

Change in fair value of warrant liabilities

 

(3,625,893)

Exercise of 891,667 warrants

 

(9,317,107)

Warrant liability at December 31, 2024

$

737,000

Schedule of common stock warrants outstanding

As of December 31, 2024, the Company had the following common stock warrants outstanding:

    

    

Outstanding 

    

    

    

Outstanding 

    

Exercise 

    

December 31,

Exercised or

December 31,

price per

Expiration

Classification

2023

Granted

Expired

2024

share

date

IPO warrants

 

Equity

 

2,400

 

 

 

2,400

$

7.50

January 29, 2026

Canaccord warrants

 

Liability

 

1,200,000

 

 

(891,667)

 

308,333

$

9.00

November 2, 2028