XML 22 R11.htm IDEA: XBRL DOCUMENT v3.25.1
Note 5 - Stockholders' Equity
 3 Months Ended
Mar. 31, 2025
Notes to Financial Statements  
Equity [Text Block]

5.

Stockholders’ Equity

 

Common Stock Transactions

 

March 2025 Offering. On March 25, 2025, we closed a registered direct offering of 1,350,000 shares of common stock, pre-funded warrants to purchase an aggregate of 2,085,115 shares of common stock, and common warrants to purchase up to 3,435,115 shares of common stock at an exercise price of $1.31 per share. Net proceeds after deducting placement agent commissions and other offering expenses were approximately $4.1 million.

 

ATM Program. On September 25, 2024, we entered into a Sales Agreement and established an “At-the-Market” continuous offering program (the “ATM Program”), pursuant to which the Company may offer and sell, from time to time through its sales agent, shares of its common stock. During the three months ended March 31, 2025 we sold 1,952,603 shares of our common stock through the ATM Program for net proceeds of approximately $3.8 million, after deducting commissions to the sales agent and other related expenses.

 

Stock Options

 

We have stock-based incentive plans (the “Plans”) pursuant to which our Board of Directors may grant stock options and other stock-based awards to our employees, directors and consultants. Including the outstanding stock options, a total of 2,033,648 shares of our common stock are reserved for future issuance pursuant to the Plans. A summary of the Company’s stock option activity during the three months ended March 31, 2025 is presented below.

   

Number

of Shares

    

Weighted-

Average

Exercise

Price

    

Weighted-

Average

Remaining

Contractual

Term (yrs)

    

Aggregate

Intrinsic

Value

  

Outstanding at December 31, 2024

     333,648     $ 12.71       8.6     $ 58,500  

Stock options granted

     805,300       2.48                  

Outstanding at March 31, 2025

     1,138,948     $ 5.48       9.4     $ -  

Exercisable at March 31, 2025

     117,905     $ 30.67       6.8     $ -  

 

Stock Purchase Warrants

 

A summary of the Company’s warrant activity during the three months ended March 31, 2025 is presented below.

 

   

Common Warrants

                  
   

Number

of Shares

    

Weighted-

Average

Exercise

Price

    

Weighted-

Average

Remaining

Contractual

Term (yrs)

    

Pre-Funded

Warrants

Number

of Shares

    

Total

Warrants

  

Outstanding at December 31, 2024

     6,617,747     $ 5.13       4.6       -       6,617,747  

Warrants issued

     3,435,115       1.31               2,085,115       5,520,230  

Outstanding at March 31, 2025

     10,052,862     $ 2.61       4.8       -       12,137,977  

 

The table below summarizes additional information concerning warrants outstanding as of March 31, 2025.

 

Issue Date

  

Number

of Shares

    

Exercise

Price

    

Expiration

  

September 2020

     159,781     $ 75.00    

September 2025

  

September 2021

     6,668       195.00    

September 2026

  

May 2024

     1,605,688       1.31    

May 2029

  

July 2024

     2,170,000       1.31    

January 2030

  

August 2024

     2,675,610       1.31    

March 2030

  

March 2025

     2,085,115       0.0001      n/a  

March 2025

     3,435,115       1.31    

June 2030

  

Outstanding at March 31, 2025

     12,137,977