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Note 16 - Warrants

3 Months Ended

Sep. 30, 2025

Warrants or Rights Disclosure [Text Block]

Note 16 - Warrants

The Company has engaged in several different types of equity financings throughout its history, some of which have resulted in the Company issuing warrants and prefunded warrants. Equity classified warrants are valued using a Black-Scholes option pricing model at issuance and are not remeasured. Liability classified warrants are carried at fair value using either the Black-Scholes option pricing model or the Monte Carlo simulation model. Changes in the fair value of liability classified warrants in subsequent periods are recorded as a gain or loss on remeasurement and reported as a component of cash flows from operations. Outstanding warrants that are classified as derivative warrant liabilities in the unaudited consolidated balance sheets are marked to market at each reporting period, with the change in fair value recorded as a gain or loss on remeasurement and reported as a component of cash flows from operations. (see Note 12 - Fair Value Measurements for further detail).

The number of warrants and prefunded warrants outstanding as of September 30, 2025, is as follows:

					*Remaining*
		*Number*		*Exercise*		*Contractual*
Description	*Outstanding*		*Price*		Life in Years ⁽⁶⁾		*Type*	*Classification*
December 2020 Warrants ⁽¹⁾		15,571	$	150.00		0.2	Warrant	Equity
January 2022 Warrants ⁽¹⁾		122,092	$	8.60		1.3	Warrant	Liability
March 2022 Warrants ⁽¹⁾		333,300	$	26.00		1.9	Warrant	Liability
August 2022 Warrants ⁽¹⁾		1,191,811	$	2.32		1.9	Warrant	Liability
June 2023 Tranche A Warrants ⁽²⁾		2,173,912	$	1.59		2.7	Warrant	Liability
June 2023 Tranche B Prefunded Warrants ⁽³⁾		1,630,434	$	0.0001		N/A	Prefunded Warrant	Liability
June 2023 Prefunded Warrants ⁽⁴⁾		430,217	$	0.0001		N/A	Prefunded Warrant	Liability
June 2025 Prefunded Warrants ⁽⁵⁾		7,298,332	$	0.0001		N/A	Prefunded Warrant	Liability
Total outstanding		13,195,669

⁽¹⁾	Each of these warrants is exercisable at any time for one share of the Company’s common stock on a one-for-one basis under the terms of the agreements between the Company and the investors.

⁽²⁾

In June 2023, the Company issued these tranche A warrants to purchase 2,173,912 shares of common stock (the “June 2023 Tranche A Warrants”), which may be exercised on a one-for-one basis at any time subject to certain limitations as defined in the agreements between the Company and the investors, for either shares of common stock at an exercise price of $1.59 per share or for prefunded warrants at an exercise price of $1.5899 per prefunded warrant to purchase common stock at a future exercise price of $0.0001 per share. The June 2023 Tranche A Warrants will expire upon the earlier of June 2028 or 30 days following the closing price of the Company’s common stock equaling 200% of the exercise price ($3.18 per share) for at least 40 consecutive trading days.

⁽³⁾

In June 2024, certain warrants were exercised, generating proceeds of $3.5 million, into 367,478 shares of common stock and 1,806,434 prefunded warrants to purchase shares of common stock with an exercise price of $0.0001 per share (the “June 2023 Tranche B Prefunded Warrants”), and may be exercised at any time subject to certain limitations as defined in the agreements between the Company and the investors on a one-for-one basis. The June 2023 Tranche B Prefunded Warrants had a fair value of approximately $5.1 million at issuance and are classified as derivative warrant liabilities.

⁽⁴⁾	Each of these prefunded warrants is exercisable at any time for one share of the Company’s common stock on a one-for-one basis under the terms of the agreements between the Company and the investors.

⁽⁵⁾

In June 2025, the Company raised gross proceeds of $16.6 million from the issuance of the June 2025 Common Stock and the June 2025 Prefunded Warrants. The June 2025 Prefunded Warrants may be exercised on a one-for-one basis at any time subject to certain limitations as defined in the agreements between the Company and the investors. The June 2025 Prefunded Warrants had a fair value of approximately $12.3 million at issuance and are classified as derivative warrant liabilities. There was $1.3 million of issuance costs allocated to the June 2025 Prefunded Warrants. See Note 12 - Fair Value Measurements and Note 14 - Stockholders’ Equity for further detail.

⁽⁶⁾	All of the Company’s prefunded warrants do not have an expiration date.

A summary of warrant activity, excluding prefunded warrants, during the three months ended September 30, 2025, is as follows:

					*Weighted-*
					*Average*
			*Weighted-*		*Remaining*
	*Number of*		*Average*		*Contractual*
	*Warrants*		*Exercise Price*		*Life in Years*
Outstanding June 30, 2025 ⁽¹⁾		3,836,686	$	4.76		2.6
Outstanding September 30, 2025 ⁽¹⁾		3,836,686	$	4.76		2.3

⁽¹⁾	The number of warrants, excluding prefunded warrants, outstanding as of June 30, 2025, and September 30, 2025, is comprised of 3,821,115 liability classified warrants and 15,571 equity classified warrants.

A summary of prefunded warrant activity during the three months ended September 30, 2025, is as follows:

	*Number of*			*Weighted-*
	*Prefunded*			*Average*
	*Warrants*			*Exercise Price*
Outstanding June 30, 2025		10,293,983		$	0.0001
Prefunded warrants exercised ⁽¹⁾		(935,000	)	$	0.0001
Outstanding September 30, 2025		9,358,983		$	0.0001

⁽¹⁾	During the first quarter of fiscal 2026 a total of 935,000 of the June 2025 Prefunded Warrants were exercised to 935,000 shares of common stock. See Note 12 - Fair Value Measurements for further detail.