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CAPITAL RAISES AND WARRANTS FOR COMMON STOCK (Tables) | 9 Months Ended
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Sep. 30, 2025
CAPITAL RAISES AND WARRANTS FOR COMMON STOCK |
Schedule of warrants activity | ​
​ | ​ | ​
Warrants outstanding at January 1, 2025 | ​ | 1,119,795
Exercised | ​ | (80,022)
Warrants outstanding at March 31, 2025 | ​ | 1,039,773
Issued | ​ | 2,112,260
Anti-dilution adjustment | ​ | 1,418,677
Exercised | ​ | (99,243)
Warrants outstanding at June 30, 2025 | ​ | 4,471,467
Issued | ​ | 10,028,302
Exercised | ​ | (3,076,608)
Warrants outstanding at September 30, 2025 | ​ | 11,423,161
​ The following table summarizes the Company’s outstanding warrants (excluding 371 pre-funded warrants) as of September 30, 2025: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | # of warrants outstanding | ​ | Weighted average exercise price | ​ | Weighted average expiration date
Prior October 2024 warrants | ​ | 2,723 | ​ | $ | 2,217.41 | ​ | November 2, 2029
Amended October 2024 PIPE warrants (1)(2) | ​ | 1,391,765 | ​ | $ | N/A | ​ | July 15, 2030
August 2025 warrants | ​ | 9,460,661 | ​ | $ | 1.97 | ​ | August 27, 2030
August 2025 Placement Agent warrants | ​ | 567,641 | ​ | $ | 2.17 | ​ | August 27, 2030
​ | ​ | 11,422,790 | ​ | ​ | ​ | ​ | ​
(1) Warrant price adjusted as a result of anti-dilution or ratchet provisions.
(2) The warrants contain anti-dilution protection provisions relating to subsequent equity sales of shares of the Company’s common stock or common stock equivalents at an effective price per share lower than the then effective exercise price of such warrants. Additionally, the warrants allow the holder of such warrants to also effect an alternative form of cashless exercise on or after the initial exercise date whereby the aggregate number of shares of common stock issuable in such alternative form of cashless exercise pursuant to any given notice of exercise shall equal the product of (x) the aggregate number of shares of common stock that would be issuable upon exercise of the warrant in accordance with the terms of the warrant if such exercise were by means of a cash exercise rather than a cashless exercise and (y) 2.0 (a “Zero Exercise Price Exercise”). Accordingly, a Zero Exercise Price Exercise for the warrants will result in the issuance of two (2) shares for no additional consideration. ​
Schedule of convertible preferred stock transaction activity | ​
​ | ​ | ​ | ​ | ​
​ | ​ | Series A Convertible Preferred Stock Shares | Weighted Average Conversion Price | Common Shares Issued from Conversions
June 30, 2025 | ​ | — | ​ | —
2025 Issuance | ​ | 10,650 | ​ | —
2025 Conversions | ​ | (1,000) | $ 2.19 | 456,621
September 30, 2025 | ​ | 9,650 | ​ | 456,621

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- Definition Tabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org/1943274/2147481112/505-10-50-3 + Details
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- Definition Tabular disclosure of convertible preferred stock transaction activity. + References No definition available. + Details
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